Impact of the COVID-19 crisis on European tourism

Plzáková, Lucie; Smeral, Egon

doi:10.1177/13548166211031113

Cited by 47 publications

(24 citation statements)

References 46 publications

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“…distorting to a large extent the performance of the US hotel industry. The results from the convergence analysis support the study by Plzáková and Smeral (2021) emphasizing the dramatic decrease in tourism demand due to containment measures. Plzáková and Smeral (2021) assert that restrictions in transportation and mobility, alongside the closure of hotels and restaurants can initiate in the post-pandemic period price increases or quality declines on tourism services.…”

Section: Discussionsupporting

confidence: 80%

Hotels’ occupancy rates and convergence: Empirical evidence from the first pandemic wave

Polemis

Tzeremes

2021

Tourism Economics

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The scope of this study is to unravel possible convergence clubs regarding the occupancy rates of the hotel industry in the US states in the aftermath of the first COVID-19 pandemic wave. For this reason, the underlying paper resorts to the application of the generic convergence algorithm developed in Phillips and Sul (2007) for a sample of 50 US states over the daily period ranging from 01.12.2019 to 26.07.2020. The empirical analysis supports the identification of two primary convergence clubs consisting of an equally distributed number of regions (states). However, the two clubs can be merged into one after the implementation of the Phillips and Sul (2009) methodology, revealing that the first pandemic wave has eliminated any distinct (economic) characteristic between the different US states. JEL codes:L10, L80, R10 .

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Section: Discussionsupporting

confidence: 80%

Hotels’ occupancy rates and convergence: Empirical evidence from the first pandemic wave

Polemis

Tzeremes

2021

Tourism Economics

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“…According to UNWTO (2022) , international global arrivals in 2022 will reach between 55% and 70% of the pre-crisis levels, depending on real income losses, transportation and accommodation costs and COVID-19 related travel restrictions. The failure to reach pre-crisis levels in 2022 is supported by an earlier forecast by Plzakova and Smeral (2022) , as well as medium-term predictions that it might take until 2025 to return to the levels of 2019 ( Gunter et al, 2022 ).…”

Section: The Price Of Warmentioning

confidence: 80%

“…Although the economy currently shows positive momentum and the level of pent-up demand is high – supported by compelled saving in the lock down periods and increased savings for precautionary reasons ( Plzakova and Smeral, 2022 ) – the demand for travel has recovered much slower than expected. On the demand side, rising prices and transportation costs as well as weak consumer confidence could mean that the pent-up travel demand fails to materialize over the coming months.…”

Section: In the Claws Of The Pandemicmentioning

confidence: 99%

COVID-19 pandemic, the war in Ukraine and looming risks for tourism’s recovery

Plzáková

Smeral

2022

Tourism Economics

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In the claws of the pandemicFor more than 2 years we have been subjected to COVID-19 outbreaks of varying intensities. These shocks, and the resultant containment measures, have severely damaged both societies and economies, including tourism industries. In 2020, global GDP decreased by 3%.Rough estimates of the total economic costs of the pandemic in 2020 approximate 100% of global GDP in 2019 and encompass the recession costs in 2020, growth losses for the period from 2021 to 2030, the costs of fiscal impulses, changes in government debt and the statistical value of deaths related to COVID-19 as well as losses in education and human capital, which have substantially eroded social resilience (Yeyati and Filippini, 2021).The economic downturn triggered by COVID-19 has often been compared with the effects of the Global Financial Crisis (GFC) 2008/09, yet such comparisons are flawed as the GFC resulted primarily from a demand shock, whereas the present COVID-19 crisis is more or less a combination of both supply and demand shocks. Delivery chains have been interrupted and millions of people have lost their jobs, at least temporarily, as government measures forced most businesses to close in order to reduce infection risks. The economic downturn, coupled with high unemployment, severe income losses, burning liquidity problems and the mandated closing of shops, hotels, restaurants and the cessation of air or bus transportation have led to a freefall in demand, especially in tourism. These shocks raise important questions about the resilience of current socio-economic systems in general, and particularly in the case of the most affected sub-system: tourism.Tourism has been hit particularly hard, with international arrivals decreasing by 73% in 2020 (UNWTO, 2022); the main reasons for this development being lockdowns, mobility restrictions and income losses triggered by the pandemic and the enacted containment measures. Data for 2020 show that countries including France, Italy and Spain, which have a relative high tourism share, suffered more substantial GDP losses than countries with a lower dependency on contact-intensive services,

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“…These and other problematic issues are reflected in the work of scientists in various fields of knowledge. Plzáková and Smeral (2021) concentrate on analyzing and forecasting demand for international travel of the euro area in terms of tourism imports. Scholars analyze effects of the key macroeconomic factors on tourism demand and develops a forecast model.…”

Section: The Impact Of Covid-19 On European Tourismmentioning

confidence: 99%

The Impact of Covid-19 on International Trade in Tourism Services in Europe

GORINA¹,

BOCHAROVA²,

KOZHUKHOVA³

et al. 2022

GTG

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European tourism suffered the greatest crisis on record in 2020-2021 following an unprecedented health, social and economic emergency with the outbreak of the COVID-19 pandemic and quarantine restrictions. Thus, the aim of the article is to investigate the impact of COVID-19 on international trade in tourism services in Europe, as well as determining the development trends of international trade in tourism services in the regions of Europe and EU countries in the pre- and post-coronavirus period. To achieve the goal of the scientific research a quantitative research method, literature review method, retrospective analysis, statistical analysis has been used. In the study, secondary data of the international tourist arrivals in Europe, export/import of tourism services by European regions and EU in the pre-coronavirus and post-coronavirus period has been analyzed. The following trends have been identified: 1) an undulating trend in tourism exports in Europe in general, and European regions in particular, characterized by regional differentiation; 2) an alternation of peaks and troughs in the volume of imports of tourism services in Europe and a reversal of the main upward downward trend in all regions of Europe in 2020; 3) a differentiation of the response of European regions to the challenges of 2020 - regions with a passive trade balance showed a reduction in the deficit, while regions with an active trade balance, on the contrary, reduced its surplus; 4) a differentiation of the share of import/export of tourism services of total trade in services by regions of Europe with a gradual upward trend and a rapid downward trend break in 2020.

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Impact of the COVID-19 crisis on European tourism

Cited by 47 publications

References 46 publications

Hotels’ occupancy rates and convergence: Empirical evidence from the first pandemic wave

Hotels’ occupancy rates and convergence: Empirical evidence from the first pandemic wave

COVID-19 pandemic, the war in Ukraine and looming risks for tourism’s recovery

The Impact of Covid-19 on International Trade in Tourism Services in Europe

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