International visitor spend looks set to plunge by almost 50% on 2020 figures, making the UK one of the worst-performing countries in the world 2022 performance could be better but still hangs in the balance.
In a slower than expected recovery GDP contribution will only increase by less than one third.
COVID-19 sparks a dramatic 58% collapse in the sector’s contribution to GDP, 680,000 jobs lost with many more still hanging in the balance
UK records the biggest fall by three places among the world’s top 10 largest tourism markets in 2020 with a staggering GDP fall of 62.3%.
Impact of COVID-19 sparks a 62.3% collapse in the sectors GDP.
The emergence of smart technologies and their interaction with the hotel and B&B market has resulted in future growth prospects becoming less apparent. With the rise of apps such as Airbnb and Hostelworld becoming players in the market, this is compromising the traditional hotel spaceÕs ability to compete competitively in the market.