Ahmed Shad Shafin & Jihane El Wadia

FUTURE OF TOURISM BUSINESS IN BANGLADESH

Impact of covid-19 and future possibilities

Thesis
CENTRIA UNIVERSITY OF APPLIED SCIENCES
Business Management
November 2022
ABSTRACT

Centria University Date Author

of Applied Sciences November 2022 Ahmed Shad Shafin and Jihane El
Wadia
Degree programme
Business Management
Name of thesis
FUTURE OF TOURISM BUSINESS IN BANGLADESH. Impact of covid-19 & future possibilities
Centria supervisor Pages
Weimu You 57
Instructor representing commissioning institution or company

The thesis aimed to find the possibilities and challenges of the travel and tourism business. The
objective of this report was to analyse the present situation of the tourism business and future
possibilities.

Before covid-19, traveling in a group and exploring crowded cities was exciting. But right now, the
present situation of travel and tourism is entirely different than before. Still, there is a question, will
the coronavirus ever go away? And nobody knows the exact answer to this question, so we must
move forward in this situation until it goes away from this world. As the world slowly starts to
recover from the coronavirus and everything is normal, we expect travel to look slightly different than
before covid-19.

This thesis aims to determine the impact of covid-19 on the tourism industry and the future possibility
of tourism business. By outlining the financial impacts of covid-19 on travel agents, this paper aims to
assess the situation and make recommendations for the future.

Key words
coronavirus, post covid-19, tourism, tourism statistics
ABBREVIATIONS

₹ Indian currency symbol

AI Artificial Intelligence

CAGR Compound Annual Growth Rate

EBITDA Earnings Before Interest, Taxes, Depreciation, and Amortisation

UNWTO United Nation World Tourism Organisation

WTO World Tourism Organisation

WTTC World Travel & Tourism Council

ABSTRACT
CONCEPT DEFINITIONS
CONTENTS

1 INTRODUCTION................................................................................................................................1

2 THEORETICAL FRAMEWORKS ...................................................................................................3

2.1 Impact of covid-19 on global economy & international tourism ...............................................3
2.1.1 Post covid-19 impact on tourism .........................................................................................4
2.1.2 Impact of covid-19 on tourism industry .............................................................................6
2.1.3 covid-19 impact on Europe’s tourism industry ..................................................................7
2.1.4 Impact on tourism industry of Bangladesh ........................................................................8
2.1.5 Impact on tourism industry of Finland...............................................................................9
2.1.6 Present situation of tourist revenue of Mexico .................................................................10
2.1.7 Decrease in the number of international tourists ............................................................12
2.1.8 Significant effects on livelihood .........................................................................................13
2.2 Recent tourism industry adjustments ........................................................................................13
2.2.1 Changes in research technique ..........................................................................................13
2.2.2 Influence of technology in tourism ....................................................................................14
2.2.3 Blockchain and cryptocurrency in future tourism ..........................................................15
2.2.4 Blockchain application in future tourism .........................................................................15
2.2.5 Cryptocurrency in future tourism.....................................................................................16
2.2.6 Futuristic technology in tourism .......................................................................................17
2.2.7 Using of chatbots and robots in tourism ...........................................................................17
2.2.8 AI in tourism .......................................................................................................................18
2.3 Future of travel enterprises .........................................................................................................18
2.3.1 Impact of covid-19 on travel agencies ...............................................................................18
2.3.2 covid-19 impact on hotel industry .....................................................................................19
2.3.3 covid-19 impact on cruises ticket price .............................................................................24
2.3.4 covid-19 impact on airlines business .................................................................................24
2.3.5 Future of tourism of Bangladesh .......................................................................................28
2.3.6 The role of tourism in the economy of Bangladesh..........................................................29
2.3.7 Situation becoming normal ................................................................................................29
2.3.8 Progress of Bangladesh in tourism ....................................................................................30
2.3.9 Importance of travel agency in post covid-19 situation...................................................30

3 RESEARCH METHODOLOGY .....................................................................................................32

3.1 Varied online scholarly articles...................................................................................................32
3.2 Qualitative research method .......................................................................................................33
3.3 Reliability and validity ................................................................................................................33
3.4 Interview .......................................................................................................................................34
3.5 Obokash.com ................................................................................................................................34

4 FINDINGS ..........................................................................................................................................35
4.1 Interview result.............................................................................................................................35
4.1.1 Major impact on employees ...............................................................................................35
4.1.2 Huge decrease in revenue ...................................................................................................36
4.1.3 Adapt with the covid-19 crisis............................................................................................37
4.1.4 Current strategy of Obokash .............................................................................................38
 4.1.5 Future strategy ....................................................................................................................39
4.1.6 Use of AI in Obokash ..........................................................................................................39
4.1.7 Use of cryptocurrency in Obokash ....................................................................................39

5 DISCUSSION & CONCLUSIONS ..................................................................................................40

5.1 Limitation......................................................................................................................................40
5.2 Recommendation ..........................................................................................................................41
5.2.1 Employees ............................................................................................................................41
5.2.2 Online resources and technology leveraging ....................................................................42
5.2.3 Provide flexible reservation ...............................................................................................42
5.2 Conclusions ...................................................................................................................................42

REFERENCES ...................................................................................................................................... 44
APPENDICES
List of interview questions ...................................................................................................................... 55

FIGURES
FIGURE 1. Revenue from tourism of Bangladesh ................................................................................... 9
FIGURE 2. Revenue from tourism of Finland ........................................................................................ 10
FIGURE 3. Revenue from tourism of Mexico 2022 ............................................................................... 11

TABLES
TABLE 1. International tourists’ reduction ............................................................................................ 12
TABLE 2. The losses caused by several international airlines due to the coronavirus .......................... 25
 1

1 INTRODUCTION

Traveling away from home for pleasure, rest, recreation, and fulfilment is referred to as tourism.
Tourism used to be an act of exploration, but it has evolved into many different sorts nowadays. Since
modernisation, there have been several changes in the tourism industry. The freedom of the traveller
will not exist in a post-covid-19 society. The tourism sector has been one of the most severely
damaged by the global covid-19 pandemic. The travel industry has now entered a new chapter, and a
tour operator or business owner is in a crucial position in this quickly evolving sector. Tourism is one
of the most important industries in the world, it must be environmentally friendly and travel agencies
are a significant part of the tourism business; thus, it is surprising that there have been so few studies
looking at how Covid-19 has affected them. The airline sector, restaurants and hotels, cruises, lodging
establishments, tour operators, and travel agencies are all on the verge of bankruptcy. It is clear how
significant tourism's economic influence on other industries is when the multiplier effect is considered.

