While the traveling industry changed scientifically after 9/11, the Covid-19 pandemic has brought the industry to a complete halt with most worldwide airports are still shutdown and most of the countries worldwide boarders closed (and still are), sending business owners, online marketers, media companies into huge loss of income.
The global travel sales in 2019 were 685 billion dollars. 66% of these sales, 452 billion dollars were generated online and 233 billion dollars offline according to Statista.
The Pandemic is causing advertisers to cut their adverting budgets scientifically and online advertising revenues to plunge.
When Will It Come Back?
According to CNBC experts, it could be 18 to 24 months before travel picks back up, as usually, air travel in particular will be slow to recover. This means it will take at least a couple of years to be closer to the online advertising numbers we had before, enforcing to take drastic changes in online traveling marketing.
What Can & Should You Do?
As this is going to stay here for a long time, 4 things should look into doing:
- Reduce your costs for the online traveling operation and advertising budgets.
- Pivot the current traffic & activities you have to other related products.
- Go into new verticals creating new revenue streams.
- Keep serving your audience and build your community – when we go back to the normal industry numbers, you will be stronger and prepared.