As the Coronavirus continues to spread across the globe, the Global Business Travel Association (GBTA) is forecasting the virus could potentially cost the industry US$46.6 billion per month. That translates into $559.7 billion annually, or 37% of the industry’s total 2020 forecasted global spend.
A majority of GBTA’s supplier companies report that the coronavirus has had a “significant” (24%) or “moderate” (31%) impact on their company’s revenues, with airlines and hospitality providers among the most affected.
According to Scott Solombrino, GBTA’s Chief Operating Officer and Executive Director: “It is clear that the coronavirus is having a significant – and potentially very costly – effect on our members, their companies and on the overall business travel industry. It is fundamentally affecting the way many companies are now doing business. If this turns into a global pandemic, the industry may well lose billions of dollars – an impact that will have negative ramifications for the entire global economy.” At the same time, he praised members for their responses. “Our industry’s first priority is the health and safety of the business traveller, and our members are being appropriately cautious and pro-active in their approach to the situation.”
Elsewhere, organisers of the forthcoming Aircraft Interiors Expo (AIX) and World Travel Catering & OnBoard Services Expo (WTCE) in Hamburg have confirmed (26 February) that the event will run as scheduled, unless otherwise directed by local/national German authorities.
Echoing the sentiment of the UFI [The Global Association of the Exhibition Industry], President Mary Larkin said: “We stand in sympathy and support of everyone affected by the current COVID-19 outbreak, whether directly or indirectly. The exhibitions and events industry exists to provide platforms for people and industries to meet, to trade and to collaborate. We, as representative of the exhibition industry, are committed to providing these much-needed places around the world, wherever we can do so.”
