It goes without saying that we are all ready for life after COVID-19. However, the pandemic has not completely disappeared and probably will not disappear for some time to come. As vaccination programmes roll-out around the world, some countries are opening up, and many people are looking forward to travelling. But will you travel as much as you did before? Or will you start planning more trips?
“How we plan on traveling may impact how we invest in the travel sector,” explains Richard Cayne of Meyer International. “But there is still so much in the air as COVID-19 continues to take its terrible toll.”
It is highly unlikely that overall travel trends will spring back to normal any time soon. But there are many theories as to how people will respond once they are freed from lockdowns and travel restrictions. Some think that leisure travel will surge as people take to the roads and skies as a response to not being able to really go anywhere for months, if not over a year. How far they will travel is also subject to theories as there are those who think travel will be frequent but local as people may still be afraid of contagion or of getting stranded abroad. Then there are those who predict an increase in “bucket list” travels where people may think they will get to experience far flung locales without the crowds.
While there are many different ideas about leisure travel, most tend to agree that business travel will see a contraction. For short distances, commutes may be less congested as companies continue with a more relaxed and flexible work-from-home option. As for longer distances, video calls, virtual conferences, and webinars sustained many organisations through the pandemic. So, it is likely that a good percentage will adopt these much more cost-effective options to business travel.
Your travel choices will depend on where you are in the world and whether you feel the need to cover some ground after spending so much time at home. Government and industry leaders are doing their best to encourage recovery while, at the same time, keeping their citizens safe. In addition to vaccine campaigns, many countries have issued warnings or restrictions for travel to other countries. Some may say that this is to protect their populations – others may be more suspicious as countries are relying on domestic tourism to spur economic growth in certain regions.
If you have investments in the travel sector, you may wonder whether it is worthwhile to hold onto it. You may also wonder if this is a good time to buy low as travel opens up and demand surges. Should you look into expanding your real estate portfolio with a vacation property as prices drop? Or should you just plan a few trips now or wait until there are less restrictions? When it comes to your finances, you may want to consult with an expert financial advisor like Richard Cayne, who has been monitoring this situation closely, to help you work through your decisions.
