Is travel industry recession proof?
Is travel industry recession proof? Certainly, it's a sector that has historically been hit hard during recessions. During the last major global recession (that wasn't caused by a global pandemic that shut down travel altogether) in 2008, air travel dropped off by around one-fifth, the most it has since records have been kept.
How long do recessions last?
According to the National Bureau of Economic Research (NBER), the average length of recessions since World War II has been approximately 11 months. But the exact length of a recession is difficult to predict. In general, a recession lasts anywhere from six to 18 months.
Will travel industry be affected by recession?
A global recession will impact the entire Travel & Tourism sector, despite the robustness that it has shown in past years. There are many reasons to expect that demand for all kinds of travel will decline in the coming years.
Is the travel industry doing well?
Key takeaways: Global leisure travel remains robust, up roughly 31% in March 2023 compared to the same period in 2019, representing an impressive 25% year-over-year-to-date change from 2022 to 2023.
What is the travel industry forecast for 2023?
Indeed, the World Travel & Tourism Council (WTTC) forecasts that the global travel and tourism sector will reach US$9.5 trillion in 2023 — just 5% below 2019 pre-pandemic levels. The positive summer travel outlook is echoed by data from J.P. Morgan Research.