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Can the Hospitality Industry Survive COVID-19?: Savanta

 

This article is brought in collaboration with Savanta

If there is anything Americans love more, it is enjoying a vacation now and then. Nothing is more relaxing than going out to eat and letting another person cook and clean. The joy of visiting different parts of the world and enjoying a hotel stay with all the amenities is the motivating factor for a lot of Americans to work hard. Of course, the ultimate vacay is that cruise to Alaska or the Mediterranean. 

Before COVID-19, Americans were living larger than life eating out, enjoying hotel stays, and indulging in cruises. When the unemployment rate was at 3.9%, and employers were looking for employees to fill jobs, US citizens turned going out to eat into a routine rather than a luxury. Vacations were a given, and business travel was in demand.

Now, COVID-19 has wreaked havoc on the hospitality industry. While the devastation is still under calculation, economists believe the pandemic will account for a potential loss of 75 million jobs and $2.1 trillion across the globe. Meanwhile, America’s hospitality industry has been hit the hardest. According to the US Travel Association, a projected 4.6 million jobs are lost, which will most likely increase. That figure is six to seven times greater than the seismic fall-out of 9/11.

Savanta research shows businesses scrambling to save the remains of their industry just to stay alive. Priorities are shifting with more concentrations on automation and curtailing costs.

Corporations will be putting forth best practices for their employees to not only keep top tier talent but manage their business in a COVID-19 world. There will obviously be changes looming for the hospitality industry as hotels and restaurants design health and safety plans to protect employees as well as guests.

Yes, if Americans have anything to say about it, the hospitality industry will survive. It may look a little different moving forward, only time will tell. The ingenious wheels of commerce will continue to grind, and new and innovative ways will be discovered for Americans to play once again!

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Look at what other people are saying about the survival of the hospitality industry.

PEOPLE IN THEIR OWN WORDS

One respondent commented, “Yes, I believe it is if we all help each other out. If we get out there traveling and eat at restaurants. Of course, we have to allow them to open up first. We can be cautious but we can still help each other out. I believe it is possible to recover.”

Another respondent said, “Yes, because we are a strong country; and we will recover quickly. We will get back to the norm. Even though there are things that will be different, we will continue to thrive.”

This respondent had this opinion. “Yes, everything will go back to normal once everything opens back up.”

Watch what people are saying about the survival of the hospitality industry in the video above. Click here to subscribe to our newsletter for more information.

Overview of Research Methodology, B2B

Savanta conducted online research with over 500 business decision-makers across the US from April 17-20, 2020.