Travel and Tourism revenues to reach $540B in 2021

  • Date: 23-Jan-2021
  • Source: Bizbahrain
  • Sector:Tourism
  • Country:Gulf
  • Who else needs to know?

Travel and Tourism revenues to reach $540B in 2021

The COVID-19 pandemic has affected every sector globally, but the travel and tourism industry is among the hardest hit. Although hotels and resorts implemented increased safety and sanitation measures and cautiously reopened in the second half of 2020, the second wave of the pandemic brought a new hit to businesses operating in the sector and slowed down the recovery of the entire market.



According to data presented by AksjeBloggen.com, the combined revenues of the travel and tourism industry are expected to reach $540bn in 2021, almost a $200bn plunge compared to 2019 figures.



Post-COVID-19 Recovery to Last for Three Years



In 2017, the entire travel and tourism sector generated $688.5bn in revenue, revealed the Statista survey. Over the next two years, this figure jumped by 7% and hit $738.8bn.



However, the year 2020 triggered the biggest market contraction in history. Countries across the globe imposed lockdown rules to curb the spread of the virus, leading to thousands of canceled vacations, and closed hotels between March and May. Although many of them lifted off travel restrictions in the second half of 2020, it wasn't enough to cover colossal revenue losses produced in the first two quarters of the year.



Statistics