The COVID-19 pandemic has hit travel and mobility hard, with countries around the world closing their borders and banning group tours, resulting in a significant downturn for travel intermediaries in 2020. As travel bookings saw a large number of cancelations over 2020, this had a major impact on cashflow at travel intermediaries, while upstream players were also suffering from liquidity problems.
At the same time as trying to survive the significant revenue losses due to the COVID-19 travel restrictions, leading domestic players like Lion Travel, Phoenix Tours or Richmond Tours were actively preparing their business infrastructure and human capital in 2020 for the huge spike in travel expected in the coming years. Staff at the travel intermediaries have been undergoing intensive training courses during the year as part of the government’s aid plan.
As Taiwan was in a soft lockdown, domestic travel, albeit seeing a downturn in 2020, was still ongoing, with individual tours as the focus. This trend of small-scale individual tours with family and friends will likely continue influencing travel products over the forecast period, as travellers are very likely to feel concerned about traveling with strangers as long as no effective vaccine exists for COVID-19.
As consumers were tending to spend more time online than ever during quarantine in 2020, online travel agents and digital booking platforms were active online to help maintain people’s interest in travel and drive awareness of their brands. Although revenues have been hugely impacted in 2020, their marketing and digital plans have not been suspended.
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This report originates from Passport, our Travel Retail research and analysis database.
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