COVID-19 related tourism industry losses in 2020 exceeded $ 750 billion

Feb 12, 2021 Impacting Travel

COVID-19 related tourism industry losses in 2020 exceeded $ 750 billion

New research suggests that the top 50 countries supporting the global tourism industry have lost an estimated $ 753.6 billion due to the ongoing coronavirus pandemic.

Overall, the numbers are likely to be “much higher.”

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According to hotel room deals platform Hoo, international tourism revenue fell to $ 548.9 billion in 2020, a 57.9 percent drop from $ 1.302.5 billion the previous year. In total, the data shows that the industry lost $ 753.6 billion in tourism revenue last year.

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Coronaviruses are a large family of viruses that are common in many different species of animals, including camels, cattle, cats, and bats.

In the United States, the combination of widespread COVID-19 cases and political unrest resulted in the largest decline in international tourism revenue, going from $ 125 billion in 2019 to just $ 89.1 billion in 2020.

“We are now beginning to get a sense of the extent of the pandemic’s impact on global tourism over the past year and it is quite staggering, to say the least,” said Hoo co-founder Adrian Murdock. “It is fair to say that the industry has been decimated due to COVID-19, with widespread travel restrictions causing drastic drops in tourism revenue almost across the board.”

“Unfortunately as we are, it looks like things will get worse before they get better, with 2021 still not seeing a return to normal and with even tighter restrictions, if at all,” continued Murdock. “There is no question that once these restrictions are lifted, there will be an almost insatiable appetite for travel and this will bring an immediate boost to the industry. The question is, how long will companies have to wait to see those better days? “

To collect the data, the United Nations World Tourism Organization (UNWTO) provided information for the top 50 tourist destinations, including pre-coronavirus levels, the estimated decline as a result of the pandemic, and financial data for the industry.

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