While stock markets plummeted for the second day on coronavirus fears and the Centers for Disease Control and Prevention warned Americans of a likely outbreak in the U.S., tourism around the world is suffering not only over concerns about the virus but because of a dip in the number of Chinese travelers.
Gloria Guevara, president and CEO of the World Travel & Tourism Council, told Cheddar Tuesday the U.S. is losing an average of $6,000-7,000 for each would-be Chinese visitor who opts not to, or is not allowed to, travel.
She noted that Chinese travelers are among the biggest spenders, so the entire industry feels the effects of this outbreak. The World Travel Organization said travel departures in China had hit 150 million in 2018 and Chinese travelers abroad spent $277 billion in the same period.
Airlines used to ferrying Chinese tourists to destinations around the globe are set to lose nearly $30 billion in revenue this year.
The illness, officially labeled COVID-19, is advancing across multiple continents even as infection rates seem to be stabilizing in China. A month ago, more than 2,000 new cases were reported daily in China. That number was down to 508 on Monday.
The U.S. isn't the only nation that is accustomed to welcoming foreign travelers and poised to lose tourist dollars. Indonesian officials say more than 40,000 hotel bookings on the island of Bali have been canceled. Vietnam is projected to lose billions in spending from tourists.
"The impact is like a domino effect," she said.
She said to help China, people need to be careful not to stigmatize Asian travelers and, as the spread is contained, incentivize travel to support all of the individuals relying on tourism for jobs.
Ty Young, CEO of Ty J. Young Wealth Management, joins Cheddar to discuss Trump's moves as he returns to Washington D.C. and how it may affect the U.S. economy.
Starbucks’ decision to restrict its restrooms to paying customers has flushed out a wider problem: a patchwork of restroom use policies that varies by state and city. Starbucks announced last week a new code of conduct that says people need to make a purchase if they want to hang out or use the restroom. The coffee chain's policy change for bathroom privileges has left Americans confused and divided over who gets to go and when. The American Restroom Association, a public toilet advocacy group, was among the critics. Rules about restroom access in restaurants vary by state, city and county. The National Retail Federation says private businesses have a right to limit restroom use.
President Donald Trump is talking up a joint venture investing up to $500 billion for infrastructure tied to artificial intelligence by a new partnership formed by OpenAI, Oracle and SoftBank. The new entity, Stargate, will start building out data centers and the electricity generation needed for the further development of the fast-evolving AI in Texas, according to the White House. The initial investment is expected to be $100 billion and could reach five times that sum. While Trump has seized on similar announcements to show that his presidency is boosting the economy, there were already expectations of a massive buildout of data centers and electricity plants needed for the development of AI.
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J.W. Roth, CEO of Venu Holding Corporation, discusses the company's IPO and plans to redefine live music entertainment with their fan founded, fan-owned model.
Variety's Clayton Davis discusses why more than just the 1% are struggling after the LA fires. Plus, how awards shows will pivot to help victims. Watch!
Emily Hosie, CEO of Rebelstork, explains the concept of Returns Recommerce, plus how her company raised $18M to address the industry-wide issue of returns.
