Travel industry suffering amid growing coronavirus concerns

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As the coronavirus continues to spread around the world, the impact on travel is growing by the day.

The travel industry is already taking a major financial hit but experts say the worst may be ahead.

Travel restrictions, canceled trips, and soaring fears of a pandemic: the coronavirus scare could be the worst crisis for the travel industry since the September 11 attacks.

Experts say the industry is already taking a huge hit and it’s just the beginning.

A Kaiser Family Foundation survey found one in eight people have already changed their travel plans due to virus concerns.

There’s been a sharp drop in travel across the Pacific, not just to and from China, but also to other Asian countries. That sharp drop is seen in both leisure and business travel.

Several major conferences are canceled–including Facebook’s F-8 Conference, the Geneva Motor Show, and ironically, the ITB Berlin, the leading trade show for the travel industry itself.

Experts say millions of workers could lose their jobs or have their hours cut if demand continues to dwindle.

The coronavirus scare is also affecting how some companies are doing business, with some of them discouraging non-essential travel for employees.

A survey of 400 businesses by the global business travel association found nearly half of the businesses have canceled or postponed at least some meetings or travel.

Travel is crucial to the global economy.  The industry is responsible for an estimated 319 million jobs, employing or one in ten people working on the planet.

More job losses may be on the horizon.

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