Tourism Sector Proves Extraordinary Resilience, Affirms Recent Study Conducted by WTTC in Collaboration with Global Rescue
The World Travel & Tourism Council (WTTC) recently unveiled a comprehensive report analysing the impact of 90 crises on the travel and tourism sector between 2001 and 2018. The research, published on November 4, 2019, was conducted in partnership with Global Rescue, a membership organisation offering travel risk and crisis management services.
The study, which examined the time to recovery, lost arrivals, and lost visitor spending at a national and city level, found that crisis recovery times have decreased over 50% compared to the period between 2001 and 2010.
The key factors contributing to this decrease, as highlighted in the report, include enhanced crisis preparedness and response mechanisms, increased adoption of digital and technological innovations, and better coordination among industry stakeholders. Advancements in digital tools and data analytics have enabled real-time monitoring and more agile decision-making, which are critical during crises.
Moreover, the collaboration between governments, private sector companies, and emergency response organisations has strengthened resilience across the tourism ecosystem. This networked approach facilitates faster restoration of services and traveler confidence, further shortening recovery time.
Political instability was ranked as the number one crisis impacting recovery times in the travel and tourism sector. However, the report also underscores how increased investments in safety protocols, health measures, and flexible travel policies have supported quicker rebounds by reassuring travelers and stakeholders alike.
These findings align with recent trends highlighted by the WTTC's 2024 economic impact data showing a strong recovery path for the sector globally. The report serves as a valuable resource for industry stakeholders seeking to navigate the challenges posed by crises and to capitalise on the opportunities for recovery and growth.
The research is based on data from 90 crises that occurred between 2001 and 2018. It provides insights into the resilience of the travel and tourism sector and the strategies that can be employed to mitigate the impact of crises and accelerate recovery. The report can be accessed on the WTTC's website.
- Enhancements in digital tools and technology, coupled with increased investments in safety protocols, health measures, and flexible travel policies, have been instrumental in improving business resilience within the travel and tourism sector.
- The finance sector can find valuable insights from the WTTC's report on the travel and tourism sector, as it outlines effective strategies to mitigate the impact of crises and accelerate recovery, contributing significantly to lifestyle and business growth post-crisis.
