People don’t realize what’s on the horizon, and not just in the U.S. the lockdowns and continued lockdowns is wrecking the world economies and the deaths and wars that could arise from that could dwarf the deaths of Covid-19.
Turkey is on the verge of collapse with run away inflation a country which depends on tourism. Italy is past the brink. This from the EU as a whole.
Tourism Task Force MEPs Call on EU to Act: Tourism is On the Verge of Collapse
Throughout a meeting held on Wednesday, the Transport and Tourism Committee highlighted the fact that the tourism sector is on the verge of collapse, and 22 million people in the EU who work in this sector risk losing their jobs.
You can’t just close whole sections of the economy and not have serous ramifications. I fear sometime by next year we will be at the start or a world wide Great Depression with job losses unimaginable, massive unrest and hunger. We have been in our cave playing politics with the Covid fatality numbers, reading the world news what’s likely to come next will make it look like the good days unless a true miracle vaccine gets delivered very soon.
Made in China 2025 came five years early in a different form. The bill for globalism has and will continue to come in for at least a decade.
**The statistics certainly paint an uglier picture. The Italian Confederation of Business has reported that 70% of hotels in cities like Rome and Florence and 20% in coastal areas never even reopened after the lockdown. The Italian National Institute of Statistics projects that 60% of businesses in the industry fear imminent collapse.
The ongoing travel ban that prevents Americans – one of Italy’s biggest sources of tourism – from entering is also having a particularly brutal impact.**
I agree with the sadness and worry for us all. I talk to a lot of students and an occasional flip of the coin happens. Scott’s Miracle-Gro has double and triple time with extra ‘pandemic pay’ and bonuses, it’s been huge for yard-care type companies.
I don’t think cruises and travel in general will be the same. Seeing cruise ships cut up is sad as ■■■■■ I watched carnival Fantasy beach herself at the breakyard.
Impact to industry would be right near the top, BUT impact of the industry on other industries isn’t as high, since people are subbing in leisure wear, whereas with commercial real estate and travel, those have massive implications.
I’m very interested in whether commercial zoned properties in urban areas will be rezoned as residential. Could reshape city landscapes for sure.
The one I attend annually went virtual this year. It was growing year over year, and 20,000 people attended last year in Vegas. 15000 the year before in NOLA. It was scheduled for Vegas this year, but is now virtual. All the breakout sessions. Keynote speakers. Hoopla. (Not so much partying hoopla, of course.)
Not only are a lot of conferences going virtual (especially in the high-tech world, which is very much already dialed into the virtual technology), but a lot of companies are dialing back on business travel. With all the economic contraction, travel budgets are getting slashed. Not just for conferences. A lot of business meetings have moved online, and companies are finding that it’s a very adequate way to do what used to be in-person elbow-rubbing.
That’s another good point. Conventions are clearly an industry unto themselves and fall victims to the decrease in air travel. I would put that above my current #4, because I see that industry as permanently impacted for many years to come if not forever.
It will be interesting to see over the next few years how many commercial properties will be vacant and like you pointed out what will be done with them? The only issue with rezoning them as residential may not be an option as these urban areas are overcrowded as it is.
Hubby still went to his convention this year but it was earlier, before all the panic set in.
He got one of the last flights before they shut down Vegas so he didn’t have to deal with the effect on travel too much. It was surreal however, as there were very few people on the streets compared to last year, which he said made it all feel weird.
Many vendors from other countries did not show up, so even the vendors were smaller in number this year.
From a sales perspective, I absolutely prefer in person. I dress pretty and my lunch game is tight. Additionally, I like being able to read body language.
Productivity (white collar) is being maintained while remote. However, I am hearing from clients about the struggle with innovation in virtual settings. The coincidental run ins and the “pull Jane in here to get her thoughts” aren’t happening so much.
I’ve not had an office for years, but I very much miss my traveling once a week schedule. 10-12 hours a day every day in my basement office bites. My wing tips sit unshined, my ties unwindsored, and my shirts unstarched.
All that April talk about “Now I get to spend all this time with my kids” has disappeared, by the way. People aren’t made to share the same space 24 hours a day - that’s called jail!
I have been traveling quite a bit, but by corporate jet instead of commercial. My company has bought a couple of more jets and has taken a couple more on retainer.
Before I would have flown business class for domestic and either first class/business class for overseas. Either way, I prefer this private corporate jet travel.
I have been meeting clients/politicians/associates here and there for dinner.
No large gatherings yet and probably not for some time.
Body language rules. There is no replacement for it. It isn’t just body language but vibes you get as well. You cannot get that remotely.
I’ve done virtual settings with folks I’ve previously met in person and wow, what a difference. All stiff and nothing off the cuff. Not themselves at all.
I have been flying this past month as well I am taking advantage of these prices we are in the middle of a move and I was able to fly to Seattle to Nashville for $100 round trip that’s just insane, plus since we both already had the virus we should have at least a better chance of not getting it again
I will say the one benefit of the virtual calls is that people can type questions when I’m talking and my colleagues can respond virtually so as to not interrupt my flow. In person, I have to respond to people who just want to hear their voices or play “stump the chump” with me (admittedly not hard to do with me).
