2020 became a year where every business suffered huge losses. All of it was due to the pandemic that spread in 2019. With the presence of covid-19, every business nearly came to a stop. Some industries were quick to recover, and some of them faced fewer difficulties compared to others.
For Hotel Industry, the pandemic turned somewhat into a nightmare. The situation is down to a point where one wonders will the hotel industry recover in 2021? Many factors lead the hotel industry to its current state.
Every country placed lockdowns on its citizens. During this period, people only left their houses for a brief time. After replenishing groceries and everyday home supplies, they return to their houses. There was no need for any hotel to be open in such a state where one can’t leave the house.
Majority of hotels didn’t even open during this time. Only after the pandemic got somewhat under control, many countries allowed hotels to open their business. It helped in the recovery of the hotel industry up to some point.
Ban on travel
A huge share 0f hotel industry depends on vacations and tourism. The industry benefits a lot during the holidays. Whenever people get holidays, they tend to travel and go out on vacations. On their travels, they stay at hotels to rest and enjoy the luxury of those hotels.
With all of this, the hotel industry makes huge profits by offering their services. Since the travel shut down, the industry hit a huge bump. With lookdown going on the tourism dropped to zero.
The hotel industry didn’t have much choice but to close their business. The overall pandemic situation’s improvement is causing a slight recovery of the hotel industry from its baffled state.
Many hotels suffered a huge loss during the pandemic and might never open for business again. But those who stayed firm during this period are now about to earn the reward for their efforts.
The lockdown is finally over in almost every country, and the threat of covid-19 is decreasing. Recovery of the hotel industry is already at its initial point. With the lift on the lockdowns people coming out after staying cooped up for nearly a year.
The same goes for travel and tourism. As long as the travel ban is over, tourism will increase day by day. This situation is somewhat beneficial for the recovery of the hotel industry. Keeping themselves tightly shut for a long period of times, almost everyone is raring to go on vacations.
The situation regarding the pandemic will be a lot better in 2021. And the hotel industry will recover from its loss. But that is under the conception, where this pandemic comes to a stop. With countries pouring every possible resource to get rid of covid-19, the situation will turn a lot better.
The hotel industry will recover back to its peak only after the pandemic ends. Although you can see hotels gradually openings their business, everything is still uncertain. In case the pandemic goes on, the hotel industry might suffer a lot more.