Hotels: News

COVID Briefs: Luxury travelers hungry in 2021 | Gulf tourism losses could reach $US60B

By Chloe Riley on 1/12/2021

Luxury travelers hungry in 2021

A new study of consumers and professional travel advisors shows a net positive outlook for the luxury travel industry in 2021. Slightly more consumers feel optimistic about their leisure travel plans for this year than pessimistic, and luxury travel advisors see their business returning, albeit slowly, in 2021. The affluent consumers in the survey, conducted by Strategic Vision, a consultancy specializing in the luxury travel and lifestyle industries, are intently focused on how they can get back on the road, as well as when and where. And they have retained their interest in travel, with 70% of them reported having taken a trip since lockdowns began in March of last year.

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Gulf tourism losses due to COVID could reach $US60B

The Gulf's travel and tourism industry may have lost up to US$60 billion during 2020 due to the ongoing restrictions related to the global coronavirus pandemic. Consultants Frost & Sullivan said in a new research report that the sector's financial loss is expected to reach US$50 billion, with hotels likely to account for up to US$15 billion of the losses. The research also indicates that growth in the tourism and travel sector in the Gulf Cooperation Council region was about 10% during the past five years. Based on this growth, it was expected that the entire spending on travel and tourism in the region would have reached US$110 billion in 2020, but that coronavirus dramatically changed that outlook.

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