COVID-19: Implications For Business
August 2020 – By Mc Kinsey’s Global Economic Intelligence (GEI) Authors, Matt Craven, Linda Liu, Matt Wilson is and Mihir Mysore
As consumer needs change with the ups and downs of the pandemic, and companies look for signs of recovery, McKinsey continues to explore ways to approach the next normal from leadership and operational perspectives.
The abrupt halt of global travel during the COVID-19 crisis, aside from delaying personal trips and vacations, has had a major impact on businesses across sectors. Companies with workforces used to frequent travel—along with the airlines and hotels that depend on revenue from that travel—have been particularly affected. As companies continue to enforce travel restrictions and workers resort to virtual meetings, travel-industry players are looking to rebound from the crisis, but it may be a years-long road to recovery. The latest research shows that, historically, business travel rebounds from crises at a slower pace than leisure travel (exhibit). As outbreaks in some regions stabilize and travel resumes, travel providers can work to accommodate changing needs and, in turn, boost customer confidence.
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