40% tourism cos at the brink of closure: Study
The BOTT Travel Sentiment Tracker survey estimates around 40% companies operating in the travel & tourism sector are staring at the risk of complete closure over the next 3 to 6 months. The study also believes that nearly 36% of such companies are likely to witness a temporary shutdown, even though the domestic flights have resumed operations, after a two month hiatus.
The pan-Indian online survey of over 2,300 travel and tourism also reveals that 81% travel and tourism companies have lost their revenue up to 100% while 15% of the companies have witnessed it slide up to 75%. 38.6% of these companies are going for job cuts and another 37.6% of them are considering the option with uncertainty looming large.
“The travel and tourism sector is going through a very bad phase. It has taken a severe beating due to the COVID-19 outbreak with lakhs of people dependent on it suffering immense losses and job cuts,” the study said.
“We will definitely withstand the crisis because we believe that it is the darkest before dawn. Hopefully, with the starting of the domestic flights this month and international flights later in June, I see light at the end of the tunnel,” Assocham Tourism Council Chairman and FAITH honorary secretary Subhash Goyal explained.