Impact of COVID-19 on the travel and tourism industry
By Marinko Skare, Domingo Ribeiro Soriano, Małgorzata Porada-Rochoń. Technological forecasting & social change, 2020
708 citations recorded by the source corpus.
Our paper is among the first to measure the potential effects of the COVID-19 pandemic on the tourism industry. Using panel structural vector auto-regression (PSVAR) (Pedroni, 2013) on data from 1995 to 2019 in 185 countries and system dynamic modeling (real-time data parameters connected to COVID-19), we estimate the impact of the pandemic crisis on the tourism industry worldwide. Past pandemic crises operated mostly through idiosyncratic shocks' channels, exposing domestic tourism sectors to large adverse shocks. Once domestic shocks perished (zero infection cases), inbound arrivals revived immediately. The COVID-19 pandemic, however, is different; and recovery of the tourism industry worldwide will take more time than the average expected recovery period of 10 months. Private and public policy support must be coordinated to assure capacity building and operational sustainability of the travel tourism sector during 2020–2021. COVID-19 proves that pandemic outbreaks have a much larger destructive impact on the travel and tourism industry than previous studies indicate. Tourism managers must carefully assess the effects of epidemics on business and develop new risk management methods to deal with the crisis. Furthermore, during 2020–2021, private and public policy support must be coordinated to sustain pre-COVID-19 operational levels of the tourism and travel sector.
Subfields: Economics and Econometrics, Modeling and Simulation, Sociology and Political Science
View Paper: https://www.semanticscholar.org/paper/4a233bc51f9698107cfe386cf2a259ed8aaf9189
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Citations in the corpus
- Exploring customers' responses to online service failure and recovery strategies during Covid‐19 pandemic: An actor–network theory perspective (2021, background): “…Covid‐19 pandemic represents an unprecedented and unanticipated set of challenging circumstances for several business sectors, including hospitality and tourism (Škare et al., 2021), airlines (Belhadi et al., 2020), education (Brammer & Clark, 2020), and the fashion industry (Baek & Oh, 2020).”
- Mobile shoppers’ response to Covid-19 phobia, pessimism and smartphone addiction: Does social influence matter? (2021, background): “Likewise, retailers have been investing in their transition towards the mobile provision of goods with the aim to ease the consequences of the restrictions hugely impacting shopping behaviour (Leone et al., 2020; Škare et al., 2021).”
- Tourism in a Post-COVID-19 Era: Sustainable Strategies for Industry’s Recovery (2021, background): “, 2021 [43] Worldwide In the long run, the policies that help to sustain long-term growth must prioritize the corporate sector.”