Airlines, Hotels & Travel OVERVIEW
The United Nations World Tourism Office (UNWTO) estimated 1.5 billion international tourist arrivals occurred worldwide during 2019, plus 8.8 billion domestic tourist arrivals. World Travel & Tourism Council (WTTC) found that the global travel and tourism industry supported 330 million jobs on a direct basis in 2019.
The industry generated $2.8 trillion in direct global contribution to GDP (gross domestic product).
However, with the onset of the Coronavirus pandemic in 2020, the UNWTO estimated that the travel industry incurred revenue shortfalls of $320 billion during the first five months of 2020, and that the shortfall could increase to a total in the range of $910 billion to $1.2 trillion for the entire year.
This put more than 120 million jobs at risk.
Many airlines around the world took bankruptcy during 2020, while others received massive government bailouts.
Unfortunately, those bailouts may not be anywhere near enough to keep some airlines in business.
Meanwhile, the entire industry has curtailed flights and announced massive employee layoffs. While considering the devastating year that the travel industry had in 2020, it is worthwhile to look back at 2019, which was a boom year for virtually all travel sectors.
In most parts of the
The global travel industry is comprised of a wide variety of businesses, from hotels and inns to casino resorts, trains, buses, airplanes, cruise ships, tour operators and travel bookers, both online and physical. The United Nations World Tourism Office (UNWTO) estimated 1.5 billion international tourist arrivals occurred worldwide during 2019, plus 8.8 billion domestic tourist arrivals.