Riding the Wave of Recovery – The Economics of Tourism

Tourism and hospitality have been among the hardest hit sectors during the Covid-19 outbreak. Even as the market adapts to the new normal of work under the constant gaze of a pandemic that offers new variants after a few months, the tourism sector seems to be gradually opening up.

The 7th edition of
ET Global Business Summit 2022 organized by The Times Group and The Economic Times saw the participation of global business leaders who discussed the recovery of the tourism sector during the recovery phase.

During a discussion on “the travel industry – from shock to surge”,
Glenn Fogel, President and CEO, Booking Holdings spoke to Vinod Mahanta, Editor, The Economic Times, about his plans for India amid the rise of the domestic travel industry.

“The Indian market is an amazing opportunity for anyone who wants to work in the travel industry. I believe we need to continue doing what we are doing which is making sure Booking.com is a travel player. well recognized in India and capable of providing excellent service we are doing across the globe so that Indians [consumers] enjoy the benefits of all the things we offer,” said Fogel.

Tony Douglas

As the world speculates that the pandemic is over, the aviation industry is more focused and stressed on post-pandemic challenges. ”
In a world where we want to have global connectivity, where we recognize that there is a growth in demand, which is likely to continue to grow but coupled with the fact that the physics of flight and current propulsion technologies mean that it will be a carbon producer. It’s fair to say that this is the biggest challenge the industry has ever faced,”
Tony Douglous, Group CEO, Etihad Aviation Group told ET GBS 2022.

Since India started lifting restrictions on travel, a huge shift has been seen in the way people travel now. Instead of traveling across borders, people traveled within their own country, going to places, especially hitherto unexplored rural areas. Airbnb has partnered with local governments to encourage tourism in these areas to keep a grip on economic opportunities as needed.

Nathan Blecharczyk

In a discussion around emerging from the pandemic and a rebound in tourism,
Nathan Blecharczyk, Co-Founder and Chief Strategy Officer, Airbnbnoted,
“Tourism is important for different local markets in different parts of India. And we couldn’t be more excited to partner with local governments across India, leveraging our teams to better localize Airbnb in their markets.

Airbnb plans to hire more than 100 high-tech jobs, tap into local talent and offer high-paying jobs as it prepares to open a tech hub in the city of Bangalore, Blecharczyk informed.

During a pandemic crisis, many stakeholders have their own challenges and it is important to think about each of them, their needs and how you might work together to benefit both parties, Nathan added.

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