5,000 people should have gone on tours in August with this travel company. With COVID-19 breaking out again in July, however, they simply can’t go, but only 5% have cancelled and requested a refund. The remainder have agreed to delay their plans until the pandemic has been contained or to change their destination. This has seen the company avoid financial catastrophe.
According to industry insiders, travel companies need to retain at least 20% of their customers to survive the pandemic. Many have linked together to overcome these turbulent times.
While travel companies have tried to adjust their cash flow they also need support from customers and especially the Government. Once they access Government policies on lower taxes and extensions to debt repayments and social security payments, travel companies would feel more confident in fighting the COVID-19 crisis./.