The Boston Consulting Group has launched the Travel Recovery Insights Portal, which provides the travel ecosystem with information, tools and dashboards to understand the trends shaping how the demand for travel is returning and how quickly it is happening.
During the the current uncertainity due to the pandemic BCG hopes the data will enable travel industry stakeholders to make better planning decisions. The portal lincludes specific views for geographic regions, types of travel and months of travel.
Some quick facts from the portal:
• Covid progression: Europe continues to see a linear, rather than exponential, increase in cases with signs of ‘flattening’ in Germany and France. In the US, cases hit 1.3 million, with the rate of increase at its lowest in seven weeks. In Asia, the epidemic still appears to be under better control, but a recent Covid cluster has been identified in Seoul and five new cases were reported in Wuhan.
• Economic sentiment: Covid has dramatically stymied business growth in all regions. In the US and elsewhere, heavy job losses will likely drive unemployment figures to record levels.
• Airline capacity: With some countries easing lockdown restrictions, a few carriers are testing market demand with slight capacity additions. Many airlines have announced that they expect it will take several years for capacity to return to 2019 levels. Domestic flights currently make up 85% of total capacity.
• Government restrictions: Lockdown is being lifted across Europe, with loosened restrictions in many countries. In the US, more than half of the states are starting to ease lockdown restrictions.
• Consumer sentiment: Consumers are beginning to express more favourable sentiment about the future. In the latest Consumer Sentiment Snapshot, more than 80% of consumers say they miss leisure travel. These results suggest that significant pent-up demand for these activities will be released once consumers feel comfortable engaging in them again.
Access the Travel Recovery Insights Portal here.
• Featured image credit: Volodymyr-Kryshtal/Getty Images
