Both hotels and the short-term rental market are reeling from the coronavirus-driven travel collapse, but industry reports show that the latter is weathering the health crisis more successfully due to its different nature. “The features that differentiate short-term rentals from hotels—such as full-service amenities, living space, larger properties, and inventory in more remote destinations—have proven…
The economic damage to the global tourism sector as a result of the coronavirus pandemic is likely to exceed $1 trillion this year, which would set the industry back two decades, according to a new report from the United Nations. “Depending on when travel restrictions will be fully lifted, the World Tourism Organization expects international…
Lifting coronavirus lockdown restrictions may not by itself be sufficient to restore confidence or growth and economic recovery will start only when the pandemic is under control, according to McKinsey & Company. “The evidence heavily suggests that a multifaceted public-health response that goes well beyond a simple transient lockdown is a necessary first step to…
Asia-Pacific will remain the retail industry’s growth engine in the post-corona world. Retailers need to prioritize action in several key areas if they want to gain a sustainable edge over rivals, analysts from consulting firm Bain said in a recent report. According to the report titled “The Future of Retail in Asia-Pacific: How to Thrive…
Executives in North America and developing markets have become less hopeful about their countries’ economies, while Leaders in China and India are growing more upbeat, according to McKinsey & Company. A July survey of more than 2,000 global executives by the global consulting firm highlights the magnitude of the challenges triggered by the coronavirus pandemic,…
The global aviation body has urged governments across Europe to coordinate to lift border restrictions and find alternatives to COVID-19 quarantine measures in order to help save the industry from sinking into a deeper crisis. “Although the European market has seen an increase in the number of flights in recent months, supported by the reopening…
Aside from delaying personal trips and vacations, the sudden halt of global travel during the coronavirus pandemic has had a major impact on companies whose workforces used to travel frequently as well as airlines and hotels that depend heavily on revenue from corporate travel. At times of uncertainty like now, it is difficult to predict…
Short-time work policies hold the promise of helping countries combat the economic crisis caused by COVID-19 if they are aided by high uptake, generous wage replacement, incentives, and higher flexibility, says an economist. Michael Wolf from the Deloitte Global Economist Network cites short-time work—sometimes called a work-sharing program—as a policy that has gained considerable popularity…
More and more units that were listed on short-term rental platforms prior to the coronavirus outbreak are moving to the long-term market, according to a Lisbon-based industry expert who says the pandemic’s fallout has made Portugal more affordable. “It’s still a little bit uncertain what’s happening, but there was a big shift for hosts to…
U.S. podcast advertising revenue is expected to grow 14.7% in 2020 and is forecast to generate nearly $1 billion by year’s end, according to a new study of the U.S. podcasting sector. The industry was projected to grow as much as 29.6% this year before the coronavirus pandemic, reads the fourth annual Interactive Advertising Bureau…