The vulnerable tourist and hospitality industries are currently facing unprecedented challenges due to
the covid-19 pandemic The highly contagious new coronavirus continues to hinder the industry and
raises important concerns about its present and future viability. Numerous studies have shown how the
global coronavirus epidemic has affected various industries, particularly the tourism sector. However,
because the level of loss is rising, no precise numbers or estimates are established. Contributions can
be made while the world battles this pandemic by researching and suggesting potential tourism
business plans for the current scenario.

The purpose of this thesis is to explain and analyse the current and potential future state of the tourism
industry. It is aimed to determine the impact of coronavirus in tourism industry and the future
possibility of tourism business. This thesis sought to determine the financial impact that covid-19 has
on travel agents within the tourist sector. Travel agencies that run in Bangladesh will be the main
focus. Observing the different measures that have been and will be taken was also interesting for the
thesis. This thesis' major goal was to show how covid-19 affected the travel agent's finances, what
effects the pandemic has had on travel agencies and what steps they have already made to combat
those effects.
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This thesis's research question will be focused on determining the extent to which tour operators have
been impacted by the covid-19 outbreak. We have chosen to use a qualitative research approach in the
data collecting due to the magnitude of the data that will be produced.
The theoretical work is covered in the thesis' first section. The impact of covid-19 on the tourism
sector will be discussed using various data sources. The effect on travel agencies will also be covered.
The research methodology, interviewees' responses to questions, and research findings are all covered
in the second section of the thesis. After analysing the findings, we also talk on recommendations.
 3

2 THEORETICAL FRAMEWORK

In this theoretical review, impact of covid-19 will be analysed. This chapter establishes the theoretical
groundwork for the thesis research on the effects of covid-19 on international tourism and the global
economy. It also presents the relationship between the travel agency and the tourism industry and
discusses the pandemic's profound effects on the sector.

2.1 Impact of covid-19 on global economy and international tourism

A sharp decline in tourism demand has been caused by the economic downturn, significant
unemployment, severe income losses, scorching liquidity issues, the forced closure of hotels and
restaurants, and the suspension of air or bus service. The crisis has had a profound and all-pervasive
impact on social and economic life, as well as increased scepticism about impending hazards to public
and individual health as well as the direction of the economy. We were compelled to alter our lifestyles
during the lockdown in the first half of 2020, frequently forgoing paid job, visiting friends and family,
and traveling. Streets were deserted; businesses, factories, schools, and institutions were shuttered; and
public transportation operated intermittently or not at all. Travel was discontinued, specifically to avert
further illnesses, to prevent locals in popular tourist areas from bearing the social costs. (Farzanegan,
Gholipur, Feizi, Nunkoo & Andargoli 2021.)

Because security is the main concern when international tourists make their travel decisions, covid-19
has resulted in significant economic damages, more so on the travel and leisure business. Due of the
covid-19 outbreak's rapid expansion through travel and ease of transmission, there is concern on a
global scale. Despite the fact that press stories have consistently noted covid-19's detrimental effects,
they lack a solid econometric foundation. The covid-19 virus is far more dangerous than any previous
illnesses because of the impairments it causes and the epidemic's ensuing effects. Therefore, academics
and authorities should pay attention to and take action about the need for greater protection in the
event of a similar eruption like that of covid-19. (Chen & Lee 2020.)
 4

A coronavirus epidemic that was first reported in China ultimately spread to another 188 nations,
crippling their economies and causing global stagnation. Many firms have suffered losses as a result of
its impact. The main issue, which is clearly visible, is that businesses have been firing a number of
workers, which has increased the unemployment rate over the previous few months. For instance, the
coronavirus pandemic has resulted in more than 1.9 million American workers applying for
unemployment benefits. (Isidore 2020.)

According to a UNCTAD report released on June 30, the decline in international travel owing to the
coronavirus pandemic might cost the global GDP more than $4 trillion in 2020 and 2021.The
pandemic's direct impact on tourism and its knock-on effects on other closely related industries are
both responsible for the anticipated loss. (Helsinki Times 2021.)

According to the analysis, which was jointly published with the UN World Tourism Organization
(UNWTO), a sharp decline in international tourist arrivals had both direct and indirect effects that
caused a loss of $2.4 trillion in international tourism and its closely related sectors in 2020 (Helsinki
Times 2021).

The UNCTAD Acting Secretary-General Isabelle Durant stated that the world needs a worldwide
immunization effort that will safeguard workers, reduce negative social repercussions, and make
strategic decisions regarding tourism, taking into account prospective structural changes (Helsinki
Times 2021).

"Tourism is a lifeline for millions and advancing vaccination to protect communities and support
tourism's safe restart is critical to the recovery of jobs and generation of much-needed resources,
especially in developing countries, many of which are highly dependent on international travel," said
UNWTO Secretary-General Zurab Pololikashvili (Helsinki Times 2021).

2.1.1 Post covid-19 impact on tourism

The covid-19 pandemic has fundamentally changed how people interact with one another. The radical
coronavirus sickness caused a significant alteration in human connections. (Adebayo, Makwambeni &
Thakur 2020.)
 5

The majority of the financial system's global sectors were severely impacted. New travel rules were
implemented, mostly depending on the severity of the infections in each country, in order to reduce the
effect and stop the virus's spread. There is minimal evidence that restricting traveling helps
communities control transmission rates and prevent the spread of infectious diseases. (Kallbekken &
Saelen 2021; Ioannides & Gyimothy 2020.)

