Report
Travel and tourism: time for take off
Turning a corner
Many firms are approaching an inflection point where they are considering their ability to take on new business. Simon Stibbons Restructuring Advisory
It’s hard to overstate the impact of COVID-19 on the UK travel and tourism industry. The sector was thriving prior to the pandemic, with Brits making a record 93 million overseas trips in 2019. But this fell by almost three quarters (74%) to fewer than 24 million trips in 2020* 1 and travel restrictions continued largely unabated during 2021. As a result, more than one in 10 jobs were lost in the aviation, tourism and travel industries, despite billions of pounds in Government financial support.
At the time of writing, things are improving.
The UK Government has announced the removal of all travel testing requirements for fully-vaccinated people – which represents more than four in five Brits* 2 . Around the world, border restrictions are beginning to be lifted, travel rules are being relaxed and tourists’ confidence is returning. So, is this the year that travel bounces back? For this report, we spoke to 250 executives from ATOL protected businesses across the sector to understand their current position, the steps they have taken to survive the pandemic, their outlook for the year ahead and the challenges and opportunities that will shape their futures. We’re sharing this intelligence, which covers large, small and mid- market operators in equal measure, with the sector at a time when many firms are approaching an inflection point where they are considering their ability to take on new business. FRP has extensive experience in the sector and we hope you find this report both insightful and helpful in shaping your plans for the future. Are you forecasting an increase or decrease of customer numbers in 2022 vs 2019?
32% Remain the same
58% Increase
10% Decrease
*Results based on responses from 250 executives from ATOL protected businesses
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