2020 AECOM report predicts recovery24 Oct 2021 10:53
Recent report on the leisure industry during the pandemic predicts that 2021 will be a bounce back year and 2022 expected to be a full operating year.
https://aecom.com/wp-content/uploads/documents/reports/AECOM-Theme-Index-2020.pdf
“The year 2020 is one that we’d probably all prefer to forget. While hesitant to report on the woes of our industry during the pandemic, we have abided by our general principle that transparent documentation of our industry is for the benefit of all. And it’s not all bad news. Our industry has persevered through this disruption with some innovative products and services emerging in multiple sectors. We have also seen a positive comeback in 2021”
“Because the attractions industry model is dependent on bringing people together in groups, and relying to some extent on tourists, it was especially vulnerable to suffer economic harm from COVID. The heartening news is that our industry has laced downturns before and recovered with the most recent example beina the Great Recession of 2007-2009. If you recall, during this crisis the tourist-based parks were hurt more than the resident based parks. Our current situation is, not surprisingly, dis-similar. There’s a historic model for the cycle of downturn, bounce-back and
recovery that has been observed in past tourism and attraction markets that can be applied to the COVID-19 pandemic (assuming, of course, that all other things remain equal and the Pandemic is generally contained). Our research shows that the pattern applies whether the catalyst is pandemic the cycle shows a steep drop-off in the initial year, followed by a three-year recover. Applying this cycle to the current pandemic, subsequent to the decline of 2020 we can expect 2021 to manifest as a bounce-back year. The following year, 2022, would begin to usher in real recovery - it could be expected to be a full operating vear for everyone, but still limited in way. In 2023, guest expectations would rise - they would start looking for new attractions - and operators should plan and budget for reinvestment accordingly.”
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