Industry revenue of “travel agency activities“ in Austria 2012-2024
Revenues from travel agency activities in Austria grew only marginally from 4.19 billion U.S. dollars in 2012 to 4.25 billion U.S. dollars in 2018, despite a 24 percent rise in the number of tourist arrivals during the same period. Some of the key reasons for this include the rise in independent travel, rising popularity of sharing economies and peer to peer travel, and increasing number of users preferring cheaper online alternatives. This has also resulted in a decline in the number of individuals employed by travel agencies and tour operators
Moreover, with the outbreak of Covid-19, latest forecasts suggest that revenues are expected to decline in the short to medium term, as industry operations have come to a near stand-still. Austrian airlines has suspended all of their flight operations until the first week of May and so have majority of the hotel chains and resorts. According to think.ing.com, the Austrian tourism sector could lose up to 14 billion euros in revenues this year if the situation does not improve in the short term.
Moreover, with the outbreak of Covid-19, latest forecasts suggest that revenues are expected to decline in the short to medium term, as industry operations have come to a near stand-still. Austrian airlines has suspended all of their flight operations until the first week of May and so have majority of the hotel chains and resorts. According to think.ing.com, the Austrian tourism sector could lose up to 14 billion euros in revenues this year if the situation does not improve in the short term.