The covid-19 epidemic has had a worrisome impact on international travel and tourism. Global
mobility has considerably decreased since the epidemic began to have an effect on people's daily lives
in early 2020. Major harm has been done to the tourist and travel industries, and the majority of non-
essential travel has been made nearly impossible or at the very least extremely challenging. Therefore,
it can be assumed that this global health crisis may give rise to some new, hitherto unidentified push
and pull elements. (Kusumaningrum & Wachyuni 2020.)

According to Hunter (2020), it’s difficult to envision how travel will appear once restrictions are
eventually lifted as travel becomes more and more difficult around the world. The coronavirus
pandemic is catastrophic because to its enormous global scope, but the tourism industry has recovered
from similar crises in the past, and experts anticipate that it will do so once more.

"People haven't changed in that they still want to travel, but they're going to have to be a lot more
careful about what they do," said Adam Blake, an economist and professor at Bournemouth University
in the United Kingdom and the chair of research in the department of tourism and hospitality. And
they'll need to witness actual physical improvements made to make travel safer, not merely be
convinced that it is safe to do so. We don't yet know how or when the pandemic will end. Analysts
predict that in order to get tourists moving again after the public health crisis has subsided, there will
also need to be significant price reductions. Once the industry is able to rev its engines in the direction
of recovery, visitors should expect to see the following eight items. (Hunter 2020.)

Many countries responded to the virus by implementing travel restrictions, which had a detrimental
effect on the tourism sector because travel prevents tourism from existing. The World Tourism
Organization (WTO 2020) reports that during the second quarter of 2020, 100% of locations
throughout the world adopted travel restrictions and that foreign tourism was all but halted.
Governments imposed limitations on travel and made individuals stay at home. (Swart & Maralack
2020; Chirisa, Mutambisi, Chivenge, Elias, Abraham & Roselin 2020).
 6

Due to restricted movement and social segregation, the tourism sector is vulnerable to measures
implemented to combat pandemics (Hall, Scott & Gössling 2020). As a result, the tourism sector
suffered greatly since without travel, there would be no tourism.

2.1.2 Impact of covid-19 on tourism industry

The global covid-19 epidemic has had an impact on a wide range of enterprises. The travel and tourism
sector has been particularly heavily damaged.

The total losses suffered by the global tourism and hospitality sector as a result of the covid-19
outbreak are currently impossible to estimate. The hospitality and tourist industries work to fill
secondary wants; when income is down, people often cut back on or completely stop traveling. This
became "the norm" during the epidemic, not just for the poor or those in need but also for the majority
of travelers from all areas of the global tourism industry. In addition to improving their operations and
looking for loans, industry players who are battling to survive are also looking for creative solutions
and models for future development that will take into consideration the changing circumstances and
altered consumer behavior. (Laato, Islam, Farooq & Dhir 2020; Sheth 2020.)

Travel restrictions are in effect on a national and international level as a result of covid-19. These
travel restrictions have caused tremendous challenges in the tourism and hospitality industries,
including border closures, event cancellations, quarantine requirements, and fear of sprawl. (Kaushal
& Srivastava 2021.) In areas where tourism is heavily reliant, this circumstance is even worse
(Brouder 2020). When things will get better is still unknown (Bhaskara 2021).

There is a global decline in hotel and airline reservations in March 2020, as well as a drop in hotel
occupancy rates of 70%, hotel prices of 39%, and local leisure activities of 47%. (WTTC 2021b)

These rates declined slightly more and showed minor improvements in December 2020, falling by
93% for airline and hotel reservations, 29% for hotel occupancy rates, 21% for hotel costs, and 11%
for neighbourhood leisure activities (WTTC 2021b).

In 2020, 142.6 million (or 43%) people lost their work, according to WTTC (2021a) figures and if
there is no progress, it is predicted that this number could rise to 174.4 million. Additionally, it is
 7

predicted that domestic tourist flow will decrease by 33% and international arrivals will decrease by
65% globally; if nothing changes, these rates will fall to 73% and 45%, respectively (WTTC, 2021a).
With its multiplier effect, covid-19's negative effects on tourism are anticipated to have a detrimental
impact on dozens of businesses.

2.1.3 covid-19 Impact on Europe’s tourism industry

With borders closed and flights suspended as a result of the coronavirus outbreak, Europe's tourism
industry is in disarray. But if it frustrates tourists, it runs the danger of destroying tourism-related firms
and the economies that rely on them.

Nobody knows if or how many tourists will visit Europe this year, from the Algarve in Portugal to the
Greek islands, from the upscale resorts along Italy’s Amalfi coast to the bars and clubs along the
Spanish costas. Already, the losses are significant. According to the European Commission, this year’s
revenue losses for hotels and restaurants in the EU are expected to be 50%. According to the financial
organization UBS, tourism receipts declined by 95% in Italy and 77% in Spain in March. (The
Guardian 2020.)

National governments across the world have begun shutting non-essential enterprises and limiting
travel after the World Health Organization proclaimed a coronavirus pandemic in March 2020. The
outcome was an abrupt shutdown of the European tourist sector within a matter of weeks, which
caused job losses among the workforces. In 2019, tourism contributed 9.5% of the EU's GDP, involved
3 million businesses, and employed 22.6 million people, or 11% of the EU's total workforce.
Additionally, it is among the industries that covid-19 will have the most short- and long-term impact
on. The effects are felt throughout intricate tourism value chains and ecosystems across many different
industries. The study evaluates covid-19's impact on various tourism regions as well as prospective
changes in the future. It includes an examination of territorial diversity, the value of tourism to the
economy, and the effects of the covid-19 pandemic on several geographic regions. The repercussions
vary in territoriality between what we have observed thus far and what we can anticipate in the short-
and medium-term, so there is also a time component. All levels, from local to European, must work
together to encourage recovery toward more robust and environmentally friendly tourism. The
problem must be utilized to create fresh approaches for eco-friendly travel and accept digitalisation as
 8

a tool. All of this must be accomplished through multilevel governance processes that include a wide
range of participants from numerous sectors and levels of governance. (European commission 2021.)

