Chinese are the largest tourist demographic on earth, and as China and many other countries keep their borders closed, companies servicing this massive body of travelers are experiencing enormous losses.
On March 19, Shanghai-based leading travel company Trip.com reported fourth quarter total revenue of $1.19 billion, beating analysts’ estimates.
The Indian hotel chain OYO is in the process of laying off over 5,000 employees worldwide. China will take the hardest hit due to the impact of the COVID-19.
The COVID-19 a disastrous time for travel-related businesses, as well as all the other service-related industries. Non-essential travel plans have been mostly canceled, all travel platforms are experiencing huge losses due to trip cancelations.
South Africa has signed a two-year agreement with Chinese internet giant Tencent to use its popular social media platform, WeChat, to market tourism to millions in China.
Didi Chuxing released a summary of the travel data for the 2019 National Day holiday that commemorated the 70th anniversary of the People’s Republic of China.
The extended four-day labor day holiday has no doubt contributed to the national economy. According to statistics, the total domestic income from tourism reached as much as 117.67 billion yuan.