Our Pandemics And Human Behavior: Implications On The Travel Industry And Aerospace Sector report is one in a series of reports on how human behavior during crisis events will shift industries. It provides a focused look at US consumer behavior, both broadly during a crisis such as COVID-19, as well as specifically for the travel industry – arguably the hardest hit during today’s crisis.
To complete this analysis, we examined the following
- Historic consumer reactions to mass-crisis events
- Public Health Related (i.e. 1918 Spanish Flu Epidemic)
- Economic Downturns (i.e. 2008 Great Recession)
- Travel-Specific Events (i.e. September 11thAttacks)
- Modern parallels to historic behavior we have seen
- Interplays between different types of travel, including:
- Substituting travel modes
- Interdependencies between travel types
- Business vs leisure vs hybrid travel
- Impact of minor / outlier events on travel behavior
To build a comprehensive perspective, we consulted the following sources
- Federal Reserve and Dept of Treasury Data
- FAA and TSA Passenger Yield Data
- Pulse surveys on COVID-19 impacts on expected consumer spending
- Trade Association Data (i.e. National Hoteliers Association)
- IATA Data Portal on RPKs, Yield, and Capacity
- ‘Normal’ Time Economic Data (i.e. average room rates, tickets, vehicle
rental prices) - WHO and IMF Projections on COVID-19 and economic impacts
- Financial Projections from Banks and Advisory Firms
Aforementioned data was used to build proprietary analysis and projections for post-COVID realities