The escalation of the Russian-Ukrainian crisis in recent days has upset the global balance and brought with it a new climate of tension and insecurity, forcing the world to put everything (including the pandemic) on the back burner.
Of course, the tourism sector has also been affected by these developments; In this article, we will try to quantify the impact of the Russian-Ukrainian crisis on the travel industry.
THE SHOCK WAVE.
All European countries have been affected by the powerful shock wave generated by the war; flight search data clearly shows that there is (still) a lot of fear of traveling, regardless of geographical proximity to Ukraine. Political instability is one of the main reasons affecting tourism demand; in fact, the Russian-Ukrainian crisis is having such an impact that it is also significantly affecting demand in countries on the other side of the continent.
The most affected part of the world is undoubtedly Eastern Europe. In first place is Ukraine, which saw a -54% drop in searches over the past week, compared to the previous week; it’s also important to note that travel demand in the country had already been in steep decline for weeks. All around, travel demand is inexorably collapsing: Lithuania (-45%), Estonia (-43%), Hungary (-41%), Albania (-38%), Czech Republic (-38%), Bosnia- Herzegovina (-38%), Romania (-36%). Norway and Finland are the only two Northern European countries to be part of this group, with -38% and -35% respectively. On the other hand, Serbia is the only Balkan country that has not suffered a reduction in demand.
The Russian-Ukrainian crisis has also affected countries that are geographically distant: searches for flights to Italy fell by 33% last week, as did those to Spain (-32%), Germany (-31% ), Portugal (-31%). %) and Iceland (-30%). France (-29%) and the UK (-19%) also saw lower travel demand.
About Libya (Formerly Lybra.Tech)
Lybra is one of the world’s leading hospitality technology companies, delivering an innovative machine learning Revenue Management System (RMS) for the global hospitality industry. by Libra Assistant RMS was designed to improve the quality of life for hoteliers, simplifying and automating day-to-day operations to skyrocket their property bookings and revenue – even in times of declining demand, such as the current COVID pandemic. -19.
In May 2020, Lybra was acquired by The Zucchetti Group, a leading international technology company providing ICT software, hardware and services to many global sectors including hospitality, education, transportation and logistics , manufacturing, among others. As part of the Zucchetti Group, Lybra is even better positioned to provide hotel guests with the most accurate price suggestions due to the wealth of international market and demand data – compiled by global hotel technology owned by the Zucchetti Group – which is now integrated with the company’s RMS Assistant. To learn more about Lybra, visit lybra.tech.