Colliers. Impact of COVID-19. Hotel Italian Market
The impact that the COVID-19 will have on the national economy depends on two factors: the size of the tourism sector as a whole and the country’s dependence on foreign tourists. Countries with a significant amount of domestic tourism have better possibilities in this situation, thus once covid-19 measures are eased, domestic tourism will recover much faster than cross border tourism.
Italy recorded about 429 million of stays composed by an equal percentage of domestic and iternational flows.
Tourism represented about 5% of GDP (direct contribution only, but more than 13% if we also consider indirect and induced contribution). It means that Italy risks facing a prolonged recovery.
In three months time, it will be summer season. If the virus is not stable or under control by that time, then the consequences will be more significant for the tourism. Putting together the main asppects (tourist origin, timing and mean of transport) the report define three different recovery scenarios.
For all the three scenarios the questions is: how different will the torism sector be?