Covid-19 and the impact on the Travel Industry
From the desk of UbiQ’s Managing Director, Mr Harbans Singh:
Covid-19 and the impact on the Travel Industry…
The world is slowly shutting down… one country after another. Nothing of this magnitude has been seen before all due to one little influenza virus which spreads rapidly and kills.
However, the more serious impact of this pandemic will be as follows;
a. The world economies are going to be disrupted due to this. Many countries will move into recession which will be a double whammy considering that many people who are daily waged have lost the means to earn a living and support their families.
b. The travel segment will be affected for at least a year! This will impact every business associated with this segment.
c. For the first time, OTA’s will find that they have no pull power because people are not traveling – this will unravel a number of OTA companies as well as Hotels.
d. Businesses rising from this crisis will start focusing more on customer engagement and personalisation.
e. Travel in future may be guided not only by the current stack of review KPI’s but also the Health index of the location or business. Safety will encompass not only security but also Health.
So my friends… stay safe!! Things will get tough and we can use this down time to figure out what we should do for the future!
– Harbans Singh (Managing Director, UbiQ Global Solutions)
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