Look Back to 2008 for a Glimpse at Travel’s Coming Recovery: New Skift Research
Photo Credit: As travel stabilizes and begins to look to a new future, how similar will this recovery be to last recession in 2008? Flickr / Sam Valadi
Skift Take
The green shoots of travel's recovery are starting to appear. No two crises are alike, but by studying the last recession, we can glean hard-earned insights into the direction travel will take over the next few months and years.
In our latest report, Skift Research looks back at the 2008 financial crisis and its impact on travel.
By analyzing the data and making use of case studies, we distill 13 lessons for the travel that are still likely to apply today as travel recovers from Covid-19.
The below excerpt focuses on two of these 13 lessons. First, that the consumer recovery in travel may not be as fast as some hope and second, that the road trip is likely to be one of the first forms of travel to return. Get the full report here to stay ahead of this trend.
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Lesson One: The recovery is long and slow if the pain is deep It took seven years for U.S. consumer spending on travel to regain highs from before the crisis. We can begin to anticipate some sort of anti-viral treatments and the early signs of recovery in the near-term. But a key question will be how much of the economic damage done is permanent. This will vary by country, but if
