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Scars Inflicted on Travel Are Looking Permanent - MSN
Prior to the pandemic, the wealthy never traveled so well. With the economy on solid ground and financial assets soaring to new highs, investment in the travel industry boomed. According to the World Travel and Tourism Council, one in 10 workers worldwide, or 330 million in all, owed their jobs to the travel and tourism industry. In the five years through 2019, the sector was responsible for one in five of jobs created globally.
But that was the economy we once knew. Now, this massive engine of growth has been thrown into reverse as Covid-19 continues to ping-pong around the globe. And unlike after the Sept. 11 terrorist attacks, the scars inflicted on travel and tourism look to be permanent as companies shift away from massive travel budgets and experiential living becomes a memory. The monthly U.S. employment report on Friday made clear that many of those jobs aren’t coming back anytime soon — if ever.
Prior to the pandemic, the wealthy never traveled so well. With the economy on solid ground and financial assets soaring to new highs, investment in the travel industry boomed. According to the World Travel and Tourism Council, one in 10 workers worldwide, or 330 million in all, owed their jobs to the travel and tourism industry. In the five years through 2019, the sector was responsible for one in five of jobs created globally.
But that was the economy we once knew. Now, this massive engine of growth has been thrown into reverse as Covid-19 continues to ping-pong around the globe. And unlike after the Sept. 11 terrorist attacks, the scars inflicted on travel and tourism look to be permanent as companies shift away from massive travel budgets and experiential living becomes a memory. The monthly U.S. employment report on Friday made clear that many of those jobs aren’t coming back anytime soon — if ever.