The COVID-19 pandemic had a significant negative impact on the global economy. The COVID pandemic had abruptly halted international travel and had had a substantial impact on the tourist sector by the end of the first quarter of 2020. The tourism industry is a significant source of employment, government income, and foreign exchange profits for many established and developing nations. Without this crucial lifeline, many nations risk a sharp decline in GDP and an increase in unemployment.
Globally, tourism is a major source of employment. There are several distinctive characteristics of the labour market. The industry requires a lot of labour. The industry is viewed as inclusive since a large percentage of women and young workers—54%, which is much more than in most other sectors—perform the positions. In contrast, women are more likely to start their own businesses in the tourist industry than in other industries, and the majority of them work in low-skilled positions, which makes them more susceptible to shocks. Along with providing food, drink, and souvenirs to tourists, building and infrastructure development also generate a substantial amount of indirect employment. In addition, a large number of employees interact directly with tourists at a variety of tourist sites, hotels, restaurants, shopping malls, airlines, and ships.
Market research in tourism industry suggests that one of the economic areas most affected by the COVID-19 outbreak is international tourism. Depending on whether the borders are opened in July, September, or December, the United Nations World Tourism Organization (UN WTO) predicts a loss of 850 million to 1.1 billion international visitor visits, $910 million to $1.1 trillion in export profits, and 100-120 million jobs. In April and May 2020, the majority of places were completely closed, only partially reopening for the northern summer. According to UN WTO forecasts, there is a lot of uncertainty over the pandemic's length as well as how the government would support economic activity.
Since the coronavirus pandemic has permeated every aspect of life, it has had a significant impact on people's behaviour and thought processes. In fact, the pandemic still poses a threat to humanity's health and lives, especially in the absence of vaccines or treatments. Additionally, it has negatively impacted humanity's way of life, resulting in the loss of millions of jobs and severely harming many industries.
In response to strict government directives to enforce social separation and lockdowns, the travel industry is seeing an unprecedented quantity of cancellations and an extreme decline in demand. The COVID-19 pandemic continues to have a negative impact on every aspect of human life and every sector of the global economy, without exception. However, one of its most noticeable effects may have been on the tourism industry because one of the first steps taken to stop the spread of the virus was to ban flights and restrict mobility and travel.
Companies which provide services for market research in tourism industry are Strategy Here, CSP and Gartner.
