Projecting the Hospitality Industry’s Road to Recovery

We all know that coronavirus pandemic devastated the hospitality industry this past year, but what is its projection for 2021?

It’s not off to a great start. The travel and tourism sector took a massive hit with persistent lockdowns and travel restrictions in key markets like the US, the UK, China, and South Korea. Hospitality Net reported that just 57 deals were announced last month. That’s a 29.6% decrease from December 2020 with over 81 deals according to recent analysis from GlobalData.

After 10 years of job growth, the Leisure & Hospitality industry is has the hardest path to recover from. The latest Department of Labor national jobs report reveals it makes up 39% of all U.S. Unemployment, tripling the amount of the second largest share as government jobs take up 13%. CEO of the American Hotel and Lodging Association, Chip Rogers, discussed that road to recovery on Yahoo Finance. Rogers does not expect job growth until the second half of the year “2019 employment levels will return sometime in late 2023, if not early 2024″ as leisure travel continues to come back followed by business travel.

Rogers and other industry leaders have embraced the Biden Administration to help accelerate travel recovery. The U.S. Travel Association engaged the administration with relief priorities to restore more jobs. Although payroll support has helped, JetBlue CEO, Robin Hayes, shared on Bloomberg Quicktake that the main focus should be on rolling out the vaccine. “The long-term solution to bring…the whole travel industry back to health is to get people comfortable flying again,” Hayes says, “that’s going to require a much larger number of people vaccinated before we start to see that in a significant way.”

Follow us on social media for the latest updates in B2B!

Twitter – @MarketScale
Facebook – facebook.com/marketscale
LinkedIn – linkedin.com/company/marketscale

Follow us on social media for the latest updates in B2B!

Latest

Grocery Store Prepared Meals
Consumers Want More Grocery Store Prepared Meals. How Should Grocers Adapt?
December 6, 2022

The consumer dollar has spoken: the best thing since sliced bread is sliced turkey. A new FMI report, the FMI Power of Foodservice at Retail, seems to show that deli-prepared food purchases are up 9.3% compared to 2019 numbers and up 2.4% year-over-year in unit sales. It’s clear that consumer appetite for grocery store prepared […]

Read More
Robotics in Early Learning Can Be Essential in How Students React to STEM Literacy
December 6, 2022

Early learning robotics can be essential in how students react to STEM literacy and with large gaps In STEM achievement persisting across the U.S., access to technological resources can make a significant impact. K-12 education was disrupted by the COVID-19 pandemic, but the disruption could be mitigated by introducing the latest and innovative technology into […]

Read More
The European Space Agency Lunar Launch Programs and Service Initiatives to Watch in 2023
December 6, 2022

The European Space Agency is making strides in its efforts to commercialize space, with a focus on sustained exploration. What are they doing to achieve this? According to the ESA, it all starts with service initiatives. A recent panel discussion at the Space Tech Expo in Bremen, Germany revealed that the ESA is growing its […]

Read More