Just as it was beginning to recover, the tourism industry is hit by a new shock, with sales decreasing by up to 25%.
„The market reacted instantly to the outbreak of the war. There was a reduction in sales of approximately 20-25%. This is also visible in market data. Google searches related to travel have decreased by 30%. And it is normal for this to happen, because the emotional impact is high. I think we will see a decrease until the moment the conflict ends. We had just started to see a recovery in travel demand, but this event is setting us back again, this time all of us,” stated Daniel Truica, CEO of Vola.ro.
Until the outbreak of the conflict in Ukraine, Truica estimated a level similar to 2019 for this year in terms of travel demand.
„At this moment, I think it is quite difficult to make predictions. We expect demand to resume once the armed conflict ceases. Things were clearly moving in the right direction. Everyone anticipated a very good 2022 for the travel and hospitality industry. I still believe this is possible. We are continuing with the scenario we planned,” specified the CEO of the travel agency Vola.ro.
Additionally, an increase in airfare prices will follow, amid rising costs for fuel, energy, and gas.
Frequently Asked Questions
How much have travel sales decreased due to the conflict?
According to Vola.ro, travel sales have dropped by approximately 20-25% since the start of the conflict.
What is the impact on travel-related online searches?
Google searches related to travel have seen a significant decline of 30% following the outbreak of the war.
Will flight ticket prices be affected?
Yes, airfare prices are expected to rise due to the increasing costs of fuel, energy, and gas.