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World Capital: hospitality expected to lose 30% in revenues

08 April, Il Sole 24 Ore

The pandemic will strongly impact the hospitality sector in 2020, as the industry is expected to lose 30% of the revenues due to the absence of foreign tourists. Investments in hotels will decrease by 45%-50% from 2019.

However, according to World Capital, hospitality might limit the losses to 12.6 billion euro, as long as those Italians who spent their holidays abroad in 2019 go on holiday in Italy in 2020, bringing 27 billion euro to the industry.

Despite the hopes for a recovery of the market, many Italians believe that they won’t be able to afford a holiday once the emergency will be over. Hence, it will be vital to provide incentives like tax reliefs, vouchers or discounts on public transports.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi