Youth travel brands are anticipating a 30% drop in business for 2020, equating to an €87 billion revenue loss, according to a report.
The research from the World Youth Student and Educational Travel Confederation reveals that more than 80% of members believe their business prospects will be worse or much worse over the course of the next calendar year.
The study, which is part of a series that the organization is publishing on the impact of COVID-19, goes on to show a 26% drop in demand for business in the first quarter of 2020 compared to the same period in 2019.
Going forward, respondents say they are expecting a 30% drop in business volume.
Economic, political uncertainty, employment and travel restrictions top the list of concerns for businesses during this challenging period for both the immediate and long term.
The study also looks at the COVID-19 related actions being taken by businesses with modification of cancellation policies coming first followed by reducing prices and capacity.
Slightly lower down the list of actions are modified target markets, increased marketing and reduced marketing.
The study had 600 respondents and was carried out online between March 3 and March 9.