The majority of these employees were employed in either the hospitality business (19.7% of
employment in the tourist industry), or in food and beverage service activities (58.7%) (Williams
2021).

One of the industries most impacted by the covid-19 outbreak is tourism. In the European Union (EU),
the number of nights spent in tourist accommodations declined by 51% in 2020 compared to 2019.
With 28% more nights stayed in hotels in 2021 compared to 2020, the EU's lodging market began to
bounce back in 2019, reaching levels that were over two thirds higher than those prior to the epidemic.
(Eurostat 2023.)

51 million fewer European Union citizens traveled abroad in 2020. (for personal purposes). Prior to the
pandemic, 243 million Europeans traveled abroad for at least one overnight stay during the year, but
by 2020, only 193 million did so, a 21% decline. In terms of the population (aged 15 or over), tourism
participation fell from 65% in 2019 to 52% in 2020. (Eurostat 2022.)

Several nations have been affected by covid-19 and are still being affected, with the tourism sector
suffering the most harm. When the deadly covid-19 virus first appeared, numerous adjustments have
been made to stop its spread, all of which have had a significant impact on the tourism industry. The
following subsections outline a few of the major effects.

2.1.4 Impact on tourism industry of Bangladesh

According to the Ministry of Civil Aviation and Tourism, the tourism sector of Bangladesh has lost
about 140 billion BDT, equivalent to 1,499,645,601.61US Dollars, due to the coronavirus epidemic.
(Chowdhury 2020.)

According to the Bangladesh Tourism Board, 4 million people lost their job in the tourism industry.
One and half million people depending on them are also in grave danger. (Chowdhury 2020.)
 9

A 44.27% drop from 2019 was recorded in Bangladesh's tourism figures for 2020, which were
217,899,993.90 USD. In 2019, the amount was 391,000,000.00 USD, up 9.52% from 2018.
(Bangladesh tourism statistics 2010-2023.)

Revenue from tourism of Bangladesh

400

350

300

250

200 391
348 357
150
214 217
100
150
50

0
2015 2016 2017 2018 2019 2020

FIGURE 1. Revenue from tourism of Bangladesh (Bangladesh tourism revenue 2021).

In this figure, the revenue from tourism in Bangladesh was 357 million USD in 2018, and it increased
to 391 million in 2019. However, the following year since the coronavirus started, it dramatically
decreased to 217 million USD. It is clear that due to the coronavirus, the tourism industry of
Bangladesh faced an unprecedented economic crisis. (Bangladesh tourism revenue 2021.)

2.1.5 Impact on tourism industry of Finland

There is a significant impact on the tourism industry in Finland due to the Coronavirus pandemic.
In 2020, domestic and international tourists spent 9.3 billion euros in Finland, a 42% decrease from
the 16.1 billion euros spent in 2019. In other words, the coronavirus pandemic caused a nearly 7 billion
euro decrease in visitor expenditure in Finland. (Finnish Government 2021.)
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The amount spends by the visitor of Finland in 2020 was 1,757,000,000.00 USD, a 70.44% decrease
from 2019, and in 2019 was 5,944,000,000.00 USD, up 3.16% from the number in 2018 (Finland
tourism statistics 2010-2023).

Revenue from tourism of Finland

5944
5762
6000
5210

5000
4011 4017
4000

3000

1757
2000

1000

0
2015 2016 2017 2018 2019 2020

FIGURE 2. Revenue from tourism of Finland (Finland tourism revenue 2021).

Figure 2 represents the revenue from tourism in Finland. It increased from 2015 to 2019 continuously,
and in 2019 it became 6 billion USD, but in 2020 it decreased to around 2 billion dramatically, and this
is a vast difference compared to the previous year. (Finland tourism revenue 2021.)

2.1.6 Present situation of tourist revenue of Mexico

Apart from the 2020 tourist revenue data, we have not found any new data on the tourist revenue of
Bangladesh, Finland, or other countries; the only latest data of a country we found in CEIC was the
data of Mexico. For this reason, in this table, the latest monthly data of Mexico will show the present
situation of the revenue from tourism in Mexico in 2022.

Tourism statistics of Mexico in 2018 was 23,802,000,000.00 USD that is 5.94% more than 2017, and
in 2019 it became 25,847,000,000.00 USD that is 8.59% more than 2018. But in 2020 the tourism
 11

statistics dramatically decline to 11,449,000,000.00 USD which is 55.7% less than 2019 and that is a
massive difference comparing to previous year. (Mexico tourism statistics 2010-2023.)

Revenue from tourism of Mexico 2022

3000
2675 2676
2410 2392
2500 2232
2115
1980
2000

1500

1000

500

0
January February March April May June July

FIGURE 3. Revenue from tourism of Mexico 2022 (Mexico tourism revenue 2021).

Now, in this figure, it shows that, in January 2022, the tourism statistics of Mexico USD 1980 million,
that is increased to USD 2115 million in February and USD 2675 million in March, then it slightly
decreased to USD 2410 million in April and USD 2232 million in May. But from June 2022 again it
starts to expand to USD 2392 million and USD 2676 million in July.

After the research of the tourism statistics of Bangladesh, Finland and Mexico, it is clear that all of
these three countries had lost a lot of revenue from tourism in 2020. And from January 2022, again the
tourism industry starts to be normal as before the coronavirus.

2.1.7 Decrease in the number of international tourists

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International efforts to stop the virus's spread, according to the Global Tourism Barometer,
significantly impacted the number of foreign visitors arriving (UNWTO 2020). Travel restrictions
were imposed by the government, which made individuals stay at home. International tourist arrivals
(overnight visitors), as reported in the UNWTO (2020) report, fell by 72% from January to October
2020 in comparison to the same time period in 2019. This corresponds to 900 million fewer foreign
tourists overall than during the same time period in 2019. According to the airline industry (IATA
2020), there were 80% fewer flights as of April 2020 than there were at the same time last year.
However, it was noted that the number of travelers might not return to 2019 levels until 2023–2024
(Abbas, Mubeen, Lorember, Raza & Mamirkulova 2021).

