A crisis has a way of giving you clarity. It challenges us to go back to the basics, re-discover our roots, and reflect on what is important. One thing we have all missed during quarantine was human connection – seeing people in 3-D and not just 2-D on a screen. The essence of travel and one of the reasons why people love it so much is very similar. We want to learn, connect with others, and have new and different experiences with friends and family. Seeing a place on tv or in a photograph just isn’t the same as live-and-in-person. Yet the speed and scale of this virus affecting the travel industry is unprecedented.
The virus went from East to West so it is not entirely surprising that recovery is (for the most part) happening that way too. COVID-19 is at a different phase of recovery in different countries. This makes international travel challenging and arguably not safe. Sensible decisions must be made and governments have a duty to protect their citizens. If this virus goes on for a LONG time then social, economic, and medical forces will start to conflict with each other more and more. This will put our governments in an increasingly difficult position. We see this happening in the travel industry. Take, for example, the travel ban for US citizens to go to Europe…
In a typical July, millions of US citizens travel to Europe. Surely with a validated test, a vaccine, or some other solution, Americans will be able to head to Europe again someday. The question is when. It will be crucial for Europe’s economic recovery to allow US citizens to travel back to their countries at some point but coming to an agreement on “medical fitness to travel” will be a challenge. Some of you may remember when you had to travel with little yellow books with your immunization records. Perhaps there will be a digital version of that in the future.
The future of travel seems very challenging to navigate at this point but I believe a solution of some sort will emerge from innovative ideas in technology and/or a vaccine. Then, hopefully we can get back to a world we at least recognize. 9/11 changed travel forever. This too will likely do the same
If you would like to discuss how the travel sector may influence your portfolio, or you have other questions or concerns that you would like to discuss I am available. You can schedule a meeting in person or via zoom, or a phone call with me from this website or by contacting my office. In the meantime, I hope you and your family have a safe and enjoyable Fourth of July!