Ian Harnett, co-founder and CIO of Absolute Strategy, outlines how the coronavirus crisis could impact tourism this year.
Data from travel analytics firm ForwardKeys shows international flights booked from the U.S. and the U.K. were down almost 20% year-on-year for the five-week period ending February 23.
He noted domestic trips — sometimes referred to as "staycations" — could see an uplift as coronavirus fears dent demand for overseas destinations. "The majority of consumers — especially in the western world — place high importance on their holidays and won't give them up easily," he said. " if the virus is still having the same impact by the end of April, cancelations could start to increase at a rapid rate as consumers deem the risk to their health to be greater than their need for a holiday."
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