The travel industry is worth approximately $5.7 trillion and is estimated to employ more than 300 million people. It's one of the largest industries in the world, and it's taking a major hit from coronavirus.
An article on CNN notes that travel is crucial to the global economy.
"It's vital. If you measure the entirely of the impact of travel, it is bigger than any other industry around the world. No other industry can say it supports 1 in 10 jobs," Adam Sacks, president of Tourism Economics told CNN.
Data shows that the fallout continues unabated.
United Airlines said it has seen a decline of 75 percent in near-term demand in trans-Pacific routes and an almost total drop in demand for travel to China.
The article notes that Chinese nationals are the most frequent global travelers, and travel for the 180 million Chinese holding passports has come to a near-complete halt.
Events are also taking a hit as people refrain from business travel due to the coronavirus with major global events being canceled or postponed, including ITB Berlin, one of the biggest travel trade shows.
"The fact that the largest global travel show is being canceled right now is telling," Sacks told CNN.
Leisure travel is also being affected, with one in eight reporting to the Kaiser Family Foundation that they are changing travel plans due to coronavirus.
While job losses haven't been a major factor, there are expected to be cuts.
Lower-paid workers will experience greater effects, with shifts or hours cut as demand falls off.
"Lower-income workers will be hit harder," said Sung Won Sohn, professor of business at Loyola Marymount University. "They'll have to cut back their spending immediately. That has a significant multiplying effect throughout the world."
Sadly, it doesn't appear that things are on an upswing just yet and perhaps, there is more bad news to come.
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