‘Airlines have canceled more than 200,000 flights as Covid-19 nears pandemic status. Retail outlets at airports across the world have reported a significant drop in foot traffic, resulting in a collapse in sales at duty-free shops.
The Wall Street Journal notes a plunge in global travelers, particularly ones from China, has led to a steep decline of international tourists at major airports. The result, so far, has been devastating, said the Moodie Davitt Report, a travel retail-intelligence service provider, who warned the airport retail industry at major Asian hubs had plunged 60-70% since the virus outbreak began.
“This is the greatest crisis the travel retail sector has faced, worse than [severe acute respiratory syndrome], the two Gulf wars or various financial crises,” the report said. “That’s largely driven by the fact that the Chinese traveler has become the epicenter of the sector over recent years and many retailers are worryingly reliant on them.”
Read more: Travel Sector Collapses Into “Great Crisis” Amid Slump In Flight Bookings
