Since the first wave of the Coronavirus pandemic earlier this year, it has not been business as usual for many firms. The virus had led to an increase in the global inflation rate, interest rate, and upward reviews of government spending on a specific sector, and an alarming decline or neglect of some industries’ budgetary expenditure.
Amongst the sectors greatly affected globally is the travel and tourism industry. That is due to the drastic decline in people’s movement and almost total restrictions during the peak of the lockdowns. That has affected the industry in ways beyond imagination. The recent issuance of the second phase of lockdown by the government of different countries at varying times makes the sector’s problems far from over.
Travel agencies companies are gradually returning to operation as travels have slowly begun to take the pace and slowly gaining momentum amongst the populace but does not do so without a price. The adverse hit on the industry by the virus makes a return back to normal almost impossible. While commuters cannot avoid traveling presently, it means an increase in prices is inevitable; as a commuter, one must prepare for an increase in current trips’ overall prices.…Read more