Talking about the factors affecting the global aviation industry, they are driven by the growing disposable income, availability of leisure time, intense airline competition, healthy corporate travel demand, and an increase in the number of international events and festivals. The strong revenue generation by the industry vertical, rising global consumer purchasing power, and technological advancements have further been fueling the growth of the global aviation industry. However, the advent of COVID-19 pandemic has brutally smashed the operation of this industry. It is worth mentioning that the widespread of this virus was catalyzed due to the traveling of passengers across nations through flights who became the primary carriers of the virus.
The total lockdown has been imposed due to continuous rise in the number of new cases, along with the measures such as social distancing, i.e. no traveling, no outing, and no large community events & mass gatherings, which has impacted all the segment of the hospitality industry that include the food and beverages, travel and tourism, lodging, as well as aviation industry. Various big events such as Google I/O, Facebook’s F8 event, Mobile World Congress, SXSW, and the massive video gaming conference Electronic Entertainment Expo (E3) have been canceled due to COVID-19 outbreak and caused the direct economic loss. For instance, in March 2020, the Game Developers Conference was supposed to host more than 30,000 attendees but has been postponed, could suffer $129 million in losses. Other events such as E3 and Google I/O has estimated to observe a direct economic loss of $75 million and $20 million, respectively. These numbers comprise the financial setback to restaurants, hotels, transportation, and airlines providers too. A subpart of these events were to make money from attendees’ traveling and visits, however, the current cease of airlines globally has created scenarios for the industry all over the globe.
