International travelling took a backseat for many due to covid 19 pandemic. Many nations put a hold on International travels especially the leisure travels in order to curb the increase of the pandemic. But due to the lockdown experienced all over the world the economic conditions deteriorated and one of the industries for which finances deflated dramatically is the Travel and Tourism industry.
A sharp decline was experienced globally in arrivals last year. More than 84 percent drop was seen in arrivals in the Asia Pacific region specifically. Globally the decline was about 74 percent. But according to the new prediction, an increase in the travel flows across the Asia Pacific region will be seen in the coming months.
A gradual return will be witnessed from the second half of 2021 as per the latest forecast. Furthermore the forecast reveals that the retailers in the markets who are dependent on chinese tourists like the Japanese department stores will see a bit of stagnancy.
A cohort of retailers that includes duty free players DFS who are investing in domestic travel hotspots like Hainan as domestic demand gains ground will see happier times. In Spite of all said and done international flights will remain largely on hold even when the regions are doing all that they can to contain and recover from Covid 19.
Border controls are being strictly adhered to and there are many restrictions in place even when many are lifted following vaccine rollout.The arrivals are bound to remain below the pre pandemic times. A wider rebound for tourism in Asia Pacific region can be expected after 2021.