Expected Recovery of the Tourism Industry by 2022

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Speaking at a session organized by FICCI entitled ‘Future of Travel, Hospitality and Tourism Industry and the Way Forward’, Suman Billa, addressed the uncertainties surrounding the travel industry. Suman Billa as the Director of United Nations World Tourism Organisation (UNWTO) Technical Cooperation and Silk Road Development, announced at the session that a team of global travel experts was convened by the department to assess the potential path of recovery for the travel industry. According to this team’s expert opinion, the travel industry will experience the much needed boom by year end 2021 or early 2022.

Problems Facing the Industry

Taking about this delayed recovery, Billa pointed out the reasons as low consumer confidence and paucity of funds from institutional establishments like banks. Confidence building-models are needed to alleviate the issues surrounding travel.  However there is a ray of hope in terms of the industry’s much awaited recovery. He said, “There is low consumer confidence and banks are becoming extremely cautious in rolling out loans to the tourism sector, however, we are witnessing consolidation in businesses that will accelerate as we move forward.” He also propounded that the industry needs to be cognisant of the changing consumer demands as this will help capitalise its recovery. The travel domestic sector has to be given enhanced emphasis in the recovery period as the demands in this sector will be instrumental in the coming months to determine the fate of the industry. He was quoted saying, “We need to take up policy decisions with the government so as to revive the tourism industry.”

The Path to a Well-Planned Recovery

A potent recovery plan is the need of the hour to initiate a sound recovery ahead. All stakeholders of the travel industry must come together to draft this plan of action.  Professor Chekitan S Dev, Cornell University, SC Johnson College of Business School of Hotel Administration, was quoted saying, “Innovation promises to be the biggest opportunity for the travel and tourism industry and new methods of innovation will help us sail out of this pandemic.” Hope reigns supreme as the industry braces itself for a planned speedy recovery.