New research says hotel sector is likely to account for $15bn of GCC tourism losses in 2020
The Gulf’s travel and tourism industry may have lost up to $60 billion during 2020 due to the ongoing restrictions related to the global coronavirus pandemic.
Consultants Frost & Sullivan said in a new research report that the sector’s financial loss is expected to reach $50-50 billion, with hotels likely to account for up to $15 billion of the losses.
Frost & Sulllivan said the growth in the tourism and travel sector in the GCC region was about 10 percent during the past five years.
Based on this growth, it was expected that the entire spending on traveland tourism in the region would have reached $110 billion in 2020 but coronavirus dramatically changed things.
“As consumers step out of their homes, maybe for the first time since global lockdowns, they will still want the luxury of a hotel stay but would wish to limit their exposure to other guests beyond their families,” Frost & Sullivan said.
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