The $1.6 trillion hospitality sector has been bruised and battered by the coronavirus worse than any other, and the impact will be felt by the providers who support the industry, from farmers to engineers to cab drivers to bartenders.The industry is in danger of losing four million jobs and $3.5 billion per week, and to remain vital, needs to plan for a tomorrow.Industry analysts are closely watching the Asia Pacific and China recoveries, with 90% of hotels in China are now open, compared with 50% in February. Public hotel companies are aggressively raising debt to increase near-term liquidity, and have slashed corporate staff anywhere from 15% to 50%.This article cites certain things as key to recovery:
- Technology – used to minimise guest exposure to staff and other traveller;
- Higher Costs – which can’t be passed onto consumers;
- Spatial Changes – the end of buffets;
- Messaging – why choosing one airline, hotel, rental car is safer;
- Planning for the Next One – updated disaster planning/recovery guides and adequate business interruption insurance.
The article concludes the hospitality industry will bounce back, once travellers and companies regain trust, and may reach even greater heights than before the pandemic.