Tourism is certainly the most fragile of all global industries. Any event that happens on the other side of the world has a major impact on the entire tourism system. Some people say it's the same for the stock exchange. Only in part, I reply. Because in the days immediately following an adverse event, stock exchanges usually collapse. But not for long, because they then “bounce back” which means that if they lost 4% they then rebound by 5%.
With tourism it’s a different kettle of fish. When an event occurs tourism goes into a downward spin. Bookings drop, cancellations pour in and the problem of refunds and vouchers raises its ugly head. In short, it is a complex situation and it happens very often, with every crisis of any kind, anywhere in the world.
Sooner or later every kind of political, economic or military crisis contributes to the collapse of tourism. Of course tourism is far-reaching, and after an average period of time (although not as fast as stock markets) it does surge back. Because tourism is an expansive force, and no matter how often it is brought to its knees, it always manages to bounce back.
Giuseppe Aloe
Editor in Chief
