According to the Hellenic Chamber of Hotels in Greece, some 65% of hotels in the country are on the verge of bankruptcy. The outlook is equally dire in other tourist-heavy economies across Europe. EU officials are scurrying behind-the scenes to salvage what they can of the summer tourist season. From a supply-side perspective, policy initiatives … Continue reading European Travel Industry Withers Amid Coronavirus
Category: Global Spending
The coronavirus era has upended spending patterns among consumers and businesses. Travel restrictions, at times unpredictable, suggest that any pickup in discretionary spending will be local or regional in scope. Some consumers may be willing to respond to price incentives, but tourism as an economic growth engine is sputtering.