Report: COVID-19’s Impact On The U.S. Travel Industry Expected To Be 9 Times Worse Than 9/11 [Infographic]

The U.S. Travel Association and Oxford Economics have released a new report highlighting COVID-19’s devastating impact on the American travel and tourism sector. The U.S. is projected to suffer a $519 billion decline in direct travel spending translating into $1.2 trillion in lost economic output – a financial impact 9 times worse than 9/11. Over the next two months, the travel industry is set to suffer an 81% fall in revenue while a 45% decline is expected for the entire year. Unsurprisingly, employment is going to be badly hit as well with approximately 8 million jobs set to be lost by the end of April alone.

The report took a closer look at the sectors forecast to experience the highest losses in direct spending within the wider U.S. travel industry. The pandemic is going to have the worst financial effect on the Food Services sector with a $128 billion decline in spending expected this year. Lodging/Accommodation will be hit to the tune of $112 billion while Air Transportation will experience just under $100 billion in lost spending. Those spending declines are projected to recover gradually as restrictions are loosened in different parts of the country but losses are expected to continue through the rest of the year.

*Click below to enlarge (charted by Statista)