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The travel industry was severely impacted by COVID-19. Early in 2020, within a matter of weeks, international travel halted, borders closed, major events were canceled, employers sent people home to work remotely, and schools closed their doors. As the movement of people came to a virtual standstill around the world, the travel industry immediately felt the impact.
Spending on both domestic and international travel dropped 42% last year, from nearly $1.2 trillion in 2019 to $680.3 billion in 2020, according to the U.S. Travel Association. Corporate travel was the most dramatically impacted, with revenues dropping 70%, largely driven by the cancellation of trade shows, conferences and conventions as well as an overall reduction in general business travel.
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