This alone will result in a significant loss of revenue for the tourism sector (Abbas et al 2021). Table 1
below illustrates how each region's impact on foreign visitor arrivals was affected.

TABLE 1 International tourists’ reduction (World Tourism Organisation 2020).

Region Dropped to %
Asia and Pacific 82
Middle East 75
Africa 69
Europe and Americas 68

The United Nations World Tourist Organization (UNWTO) estimates that by 2020, there will be a loss
of 1 billion foreign visitors and US$1.1 trillion in revenue, with a restoration to 2019 levels of foreign
visitor arrivals taking 2.5 to 4 years. The covid-19 epidemic hit every region, according to the statistics
in table 1 above, so efforts should be made to revive the tourism sector.

2.1.8 Significant effects on livelihood

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Sectors related to tourism like the labour-intensive lodging and food services businesses that employ
144 million people globally, up to 100 million direct tourist jobs are also in jeopardy. Small enterprises
are particularly susceptible because they account for 80% of worldwide tourism. Youth, those working
in the informal economy, and women, who make up 54% of the tourist workforce, are some of the
groups most at danger. No country will be untouched. SIDS, Least Developed Countries (LDCs), and
African nations are anticipated to be severely damaged as they depend most on tourism for jobs and
economic growth. In 2019, 10% of all exports to Africa came from this industry. (Tourism and covid-
19 2020.)

2.2 Recent tourism industry adjustments

The growth of tourists has been virtually exponential, as is widely known, and the effects of China's
population starting to travel have been extensively studied. India is anticipated to follow suit, and as a
result, reports of "over-tourism" are becoming more frequent as places struggle to accommodate the
growing number of visitors. The evolving tourism environment includes more than just the number of
visitors. From the perspective of the industry, tourism also serves to guide people to locations and
spread evaluations independently of the more conventional channels of advertising. Tourism today
occupies a virtual realm on the internet that changes perceptions and expectations about destinations.
The usage of new technologies will continue to influence the practices and behaviors that are the focus
of our research, especially given the possibilities of virtual and augmented reality in the very near
future. (Ryan 2018.)

2.2.1 Changes in research technique

According to Ryan 2018 there was a time when downloading software like SPSS onto multiple 5.25 in.
floppy discs and utilizing SPSS syntax to program a PC required a high level of ability. Researchers
may be creating their own procedures using R, Python, Haskell, and other similar software today, in
addition to programs that still require expertise to set the program parameters. Today, one can make
use of panel data and populations that reveal their actions through credit card information, phone
records, and the records of GPS movements acquired from smartphones. Previously, a researcher
might say that a sample of 200 respondents was a "big sample." Our data itself and the methods used
to analyse it are always changing. Today, we have the ability to follow populations, which has
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ramifications for both researchers and the dissemination of research methodology. Future plane fare
projections are provided by apps like Kayak, hotels are located both physically and virtually, and fresh
data sources can be found everywhere. We also work with brand-new research methodologies. Recent
examples include attempts to use PLS-SEM for multi-group analysis of three or more groups. (Ryan
2018.)

Such numerically focused considerations do not exempt the qualitative researcher. Software like
NVivo, QDA Miner, Leximancer, Atlas-ti, and others make it possible to organize analyses of not just
text but also images and video, practices that call for specialized skills. comprehension of the
principles, if not the techniques, underlying such software, as well as the ability to change it. As mixed
methods approaches gain acceptance, the qualitative researcher is being pushed more and more to
collaborate with others. On the other hand, some of the papers that are arguably more interesting are
those that are based on longer periods of immersion into destinations because culture, ethnicity, and
heritage demand more from the researcher than a superficial experience of place. From this approach,
the researcher becomes an integral component of the study, helping to better understand the critical
viewpoint held by others, like Greg Wilson and Alison McIntosh. Another new phase of research,
championed by scholars like Noel Scott, is galloping over the horizon, using eye tracking and
respiratory responses to better understand the physical components of simulation and responses to
stimuli. (Ryan 2018.)

2.2.2 Influence of technology in tourism

As the post covid-19 impact on the tourism industry is reducing every day and life is going to be
expected as before, the possibility of travel entrepreneurs increasing again, and the tourism industry
should take advantage of modern technology.

There is no denying the impact of technology and the Internet on the tourism sector. It began with the
implementation of computerized reservation systems, followed by the development of worldwide
distribution systems, the Internet, and other factors that collectively altered the supply and demand in
the tourism sector. (Buhalis & Law 2008.)

2.2.3 Blockchain and cryptocurrency in future tourism

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Blockchain technology and cryptocurrencies have recently gained attention in academia and business.
Blockchain is predicted to overtake mainframes, PCs, the Internet, and mobile/social networking as the
fifth disruptive computing paradigm. (Swan 2015.)

In addition, blockchain was named one of the top emerging technologies for 2016 and 2018 by both
the World Economic Forum and Gartner (a business that conducts research and consulting in the field
of information technology) (Calvaresi, Leis, Dubovitskaya, Schegg & Schumacher 2019).

A blockchain, in a nutshell, is a distributed database of all public transactions or digital events that are
carried out and shared among participants, where the information cannot be wiped but is instead
validated by the vast majority of system participants (Crosby, Pattanayak, Verma & Kalyanaraman
2016).

2.2.4 Blockchain application in future tourism

The new travel and hospitality platforms built on blockchain that also accept Bitcoin or other
cryptocurrencies as payment methods are quintessential instances of applications in the tourism
industry. For instance, Winding Tree is a decentralized distribution network powered by blockchain
where customers may obtain offers directly from suppliers. Additionally, this means that inventory
management can be enhanced by utilizing blockchain-based systems to display real-time inventory of
the lodging and its prices, which can then be communicated to stakeholders. (Treiblmaier 2020.)

