According to a report detailing the predicted impact of COVID-19 on the United States Travel Economy released by the U.S. Travel Association, industry downturns are expected in the travel industry in 2020 as a result of the pandemic. Read the full report, or browse a few of the document’s key findings below:
Financial Impact of COVID-19
- Travel industry losses will result in a GDP impact of $1.2 trillion in 2020
- In the week ending April 25, the travel economy fell 89% below last year’s levels (a $19.6 billion loss) and registered a new low
- Since the beginning of March, the COVID-19 pandemic has resulted in $119 billion in cumulative losses for the U.S. travel economy
- Vermont, Alaska and Mississippi are the only states to experience a year-over-year decline in travel spending of less than 80% last week, while Hawaii and Washington, D.C. endured another week of declines of more than 95%
Tracking Search and Booking Behavior
- Travel searches were 81% lower than the same period last year
- New bookings were 87% lower than the same period last year (from 88%)
Impact of Coronavirus on Travel Intentions
- Travelers are starting to feel a little safer about engaging in all travel-related activities like staying in a hotel (17%) and or visiting a park (31%)
- Travelers are becoming more eager to travel when it will be safe and possible than they were two weeks ago—particularly taking domestic road trips closer to home
- The likelihood that travelers place on actually traveling domestically in coming months has also increased in the most recent survey
Back-to-Normal Barometer
What will it take to get Americans to travel? Engagious looked into public opinion insights of consumer sentiment around leisure activities:
- Roughly one-third of customers would return right now to their regular activities (including hotels and airline travel) without hesitation if that was a possibility, while another third is waiting for a medical breakthrough (vaccine or treatment)
- With assurances that it is safe to do so, 57% would go on an overnight trip within three months
- More than half (55%) of business travelers expressed that health screenings at public venues would have an extremely positive impact on their willingness to visit (compared to 42% for leisure travelers)
- More than half of travelers would be open to participating in medical screenings (temperature check and/or swab test) upon entering a hotel or casino, but a sizable minority would refuse or seek other locations
