👉 Covid19 is eviscerating the travel industry
VC Max Niederhofer says:
“Travel is by most measures the largest market globally, a testament to human curiosity and thirst for adventure and experiences. In 2019 Skift estimates there were 1.3 billion departures with an estimated $2.9 trillion total spend – the largest travel and tourism year on record.
Travel is super-correlated with the business cycle. It’s what consumers spend money on when there’s discretionary income to spare, but it’s also the first big ticket item that gets cut in a downturn. Travel is also highly susceptible to external shocks: war, political instability, trade disputes, terrorism, and disease. The industry was generally projecting around 3% growth this year. That doesn't sound huge, but it's about 40 million additional departures, or about $60 billion in spend. The ongoing spread of COVID19 – as small as it currently is relative to influenza – means not only will there not be growth, but we're likely facing a year unlike any other that the industry has faced before.
👉 Corporate meetings and conferences are being cancelled everywhere – and this will not change anytime soon
So… let's try this March 12, 4pm CET: Join me!!