Hotels, airlines, and other tourism and hospitality businesses that offer loyalty programs can leverage
blockchain-based versions of these programs as another application. When a blockchain-based loyalty
program is developed, tokens that resemble loyalty points are given out to customers as rewards.
Additionally, these tokens can be bought, sold, or traded. (Dogru, Mody, Leonardi 2018.)

Different companies' loyalty tokens may also differ in value. This kind of reward program can
consequently boost competition and service quality (Dogru et al. 2018).
 16

2.2.5 Cryptocurrency in future tourism

Travelers consider cryptocurrency payments as a modern method that allows freedom of choice,
flexibility in payments mixed with security, and a personalised experience, which is why
cryptocurrency payments for tourism products and hospitality services are gaining momentum
throughout the world. Additionally, parity checks, bookings, loyalty programs, non-fungible tokens
(NFTs), and metaverse that run on a blockchain provide security, integrity, openness, and
accountability to several important customer touchpoints, suggesting that tourism and cryptocurrency
payments make sense together. (Radic, Quan, Ariza-Montes, Lee & Han 2022.)

The German National Tourist Board (GNTB) will now accept payments in cryptocurrencies like
Bitcoin for its services. According to a statement, the GNTB intends to test the cryptocurrency's
underlying blockchain technology in their financial department and, in the medium term, plans to
employ it for their international payment flow. The GNTB's board chair, Petra Hedorfer, explains:

We continually evaluate the newest technology and trends as part of our digitalisation
strategy to determine if they could benefit our business. Our worldwide company wants
to distinguish itself from the competition in the tourism sector by taking cryptocurrencies
as a form of payment and maybe implementing blockchain technology in our financial
sector in the medium term.

Regarding speed, transparency, and security, the blockchain technology provides intriguing views.
According to the statement, experts anticipate significant gains and cost savings, for instance, with
international transactions (Trade Arabia 2018.)

Cryptocurrencies are bringing about revolutionary changes in financial technologies, and

cryptocurrency payments are quickly changing the financial markets because end users' attitudes are
being positively impacted by their perceived utility and ease of use in this early stage of technology
adoption (Albayati, Kim & Rho 2020).

Additionally, the end users' emotive, cognitive, and connotative responses to cryptocurrency payments,
such as the affordable, quick, and simple P2P transactions that guarantee fidelity while maintaining
anonymity, are regarded as useful considerations (Aghaei, Naderibeni & Karimi 2021).
 17

Similar to how end users prefer direct payment methods without middlemen, perceived usefulness and
perceived ease of use of Bitcoin for payments had a favorable impact on executives' sentiments (Palos-
Sanchez, Saura, & Ayestaran 2021).

2.2.6 Futuristic technology in tourism

The travel and tourism sector are advancing into the future by incorporating new travel trends into its
ecosystem, which makes it more accessible to the general population. People prefer using contactless
techniques, and everything else is done through the mediums of online.

With the increasing importance of non-price forms of competition and the rapid advancement of
information technology (IT), an effective communication system is becoming an increasingly
important factor in ensuring the competitiveness of tourism and hospitality industry enterprises in both
Russian and international markets (Nepomnyashchikh, Lazareva & Artemyev 2019, 1084).

2.2.7 Using of chatbots and robots in tourism

Online travel agencies are making it easier for us to plan our vacations. About 84% of people who
travel use websites like Kayak, Expedia, or TripAdvisor to book their trips. The market for booking
travel is still swamped with useless possibilities, and in order to discover the best one, consumers visit
38 websites on average. For 62% of consumers, finding the greatest deal is challenging. Huxley's poll
revealed that 87% of tourists desire to communicate with a chatbot to locate the best lodging while
saving time on the unsure search. Additionally, 79% of them anticipate that a travel chatbot will serve
as an online travel agent. (The App Solutions 2019.)

Connie, a robot concierge employed by the Hilton hotel chain, is one of the tourist industry's most
intriguing trends. As a result of this, several other hotel chains have adopted the practice of using
robots at hotel reception areas and to serve guests' meals and beverages. Many clients also utilize hotel
chatbots to book their stays, particularly designed AI that can help customers and handle their inquiries
as well as provide them with helpful engagement in the absence of human operators. (Easemytrip
2022.)
 18

2.2.8 AI in tourism

According to Hotelmize, travellers all around the world now have easier lives because to the
integration of AI into various areas of the travel and tourism industry. For instance, AI is already
commonly employed in airports for things like facial recognition technology and airport security
scanning equipment. The usage of AI applications in the travel sector will next be explained using
examples from the actual world. Travelers no longer need to go to travel agents to make reservations
for flights or look for lodging. Travelers may now book flights, lodging, and car rentals online instead
of going to a travel agent thanks to AI assistants and intelligent chatbots. For a more individualized
booking experience, these chatbots are used on social media platforms including Facebook Messenger,
Skype, WhatsApp, and Viber (Hotelmize 2021.)

2.3 Future of travel enterprises

The number of international visitor arrivals decreased by 73% in 2020, according to the UNWTO
World Tourism Barometer (May 2021). The number of passengers returned to the level of thirty years
ago, making it the worst year ever for international tourism. Despite continued efforts to mitigate the
pandemic's negative consequences caused by the development of new covid-19 strains, travel
restrictions, and uneven public immunisation, concern among tourism business owners is still very
high. (UNWTO 2021.)

Both workers and business owners have lost their drive to work as a result of these detrimental
repercussions. However, research reveals that covid-19 has also brought about alterations that can be
viewed as favourable. The pandemic situation, for instance, can inspire entrepreneurs' ingenuity or
creativity and may present "a chance for a reinvigorated commitment to promoting worker well-being"
(Autin, Blustein & Garriott 2020, 487).

