Travel spending, which is expected to fall by more than $500 billion this year, is not expected to recover to pre-pandemic levels until 2024. That’s according to the U.S. Travel Association, which cites the dramatic falloff in business travel. The group says the industry has lost nearly 40%, or 3.5 million, of all direct travel jobs and warned another 1 million jobs could be lost without additional government relief by year-end. The group forecasts a 75% reduction in international visitors in 2020, accounting for a $119 billion decline in spending.
Meanwhile, brokerage Bernstein says news about a potential Covid-19 vaccine is bringing hope to a sector that has been hard hit by the pandemic. Bernstein says Easter will likely be the first opportunity for a recovery in air traffic after a gloomy winter.
