Hoo, a hotel room offer platform, has estimated that the tourism industry of the top 50 global tourism destinations has lost an estimated $753.6bn as a result of Covid-19. This comes after analysing data from the World Tourism Organisation on international tourism receipts from these 50 countries – taking into account pre-covid levels, the estimated decline from the pandemic, and the financial fall-out for the industry.

The figures show that in 2019, international tourism receipts totalled $1,302.5 bn, with the United States accounting for the highest tourism spend at $214.1bn.  However, based on the estimated impact of the pandemic, Hoo’s research shows that this fell to just $548.9bn in 2020; a decline of -57.9% and a loss of $753.6bn in tourism revenue.

According to Hoo, the Far East has endured the largest losses from a lack of international tourism, with Hong Kong, Taiwan, Macao and Malaysia seeing international tourism receipts freefall by between 80% to 90%. Spain and Greece are easily among the worst hit of Europe’s major holiday destinations with 75% and 78% losses respectively, although almost all European nations have lost half their revenue.

Japan has also suffered one of the largest declines at 75%, while India has fared best in terms of overall market size. While the country has seen international tourism receipts decline by $2.7bn in 2020, this equates to just a -8.8% drop which is the smallest of all nations.

The worst hit when looking purely at the monetary decline has been the United States. With the US suffering from widespread political unrest as well as Covid, international tourism receipts have dropped by $125bn to just $89.1bn in 2020.

Spain has seen the second largest monetary decline in international tourism revenue, with tourism receipts tumbling by $59.9bn to just $19.8bn in 2020.

Thailand ($38.4bn), Japan ($34.6bn), Macao ($33.2bn), France ($30bn), Italy ($28.1bn), the UK ($26.7bn), Hong Kong ($26.3bn) and Turkey ($20.4bn) also rank amongst the worst hit in terms of the year on year decline in actual spend via international tourism receipts.

According to the Hoo data, South Africa’s international tourism receipts have declined by 50.9% compared to 2019, resulting in an estimated loss of $4.3bn. Belgium has seen the smallest impact with a decline of $1.7bn, however, this still represents a notable -19.6% fall year on year.

“We’re now starting to get an idea as to the extent of the pandemic’s impact on global tourism over the last year and it’s quite staggering, to say the least,” says Hoo Co-founder, Adrian Murdock. “It’s fair to say that the industry has been decimated due to Covid, with widespread travel restrictions causing drastic declines in tourism revenue pretty much across the board.”

“Unfortunately, as we stand it looks as though things will be getting worse before they get better, with 2021 yet to see a return to normality and bringing even tighter restrictions, if anything,” he says. “There’s no doubt that once these restrictions do lift, there will be an almost insatiable appetite for travel and this will bring an immediate boost to the industry. The question is, how much longer will businesses need to hold on to see those better days?”

 

Table shows the estimated fall in international tourism receipts between 2019 and 2020, sorted by the largest decline in USD
Country Pre-Covid 2019 International tourism receipts (USD bn) Covid 2020 estimated International tourism receipts (USD bn) change (USD bn) Change %
Hong Kong 29 2.7 -26.3 -90.6%
Taiwan 14.4 2.2 -12.2 -84.8%
Macao 40.1 6.9 -33.2 -82.7%
Malaysia 19.8 3.9 -15.9 -80.2%
Greece 20.4 4.4 -16.0 -78.2%
Spain 79.7 19.8 -59.9 -75.1%
Indonesia 16.9 4.2 -12.7 -75.1%
Japan 46.1 11.5 -34.6 -75.0%
Philippines 9.8 2.5 -7.3 -74.1%
Croatia 11.8 3.2 -8.6 -73.0%
Norway 5.9 1.7 -4.2 -71.1%
Jordan 5.8 1.7 -4.1 -70.0%
Ireland 6.4 2.0 -4.4 -68.7%
Turkey 29.8 9.4 -20.4 -68.6%
Singapore 20.1 6.4 -13.7 -68.4%
Egypt 13 4.3 -8.7 -67.2%
Thailand 60.5 22.1 -38.4 -63.5%
Korea (ROK) 21.6 7.9 -13.7 -63.2%
Israel 7.6 2.9 -4.7 -61.7%
Morocco 8.2 3.3 -4.9 -60.3%
Dominican Rep 7.5 3.0 -4.5 -59.9%
United States 214.1 89.1 -125.0 -58.4%
Canada 28 11.7 -16.3 -58.3%
Vietnam 11.8 5.0 -6.8 -57.6%
Italy 49.6 21.5 -28.1 -56.7%
Saudi Arabia 16.4 7.1 -9.3 -56.7%
Mexico 24.6 10.8 -13.8 -56.2%
Russian Federation 11 4.8 -6.2 -56.2%
Portugal 20.6 9.1 -11.5 -55.8%
Sweden 15.2 7.2 -8.0 -52.9%
South Africa 8.4 4.1 -4.3 -50.9%
United Kingdom 52.7 26.0 -26.7 -50.6%
Denmark 9 4.4 -4.6 -50.6%
China 35.8 18.1 -17.7 -49.5%
Switzerland 17.9 9.1 -8.8 -49.3%
Brazil 6 3.1 -2.9 -48.8%
Netherlands 18.5 9.6 -8.9 -48.3%
France 63.8 33.8 -30.0 -47.1%
Hungary 7.3 4.2 -3.1 -42.7%
United Arab Emirates 21.8 12.5 -9.3 -42.5%
Lebanon 8.6 5.0 -3.6 -42.4%
Germany 41.6 24.0 -17.6 -42.2%
Australia 45.7 27.2 -18.5 -40.5%
Poland 13.7 8.3 -5.4 -39.2%
Czech Republic 7.3 4.6 -2.7 -36.4%
Luxembourg 5.7 3.8 -1.9 -34.2%
Austria 22.9 15.4 -7.5 -32.6%
New Zealand 10.5 8.2 -2.3 -21.8%
Belgium 8.9 7.2 -1.7 -19.6%
India 30.7 28.0 -2.7 -8.8%
All 50 Nations 1302.5 548.9 753.6 -57.9%
Data on tourism receipts sourced from the World Tourism Organization

 

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