Flywire, a high-growth vertical payments company, released new research that reveals very strong consumer demand for travel post coronavirus crisis. The interactive report, Bouncing Back: Consumer Views on Traveling Again, is based on an independent survey of adult leisure travelers from the United States, Canada, United Kingdom and Japan. The research looks at the impact of the coronavirus crisis on consumer travel plans and their expectations of travel providers to encourage more travel.
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Few industries have been hurt by the coronavirus crisis as much as travel. Worldwide GDP loss could be as much as $2.7 trillion in 2020 according to the World Travel & Tourism Council. Direct travel spending in the U.S. alone is expected to decline by $519 billion. The impact is being felt at every level of the industry—from the largest online travel agencies to individual tour operators and the local ecosystems that support them.
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Despite a bleak financial outlook, travelers are optimistic about the industry, according to Flywire’s new survey. This suggests a resurgence of the industry when travel options return; 93% of respondents are confident the industry will still be here after the pandemic is over and 69% plan to travel again when it does. For 74%, just thinking of traveling again while they are self-isolating is keeping them going.
“The economic loss combined with the lack of clear guidelines as to when consumers can travel freely again puts a lot of stress both on travel providers and the consumers they serve,” said Colin Smyth, senior director of Travel & Commercial segments at Flywire. “It’s also impacting consumers significantly. In times like these, people crave a break from their normal routine; they are looking for new challenges and action-packed adventures. These are experiences uniquely offered through travel.”
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