According to data presented by StockApps.com, the global travel and tourism revenues are projected to reach only $385 billion in 2021, less than half pre-COVID-19 levels.
Cruise and Hotel Industry the Worst Hit, Combined Revenues Plunged by $258 billion.
The COVID-19 triggered the biggest market contraction in history, as countries across the globe imposed lockdown rules to curb the spread of the virus, leading to thousands of canceled vacations, and closed hotels.
Although many of them lifted off travel restrictions and reopened for the 2021 summer season, the total revenue losses this market is expected to witness this year are still colossal.
In 2020, the revenues of the entire sector plummeted by nearly 60 per cent YoY to $298.5 billion, revealed the Statista data. Although this figure is expected to grow by almost 30 per cent to $385.8 billion in 2021, that is still $351 billion less than before the pandemic struck.
The cruise industry remains the worst-hit sector of the global travel and tourism market. In 2021, the global cruise revenues are set to reach only $6.6billion, or 76 per cent less than in 2019. The hotel industry follows with a $132.3 billion in revenue and 64% drop in two years. Although millions of tourists decided to go on a vacation in the 2021 season, statistics show the combined revenues of the two sectors will remain $258 billion below the pre-pandemic levels.
Package holidays are forecast to generate $115.7billion in revenue this year, 54 per cent less than in 2019. Vacation rentals follow with a 15 per cent drop compared to pre-COVID-19 levels and $71.1 billion in revenue in 2021.
The Number of Users in the Travel and Tourism Sector Still Down by 40 per cent.
