Corona virus spread
The recent week has been very frightening as the cases of corona virus spread not only saw an increase but also saw new cases being reported from the different parts of the world. The fresh development has caused a sense of fear in the minds of the people among the growing worry about the covid-19 virus. Some of the major nations have gone through complete lockdown to curb the spread of the virus and are also engaging their most efficient services to offer required medical assistance to the infected people.
Travel retail hits a low
The most visible effect of the corona virus pandemic has been seen in the travel retail industry. As mentioned, some of the major countries have gone under lockdown to prevent corona spread, the various means of travel have also gone under more stringent scanning procedures and numerous cancellation of trips from and to the sensitive nations or the places that have been the worst hit by the corona virus outbreak. The direct impact has been seen in the travel industry as they are witnessing an all-time low in their profits and are suffering exponential losses due to these unforeseen conditions.
Some of the major nations have suspended their diplomatic tours and travels as well and are even putting some of the international flight channels under complete lockdown. The Asia Pacific region has seen the worst effect of all as this region is being deemed the most sensitive area for the corona virus outbreak and hence the travel retail in this region has taken a major hit and the trend is being predicted to continue for the next month.
Enormous cancellations of trips
Alongside the governments of nations cancelling their trips and forbidding travel plans, the panics about the outbreak has also influenced several groups of people to cancel their trips abroad and are also postponing any official travel work that they have to do. The number of cancellations has been simply enormous and the travel retail industry is going through an extremely low phase in the present time. The depression in the market is even more than that experienced during the global economic recess. As per the report on Value Market Research various travel companies had to face bans and cancellations due to the covid-19 virus outbreak and this pandemic has hit the travel retail industry very hard. The trend is being forecasted to stay here unless the corona outbreak is contained and eradicated.
Nishtha Sarabhai after working for three years in a Bank switched to writing to balance her work and home. She is a mother of two beautiful kids. She enjoys writing on Aerospace, Science and new invcentions. She has been with VMR news since its inception.