Tips to Prepare for Better Times
The Corona (COVID-19) crisis has had a significant impact on the hospitality and travel industry. Most governments have put (partial) lock downs and travel restrictions in place.
Many events were cancelled, including the UEFA EURO 2020, Olympic Games and the largest travel trade expo in the world: ITB Berlin. Because of job uncertainties and business restrictions, a huge number of business events and holiday trips have had to get postponed or cancelled.
Most travel companies undergoing a steep decline in business. For example airlines cutting their schedule by as much as 50% (or more) and restaurants and hotels worldwide are facing declines in occupancy of up to 90 percent and, in some cases, are even being ordered to close.
Not only have companies operating within the hospitality and travel made substantial revenue losses, but some have had to continue keeping their doors open despite on-going expenses. Many have no other option but to accept the situation for the unpredictable future and deal with their own cash flow difficulties.