Asia Research Partners has undertaken numerous researches with national & international travelers, travel agents/companies, and government stakeholders. Asia Research Partners primarily work for national and international government agencies looking into market trends and consumer perceptions.
Travel & Tourism was one of the most diverse sectors globally before the pandemic. WTTC’s report, Global Economic Impact & Trends 2021, says “the pandemic has had a devastating effect on Travel & Tourism, with its contribution to global GDP dropping by 49.1% last year, compared to the overall global economy which dropped by just 3.7%.”
62 million jobs were lost in 2020, leaving just 272 million employed globally, according to the report. Small and Medium Sized Enterprises (SMEs), which account for 80% of all global businesses in the sector, were hit the hardest with a decrease of 18.5%. Further, this decrease has disproportionately impacted SMEs, women, youth, minority, and lower-income groups. The report further states that the America was the least affected major region globally, with a 42.4% decline in Travel & Tourism GDP in 2020.
Travel industries will take some time to recover, so it’s critical to focus on all the possible ways we combat this potential problem. The key part is to help mitigate the consequences of such a devastating outbreak, determine and manage the effects on cultural histories, and help local governments rebuild by using sustainable tourism models so that nations have the chance to become tourist destinations that are built from the ground up rather than being a mere “recovery” organization.
New traveler expectations arising out of the Coronavirus pandemic include more hygienic, touchless, and digital experiences, as well as the need to prove a traveler’s COVID-19 status, as well as more attention being paid to health and safety infrastructure.
With the help of market research and technology strategies like nanotechnology, the hospitality industry can also offer new types of tourism using sustainable models so that nations hit by an epidemic can recover rapidly.