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An initial assessment of economic impacts and operational challenges for the tourism & hospitality industry due to COVID-19

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  • Thams, Andreas
  • Zech, Nicola
  • Rempel, David
  • Ayia-Koi, Albert

Abstract

The tourism and hospitality industry currently faces one of its most serious operational, commercial, and financial crises as a result of the worldwide spread of COVID-19. Both destinations and source markets are substantially affected and have suspended operations and commercial activities. Major market players in all areas of the touristic value chain, i.e., airlines, tour operators, hotels, cruise lines, and retailers, have either minimized or even completely stopped their production for an undefined period of time, resulting in the sudden and total cut-off of their revenue streams. This paper will comprehensively highlight in an initial assessment economic impacts and operational challenges for the tourism and hospitality industry caused bv the from COVID-19 crisis. General and mostly European-centered perspectives are supplemented by an African insight represented by a Ghanaian case-study.

Suggested Citation

  • Thams, Andreas & Zech, Nicola & Rempel, David & Ayia-Koi, Albert, 2020. "An initial assessment of economic impacts and operational challenges for the tourism & hospitality industry due to COVID-19," IU Discussion Papers - Hospitality, Tourism & Event 2/2020, IU International University of Applied Sciences.
    • Handle: RePEc:zbw:iubhht:22020
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    References listed on IDEAS

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    1. Nicola ZECH, 2015. "The Role of Stakeholder Relationship Management Crisis Management Processes within the Hotel Industry in a Tourism Context," Expert Journal of Business and Management, Sprint Investify, vol. 3(1), pages 27-37.
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    Cited by:

    1. Dorota Chmielewska-Muciek & Jacek Jakubczak & Patrycja Marzec-Braun, 2021. "Crisis Response Strategies and Themes during the COVID-19 Pandemic in EU Aviation, Airlines’ Executives Communication with Shareholders: A Content Analysis," European Research Studies Journal, European Research Studies Journal, vol. 0(4B), pages 276-299.
    2. Liu, Anyu & Kim, Yoo Ri & O'Connell, John Frankie, 2021. "COVID-19 and the aviation industry: The interrelationship between the spread of the COVID-19 pandemic and the frequency of flights on the EU market," Annals of Tourism Research, Elsevier, vol. 91(C).
    3. Hatem El-Gohary, 2020. "Coronavirus and Halal Tourism and Hospitality Industry: Is It a Journey to the Unknown?," Sustainability, MDPI, vol. 12(21), pages 1-26, November.
    4. Anshu Agrawal, 2021. "Sustainability of airlines in India with Covid-19: Challenges ahead and possible way-outs," Journal of Revenue and Pricing Management, Palgrave Macmillan, vol. 20(4), pages 457-472, August.

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      Keywords

      COVID-19; tourism industry; travel industry; hospitality management; economic impact; operational challenges; crisis management;
      All these keywords.

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