2.3.1 Impact of covid-19 on travel agencies

The epidemic has had a tremendous impact on many sorts of enterprises throughout the world,
especially travel agencies incurring the largest losses.
 19

According to Becker (2020), it was impossible to provide a glimpse of tourist losses since data
changed as rapidly as the virus spread. If the epidemic persisted for many months, the World Travel
and Tourism Council, a trade organization representing major global travel corporations, forecasted a
loss of 75 million jobs and $2.1 trillion in revenue worldwide. Daily layoffs occur; British Airways
apparently planned to lay off 36,000 employees as of April 2, 2020.

Few industries have suffered as much and as quickly as the tourism industry in the wake of the
coronavirus outbreak. A virus that demands we stay indoors cannot be stopped by the technology
revolution that facilitated one billion travels annually by making travel and tourism simple and
affordable. (Becker 2020.)

2.3.2 covid-19 Impact on hotel industry

People whose primary sources of income are hotel and resort businesses. During the start of this covid-
19, they lost their earnings from this business. After a couple of months, they face difficulty
maintaining their hotels and resorts. They started spending money from their little savings to maintain
their own business with no income. The hotel has many maintenance costs, such as water bills,
electricity bills, employee salaries, everyday cleaning, etc. After the pandemic, their hotel becomes
their burden instead of a source of income.

According to newly released data from the American Hotel & Lodging Association, eight out of ten
hotel rooms across the country are still vacant, and 70% of hotel staff have been let off or given
furloughs. The covid-19 catastrophe is already having an effect on the tourism sector that is nine times
worse than that of 9/11. The human toll of this public health disaster had been extremely disastrous for
the hotel business, with the effects on the travel industry being nine times greater than those of
September 11th. The top concern for the hotel sector rehired and kept the dedicated workers that drove
our thriving sector, according to Chip Rogers, president/CEO of AHLA. The hotel industry was among
the first to been impacted by the pandemic and would have been among the last to recover (Simon
2020.)
 20

2020 industry revenue predictions indicate a large reduction given that the majority of hotels are either
closed or seeing significantly fewer tourist numbers. For example, US hotel revenue per available
room is predicted to decrease by 50.6% (STR 2020).

It is expected that domestic markets will rebound first. It is yet unknown how lodging organizations
can guarantee that rooms are secure for recently arrived visitors or how specific covid-19 incidents that
arise in lodging establishments would be addressed. Large businesses in particular will need to
reevaluate their global supply chains and the dependency structures they have induced.

Due to the devastating coronavirus outbreak, the hotel industry of Bangladesh has collapsed. Over 500
hotel and motel rooms across the country, including star hotels, are vacant. As a result, the hotel
industry suffered a huge loss. The linked parties claim that covid-19 could cause the hotel industry to
suffer a financial loss of up to 333 million euros. Concerned parties claim Corona is to blame for the
demise of the Bangladesh's hotel industry. New reservations are not being made (Majid, 2020.)

Additionally, previous reservations are cancelled. Officers and staff members struggled to pay their
salaries and operating costs as a result. Stakeholders in the sector desire tax breaks and financial
incentives to preserve their survival. Information indicates that Corona's impact on the hotel industry
began in January of 2019. Particularly since then, no foreign visitors were checked into the hotels.
Additionally, the hotels were completely vacant of guests once corona cases were discovered in the
nation on March 8, 2020. And since 26th March 2020 the nation had been under an unofficial
lockdown. Who knows when it will come to an end? As a result, the business owners in this industry
live in uncertainty every day. The hotels included in them and another 500 hotels will suffer a financial
loss of almost 333 million euros between February and June 2020, according to the Bangladesh
International Hotel Association (BIHA) (Majid 2020.)

Bangladesh's two-month statewide lockdown, which had begun on March 26 in reaction to COVID-19,
came to an end on May 30 (Sorder 2020).

Foreigners arrive in greater numbers for business in the first four months of the year, according to
several star hotel authorities. They not only stay at five-star hotels, but they also attend business
meetings. In addition to this, a lot of visitors stay in luxurious hotels while they are there. On the other
side, the hotel's ballrooms host a variety of shows, gatherings, seminars, and events. Almost all hotels
was currently between 70 and 80 percent full. In certain hotels, every room is occupied by guests. The
 21

Corona outbreak, however, has resulted in a string of cancelled reservations. There is a lack of new
reservations. The Intercontinental, the oldest five-star hotel in the city, has already limited access to a
number of amenities, including its bar, gym, and pool. Additionally, many workers have received time
off. According to Mohammad Alamgir, managing director of Pan Pacific Sonargaon, a different five-
star hotel, 30% of the hotel's operations have been suspended as a result of the circumstance.

The situation was quite awful, according to Mashkur Sarwar, executive director of Hotel Sarina, who
spoke to BanglaNews. A catastrophic catastrophe would occur if the situation did not get better. Where
once 80% of visitors lodged, barely 5% do so then, according to Mohsin Haque Himel, secretary of the
Bangladesh International Hotel Association. Operating a hotel is getting more challenging. According
to HM Hakim, president of the Bangladesh International Hotel Association (BIHA), the hotels was in a
severe crisis as a result of the coronavirus scenario. The occupancy rate in some hotels ranges from 1%
to 2%. The hotels would not been able to run their businesses if this condition continued.

The BIHA requested the Prime Minister's immediate assistance to resolve the current crisis, and they
advised the workers and staff of the hotels they included to thought about made a financial grant of Rs.
In addition, hotels were not required to paid their monthly energy, gas, or water bills through
December 2020, and income tax should not charged on employee salaries and benefits. (Majid 2020.)

Mahibul Haque, the secretary for tourism, stated that Corona has a negative financial impact on all
sectors of our economy. We are all served by what we do. He will discuss providing incentives with
the concerned parties, including the prime minister. (Majid 2020.)

Several flights and hotel reservations were canceled as a result of the implementation of travel
restrictions, which had a significant impact on both the airline business and the lodging industries
(IATA 2020; Schiopu, Hornoiu, Padurean & Nica 2021; Hao, Xiao & Chon 2020).

