Hot Topic Brief: Impact of COVID-19 on global travel intermediaries
- Pages: 19
- Published: May 2020
- Report Code: GDTT-CV-INT
COVID-19, commonly referred to as the Coronavirus, is dominating headlines the world over. The travel & tourism sector is suffering significant disruption and intermediaries are very much affected.
– The on-going crisis continues to wreak havoc on company financials as all operators have experienced a dramatic slump in Q1 results.
– Expedia Group was the latest to announce – revenue declined 15% and gross bookings were down by 39% in comparison to Q1 2019. Net loss attributed to the group also climbed considerably from US$103m in Q1 2019 to US$1.3bn in Q2 2020.
– Booking Holdings reported total revenue decreased by -19.3% reaching US$2.3bn in comparison to 2019 and a net loss of US$699m. TUI Group saw a net loss of US$802mill and lm holdings’ (previously lastminute.com) net financial position decreased substantially by 63%.
– TripAdvisor recorded one of the most severe declines in Q1 2020 – revenue dropped by 26% to US$278m from $376m.
– The majority of travel players have now secured financial investment as a means to stay afloat during this unprecedented crisis.
– This report provides insight into the current state of play, offers a look at potential future scenarios and assesses the actions that intermediaries can take to mitigate the impact of COVID-19.
Reasons to buy
– Gain an overview of the current global COVID-19 situation
– Understand the impact that COVID-19 is having on the industry
– Explore future industry scenarios
– Assess possible mitigating actions
– Compare key industry players' actions
Table of Contents
Table of Contents
Current COVID-19 Situation
Actions to mitigate the impact of COVID-19