Expert Pitch

Air, cruise and lodging: COVID-19 disrupts the tourism industry

Cornell University
18-Mar-2020 11:55 AM EDT, by Cornell University

The coronavirus outbreak is putting many industries at risk. Among them, the tourism industry seems to be one of the worst affected in the short term. The World Travel and Tourism Council has warned that the pandemic could cut 50 million jobs worldwide for an industry that currently accounts for 10% of global GDP. 

Christopher Anderson, professor of business at Cornell University’s Hotel School, breaks down the likely repercussions to air, cruise and lodging industries.  

Bio: https://sha.cornell.edu/faculty-research/faculty/cka9/

 

Anderson says:

“I think the biggest changes we are going to see short term are impacts on air and cruise – both these industries will be impacted but in different ways.

“I think air will be slow to recover because there will be substantive capacity reductions – airlines have been very cautious in adding new capacity especially after the last recession and given the consolidation within the industry they will push prices higher as demand recovers and then slowly add capacity. As a result, I think it will take a while to get back to current capacity levels. I also believe air recovery will somewhat depend on how effective we become at digital/virtual meetings. I believe people need interaction, and it is possible a prolonged pause in regular business dealings may jump start air as people look to get back to business and create opportunities.

“Cruise is a different story as the major players have new ships in the works already, so cruise while structurally damaged in the minds of non-cruisers is going to be very, very inexpensive which I expect will pull back experienced cruisers quickly. The bigger issue here will be getting new people to cruise, I expect this is going to be much harder. Cruise was already facing some environmental headwinds, so not overly optimistic.

“I am more positive on lodging as people are still going to need to get away, especially after having not been able to do so. In the near-term lodging can manage costs as they cut back on labor and then I think they will recover pretty quickly. Prices, I think, will be more stable than most recessions as I hope suppliers realize they are not going to stimulate demand with prices at present – as long as we get things under control sooner versus later and in time peak/summer travel. While the likes of Airbnb will still impact traditional hotels – by slowing capacity growth and limiting ADRs, I don’t see a big move to alternative inventory as I think this health scare is going to reinforce the value of standardization, cleanliness and the security that comes with established firms versus the potential unknowns of peer-to-peer rentals.”

 

For interviews contact:
Rebecca Valli
office: 607-255-6035
cell: 607-793-1025
rv234@cornell.edu




Filters close

Showing results

110 of 2527
Released: 10-Jul-2020 12:50 PM EDT
Genetic ‘fingerprints’ of first COVID-19 cases help manage pandemic
University of Sydney

A new study published in the world-leading journal Nature Medicine, reveals how genomic sequencing and mathematical modelling gave important insights into the ‘parentage’ of cases and likely spread of the disease in New South Wales.

Released: 10-Jul-2020 12:35 PM EDT
Our itch to share helps spread COVID-19 misinformation
Massachusetts Institute of Technology (MIT)

To stay current about the Covid-19 pandemic, people need to process health information when they read the news. Inevitably, that means people will be exposed to health misinformation, too, in the form of false content, often found online, about the illness.

Newswise: Pandemic Inspires Framework for Enhanced Care in Nursing Homes
Released: 10-Jul-2020 12:25 PM EDT
Pandemic Inspires Framework for Enhanced Care in Nursing Homes
University of Pennsylvania School of Nursing

As of May 2020, nursing home residents account for a staggering one-third of the more than 80,000 deaths due to COVID-19 in the U.S. This pandemic has resulted in unprecedented threats—like reduced access to resources needed to contain and eliminate the spread of the virus—to achieving and sustaining care quality even in the best nursing homes. Active engagement of nursing home leaders in developing solutions responsive to the unprecedented threats to quality standards of care delivery is required.

Newswise: General Electric Healthcare Chooses UH to Clinically 
Evaluate First-of-its-kind Imaging System
Released: 10-Jul-2020 12:15 PM EDT
General Electric Healthcare Chooses UH to Clinically Evaluate First-of-its-kind Imaging System
University Hospitals Cleveland Medical Center

University Hospitals Cleveland Medical Center physicians completed evaluation for the GE Healthcare Critical Care Suite, and the technology is now in daily clinical practice – flagging between seven to 15 collapsed lungs per day within the hospital. No one on the team could have predicted the onset of the COVID-19 pandemic, but this technology and future research with GEHC may enhance the capability to improve care for COVID-19 patients in the ICU. Critical Care Suite is now assisting in COVID and non-COVID patient care as the AMX 240 travels to intensive care units within the hospital.

Released: 10-Jul-2020 11:50 AM EDT
COVID-19 Can Be Transmitted in the Womb, Reports Pediatric Infectious Disease Journal
Wolters Kluwer Health: Lippincott Williams and Wilkins

A baby girl in Texas – born prematurely to a mother with COVID-19 – is the strongest evidence to date that intrauterine (in the womb) transmission of severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) can occur, reports The Pediatric Infectious Disease Journal, the official journal of The European Society for Paediatric Infectious Diseases. The journal is published in the Lippincott portfolio by Wolters Kluwer.

Released: 10-Jul-2020 9:45 AM EDT
How COVID-19 Shifted Inpatient Imaging Utilization
Harvey L. Neiman Health Policy Institute

As medical resources shifted away from elective and non-urgent procedures toward emergent and critical care of COVID-19 patients, departments were forced to reconfigure their personnel and resources. In particular, many Radiology practices rescheduled non-urgent and routine imaging according to recommendations from the American College of Radiology (ACR). This new Harvey L. Neiman Health Policy Institute study, published online in the Journal of American College of Radiology (JACR), evaluates the change in the inpatient imaging volumes and composition mix during the COVID-19 pandemic within a large healthcare system.

access_time Embargo lifts in 2 days
Embargo will expire: 12-Jul-2020 7:00 PM EDT Released to reporters: 10-Jul-2020 9:00 AM EDT

A reporter's PressPass is required to access this story until the embargo expires on 12-Jul-2020 7:00 PM EDT The Newswise PressPass gives verified journalists access to embargoed stories. Please log in to complete a presspass application. If you have not yet registered, please Register. When you fill out the registration form, please identify yourself as a reporter in order to advance to the presspass application form.

Released: 10-Jul-2020 9:00 AM EDT
Team is first in Texas to investigate convalescent plasma for prevention of COVID-19 onset and progression
University of Texas Health Science Center at Houston

A research team is the first in Texas to investigate whether plasma from COVID-19 survivors can be used in outpatient settings to prevent the onset and progression of the virus in two new clinical trials at UTHealth.


Showing results

110 of 2527

close
1.40543