COVID-19 has turned into a global pandemic
COVID-19 has turned into a global pandemic, affecting people from all social and economic backgrounds. COVID-19 is caused by Severe Acute Respiratory Syndrome coronavirus 2 (SARS-COV-2) and was declared a global emergency on 30th January 2020.[1]The hospitality and tourism industry, being one of the largest industries globally, was first to be attacked by the Coronavirus.[2] Travel restrictions and lockdowns have forced people to stay home to safeguard themselves from the deadly virus that has taken several lives globally. This has affected consumer spending, marketing, and advertisement in the hospitality and tourism industry internationally. Several international flights, especially from China, have been canceled due to the panic caused by the spread of the virus.[3] Coronavirus has strongly affected how consumers spend their money especially on discretionary goods and services offered in the hospitality industry. In other words, consumers have become reluctant to purchase goods and services that they do not need. Despite the economic downturn, the industry will bounce back indefinitely. This research paper includes a detailed discussion regarding the impact of COVID-19 on consumer spending, marketing, and advertisement in the hospitality and tourism industry
The COVID-19 pandemic has also impacted the consumers’ shopping behaviors, purchase decisions as well as retail sales. According to (Barua, 2020) as the virus continues to impact the economy, people are starting to rethink their financial decisions. This has led to people cutting down on their spendings, stocking up on necessities such as groceries, shifting to private means of transportation, and staying indoors. These behaviors have had a significant impact on the financial situation of retailers. Regardless of the financial strains, some of the travel retail companies continue to operate. They believe that continuing to work during these tough conditions will help in reducing the tremendous social burden nations are having to bear in these extreme circumstances. This is also the only way the industry will be able to maintain an industrial structure that, once this period of fighting the virus has passed. It will help create and sustain jobs, generate tax revenue, and drive economic growth during and after the Covid-19 pandemic.
Research design
This is a framework of techniques as well as research methods used by researchers to collect and analyze data. It allows researchers to identify the best research methods that suit their subject and one that will guarantee the success of their study (Saunders, Lewis, and Thornhill, 2012). In this case, the researchers will use quantitative research methods. The data will be obtained from secondary sources where the researcher will collect and analyze data that is collected by someone else for their primary research search purposes. Some of the sources of information will include Lagardère Travel Retail’s website, annual reports and the company’s financial statement. The researcher will also use research reports prepared by research scholars as well a personal observation
[1][1] Nicola, Maria, Zaid Alsafi, Catrin Sohrabi, Ahmed Kerwan, Ahmed Al-Jabir, Christos Iosifidis, Maliha Agha, and Riaz Agha. “The Socio-Economic Implications of the Coronavirus and COVID-19 Pandemic: A Review.” International Journal of Surgery (2020),1.
[2] Ranasinghe, Ruwan, Anupama Damunupola, Shamila Wijesundara, Chandi Karunarathna, Dhananjaya Nawarathna, Sammani Gamage, Amaya Ranaweera, and Ali Abdulla Idroos. “TOURISM AFTER CORONA: IMPACTS OF COVID 19 PANDEMIC AND WAY FORWARD FOR TOURISM, HOTEL AND MICE INDUSTRY IN SRI LANKA.”, 1.
[3] Hoque, Ashikul, Farzana Afrin Shikha, Mohammad Waliul Hasanat, Ishtiaque Arif, and Abu Bakar Abdul Hamid. “The Effect of Coronavirus (COVID-19) in the Tourism Industry in China.” Asian Journal of Multidisciplinary Studies 3, no. 1 (2020), 52.