How long before Disneys performance plummets and global tourism recovers?

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 How long before Disneys performance plummets and global tourism recovers?


However, just as the park opened, the local epidemic rebounded. According to the Wall Street journal 19, the newly confirmed cases in Florida on the same day set a new one-day record. The state may become the epicenter of the next outbreak. The US media commented that reopening the theme park is a bad thing. As a microcosm of the global tourism industry, Disney has experienced the roller coaster experience, and the global hotel and aviation industry have also suffered from the cliff impact. If the tourism industry wants to fully recover, it has a long way to go.

Theme park suffered a lot

As one of the largest entertainment companies in the world, Disney group owns amusement park, cruise ship, film, television and other businesses, with a market value of more than 200 billion US dollars. However, almost all businesses in such a huge entertainment empire have been affected by the epidemic, and the companys share price has fallen by a third. Its hard to find another company that can better reflect the ups and downs of the new crown epidemic than Disney. Nicholas hayert, equity analyst at Langston, a UK financial services company, concluded.

Theme parks and resorts account for a third of Disneys revenue, the Wall Street Journal reported. Since the spread of the epidemic in the United States in mid March, the months long closure of Disney theme park has caused billions of dollars in lost revenue to the group, forced about 100000 employees to take unpaid leave, and slashed the annual salary of Disney executives. As theaters closed, Disneys box office revenue shrank.

Since May, Disney has started to restart the theme park in stages as the epidemic around the country improved. On June 18, Hong Kong Disney also ushered in the day of restart. Disneyland in California and Florida is scheduled to reopen in mid July and is awaiting state and local government approval.

Compared with Disney, theme parks in the United States are open to the public earlier. The Six Flags entertainment company restarted Oklahoma theme park on June 5, requiring tourists and staff to wear masks. A park in Sandusky County, Ohio, also opened recently for health advice. However, it is still difficult to estimate how many tourists will come into the short-term tourism season, and how willing they are to travel, the Wall Street Journal quoted a park manager as saying.

Hotel aviation group loss

It is not only the theme park that has suffered a lot, but also the hotel, catering and aviation industries. Our industry has never experienced such a global crisis, which has brought travel to a near standstill. Christopher nasetta, Hiltons chief executive, announced Monday that he plans to cut 2100 jobs around the world and extend the previous mandatory leave, work hour reduction and salary reduction measures by three months.

According to the latest prediction of the American Hotel Industry Association, this years hotel occupancy rate will be the worst year on record, and the hotel occupancy rate and revenue will not recover to the level of 2019 until 2022 at least; according to the latest data of the Netherlands Central Bureau of statistics, the Dutch restaurant industry, which has been closed since March 15, has become one of the industries most seriously affected by the new crown epidemic; Oriental new news of Japan According to Dao, 263 enterprises in Japan have gone bankrupt due to the epidemic. Among them, hotels, catering and retail industries have been hit hardest.

Police patrol the beaches of the closed French island of Guadeloupe (source: Getty)

Since the outbreak, at least 17 airlines around the world have applied for bankruptcy or bankruptcy. According to a report released on June 9 by the International Air Transport Association, global airlines will suffer the largest collective net loss in history this year, totaling $84.3 billion, and will continue to suffer losses in 2021. In 2020, the operating revenue of airlines is expected to be $419 billion, only half of that in 2019. Passenger traffic is expected to decline by 54.7% to 2.25 billion.

The novel coronavirus pneumonia epidemic has actually stopped the tourism industry, which is the first time in history. According to the world tourism organization, tourism is one of the most affected industries, especially in the Asia Pacific region, where tourism accounts for more than 80% of GDP. A recent assessment by the world travel and Tourism Council predicted that more than 100 million jobs and $2.7 trillion in income would be lost worldwide as a result of epidemic related restrictions this year.

It is difficult for the tourism industry to recover in the short term

Recently, with the stabilization of the epidemic situation, some countries and regions cant wait to press the restart button. Italy announced on June 13 that it would give 5 billion euros of rescue aid to culture and tourism, opening the borders of the EU Schengen countries and the UK; the Greek government said it would open to the vast majority of EU tourists from June 15, and welcomed the arrival of tourists from countries with better epidemic control, such as China and South Korea; the Thai government is also exploring several plans to restart tourism safely; Japan is considering foreign tourism Tourists are provided with travel subsidies and half price travel activities for domestic tourists.

Even if countries succeed in boosting domestic and regional tourism, tourism will not regain its previous strong momentum in the short term, the financial times warned, citing experts. Adam Sachs, head of tourism economics, an international tourism research organization, also said that the aftermath of the broader economic crisis caused by the epidemic will be prolonged, and the tourism industry is expected to return to normal level in 2023. After the financial crisis in 2008, it took two years for the tourism industry to fully recover. This crisis is much more serious, but after each crisis, the tourism industry will rebound and get further development.

Tourism is bound to recover, but in what ways it is worth thinking, the guardian wrote in its 19th issue. Tourism is often an important economic pillar of long history or remote areas, but excessive tourism will bring obvious negative impact on local areas. After the epidemic, maybe people can use a new way of thinking to treat the tourism industry, including restricting the flow of tourists, managing the rental of real estate, paying attention to environmental protection planning, and restarting the tourism market in a more reasonable and effective way.

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