One of the industries hit hardest by the pandemic was travel. When the virus became real and billions of people locked themselves into their homes, travel all but stopped. And airlines, hotels and all ancillary businesses started to collapse.
People stopped doing anything; unless it was seen as essential – holidays and work travel became words from another time in history. And as cases rose, so did the fear of the virus. No one left home until it was absolute necessary, which led to the downfall of all things travel.
The Hilton hotels, for instance, saw a $31 billion drop from in valuation between January and April. American Airlines and Expedia – a travel booking platform, too incurred losses in billions. Zoom, in comparison, saw a stratospheric rise – and was valued higher than American Airlines, Hilton Hotels and Expedia combined at this same time.
So yes, travel was (is) seeing its worst moment.