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US Travel Spending Plummeted 42% Amid the Pandemic
A new report sheds light on the devastating impact the pandemic has had on the travel industry, accounting for a 42% drop in spending.
The U.S. Travel Association says the travel industry’s impact on the US economy dropped 42%, from $2.6 trillion to $1.5 trillion. Similarly, travel-supported jobs dropped from 16.7 million to 11.1 million, a total of 5.6 million. Just as telling, those losses account for 65% of all US jobs as a result of the pandemic.
“While the gradual progress of vaccinations has provided hope that a turnaround may be on the horizon, it is still unclear when travel demand will be able to fully rebound on its own,” said U.S. Travel Association President and CEO Roger Dow. “With the travel industry suffering such a disproportionate share of losses, policymakers need to understand that a nationwide economic recovery effectively hinges on a travel recovery.”
The economic stimulus will no doubt have a positive impact on the industry, but there’s still a long way to go before it recovers fully.
“The latest round of relief was helpful to our industry, but there are a number of important steps that still must be taken, especially extending the deadline for the Paycheck Protection Program and passing the key package of tax incentives in the Hospitality and Commerce Job Recovery Act,” said U.S. Travel Association Executive Vice President of Public Affairs and Policy Tori Emerson Barnes. “The PPP is set to expire in just two weeks, yet the economic effects of the pandemic will continue to harm the industry far beyond that point.”
US Travel Spending Plummeted 42% Amid the Pandemic
Matt Milano
from WebProNews https://ift.tt/38Xg5AR
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