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Impact of COVID-19 on U.S. Travel Agencies: Evidence from Producer Price Index of Hotel and Car Rental Bookings

In: Proceedings of the 2024 3rd International Conference on Public Service, Economic Management and Sustainable Development (PESD 2024)

Author

Listed:
  • Ruiwen Wang

    (University of California, Letters and Science)

Abstract

This study examines the effects of the COVID-19 epidemic on the tourism industry in the United States, specifically looking at the influence on hotel and car rental reservations. The study applies the ARIMA model to perform a time series analysis. COVID-19 caused severe disruption, including travel restrictions, decruitment, and business closure, which severely affected businesses and the economy related to the tourist industry. By checking the PPI (producer price index) of hotel and car rental bookings, this study evaluates the effects of COVID-19, and forecasts the PPI trend in 11 months after May 2020. ARIMA model has high accuracy and efficiently captures the changes caused by the pandemic. According to the analysis, during the COVID-19 period, the actual PPI value is much higher than the predicted PPI value. This shows that the pandemic had a significant effect on hotel and car rental bookings. These findings provide crucial insights to policymakers and business owners and help them construct efficient strategies and reduce loss in the future.

Suggested Citation

  • Ruiwen Wang, 2024. "Impact of COVID-19 on U.S. Travel Agencies: Evidence from Producer Price Index of Hotel and Car Rental Bookings," Advances in Economics, Business and Management Research, in: Qiujing Wu & Songsong Liu & Guoliang Wang & Jia Li (ed.), Proceedings of the 2024 3rd International Conference on Public Service, Economic Management and Sustainable Development (PESD 2024), pages 224-232, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-598-0_23
    DOI: 10.2991/978-94-6463-598-0_23
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