Travel Business Pivoting Through COVID-19

Tourism was one of the most impacted business sectors by COVID-19. As of Sep, over 60% of Asian countries are still closed to cross-border tourists and more than 20% of traditional travel service providers ceased operations temporarily or permanently including the recent shut down of Cathay Dragon. To survive the worst pandemic ever in history, startups are deemed to cautiously re-evaluate own situation and to pivot quickly to adapt to new consumer demands.

Despite overall economic downturn, there are some doing better than ever. According to some newly published data, the following industries have been experiencing opposite effect from travel, eCommerce (59% YoY growth), Food Delivery (41% YoY growth), logistic (20% YoY growth) and video conferencing (62% YoY growth). It ratifies that risks and opportunities come in hand-in-hand. Hence, utilize available resources that still align with consumer trend is a key for survival. For instance, staycation instead of cross-border travel.