The travel industry is projected to lose 75 million jobs and $2.1 trillion in revenue due to the coronavirus pandemic, according to the World Travel and Tourism Council.
The loss in revenue is more than the historic U.S. stimulus package, set at $2 trillion.
Travel and tourism directly contributed $2.9 trillion dollars to the global economy in 2019, according to Statista, so the loss to coronavirus is nearly 100 percent.
Among the 75 million travel and tourism jobs, 10.2 million account for the United States.
Commercial airlines are projected to lose up to $252 billion in revenue this year. According to Statista, the revenue of commercial airlines worldwide in 2019 was $838 billion, with a projected $872 billion for 2020 (pre- travel industry revenue impacted by coronavirus).
Airlines are still flying planes with no passengers during the coronavirus pandemic. Here’s why.
Out of the 56,000 hotels in America, half of them (about 25,000) could close in the next few weeks or temporarily, according to Chip Rogers, president and CEO of the American Hotel & Lodging Association. Many hotels have implemented thousands of furloughs, layoffs and closures.
How 11 major hotel chains have responded to the coronavirus pandemic.
Hotels could lose up to $925 billion and 7 million hotel jobs total this year, according to the American Hotel & Lodging Association.
The $2.1 trillion loss in the travel industry revenue, to compare to another statistic, is a little more than the $2 trillion U.S. taxpayers paid for the Iraq war.
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