The hospitality business in the United States was similarly impacted because, as of June 2020, the
majority of hotel rooms nationwide were vacant (Davahli, Karwowski, Sonmez & Apostolopoulo
2020).

The Sunmei Group, China's seventh-largest hotel chain, closed 2,544 properties as a result of the
lockdown due to an average occupancy rate of only 23.7% in February and a revenue loss of more than
700 million Yuan (about US$98.64 million) in those two months (Ma 2020).
 22

The emergence of covid-19 has had a significant negative economic impact on the hotel business.
Undoubtedly, the possible effects on the hotel business were partially anticipated given the widespread
implementation of tight stay-at-home directives in many nations and jurisdictions. Although hotels
were not required to cease operations, the significant danger of virus contamination prompted many
establishments to do so owing to a lack of demand. By March 21, 2020, hotel room occupancy had
decreased by as much as 96%, 68%, 67%, 59%, and 48%, respectively, in Italy, China, the United
Kingdom, the United States, and Singapore, according to a Smith Travel Research (STR) report
(Sorrells 2020).

For the three months ending December 31, 2020, Indian Hotels Company Ltd. (IHCL) recorded a
consolidated net loss of 1190 million indian rupees. It reported a net profit of 2030 million rupees at
the same time last year. According to a regulatory filing, the firm had an unusual gain of ₹280
million against a loss of ₹12 million year over year. The hospitality sector, a promoter of the Taj chain
of hotels, saw a decrease in its quarterly net loss from 2030 million in the September-quarter.
Consolidated revenue decreased by 59.2% to ₹5599 million from ₹1,3727 millions in December 2019.
In addition, the firm reported an EBITDA loss of ₹167 million, down from ₹4,257 millions in the same
period last year. (MINT 2021.)

With a compound annual growth rate (CAGR) of -0.4%, it predicted that the worldwide hotel and
other travel accommodation industry would shrink from $956.4 billion in 2019 to $953.2 billion in
2020. The covid-19 epidemic and the containment efforts have caused an economic downturn in
several nations, which is mostly to blame for the fall. After that, the market is anticipated to bounce
back and expand at a CAGR of 10% to reach $1227.9 billion in 2023. (Globenewswire 2020.)

Every year, the hotel business generates $170 billion in revenue, with corporate travel accounting for
half of that total. New Bank of America analysis, meanwhile, indicates that overnight cancellations of
business visits might cost hotels between $8 billion and $23 billion this year. In 2019, more than 400
million business travels were taken by Americans. According to Bank of America analysts, those
business travels contributed $334 billion to the $1.1 trillion in revenue generated by the travel sector in
2019. Then came the coronavirus epidemic, which devastated the travel business. Analysts predict that
it may take years for the sector to recover. According to Bank of America research, 83% of business
travelers and 75% of employers anticipated returning to the office by the middle of 2021. Others,
though, such as hotels, airline executives, and travel managers, don't think business travel will return to
 23

normal overnight. Even while the bank also predicted that business trips might start as soon as six
months from October 2020, industry revenues, according to Bank of America, won't fully return until
"late 2023 or in 2024." The development of a vaccination is crucial to the timetable. (Borden 2020.)

The epidemic had presented an unprecedented challenge to the hospitality sector. Many hospitality
businesses had temporarily closed as a result of covid-19 flattening strategies like community
lockdowns, social withdrawal, stay-at-home orders, travel bans, and mobility restrictions. Demand for
businesses that permitted to continued operating had also been significantly reduced. (Bartik, Bertrand,
Cullen, Glaeser, Luca & Stanton 2020.)

Nearly all restaurants were instructed to restrict their business to take-out orders only. Hotel occupancy
and income both sharply decreased because of travel restrictions and government-issued stay-at-home
directives. However, the process of reopening has slowed down, and authorities have started to loosen
restrictions. For instance, they then permit dine-in restaurants to reopen with strict social distance
guidelines but at a reduced capacity, and they are gradually easing the restrictions on domestic and
international travel.

The covid-19 problem is still having a significant influence on how hospitality firms run, despite the
sector's sluggish recovery. In the covid-19 business climate, hospitality organizations are required to
significantly alter their operations in order to protect the health and safety of their staff and clients, as
well as to increase clients' willingness to use their services. (Gössling, Scott & Hall 2020.)

Since the epidemic started, there have been roughly 3.9 million jobs lost in the hotel business as a
result of furloughs and layoffs caused by the pandemic (AHLA 2020). Also, the effects will last for a
little longer. In 2020, the United Nations World Tourism Organization (UNWTO) predicted a 20–30%
reduction in foreign arrivals. (UNWTO 2020).

The hotel sector was already in turmoil due to the poor outlook for the first half of 2020, and it made
use of every resource at its disposal to survive in a turbulent economic climate. The covid-19
pandemic has had a severe economic impact on the hotel business, according to early findings,
although its actual size and the significance of these impacts have not been well studied. This study
specifically claims that these effects might not be uniform among hotel categories and hotels with
various operating frameworks. In order to help the hotel industry and travel agencies develop the right
strategies and policies to deal with the covid-19 pandemic and provide a template for evaluating other
 24

potential pandemics that may surface in the future, it is crucial to quantify the financial magnitude of
these nuanced impacts.

2.3.3 covid-19 impact on cruises ticket price

As cruise lines resume operation, travellers who are accustomed to traveling will discover very low
fares, according to Christopher Anderson, a business professor at Cornell University's Hotel School in
Ithaca, New York. Following international headlines concerning coronavirus outbreaks on ships, travel
restrictions, and denied ports of stop, the issue will be in enticing new clients to cruise travel, "which
will be critical to survival," he said. In order to draw in more consumers, Anderson suggested
rebuilding some of the brand-new ships that are currently being built with larger staterooms and lower
passenger densities. Another strategy to comfort visitors who are hesitant to travel by ship may be to
scale back the buffet service and shift more toward a la carte eating across tariff tiers, he suggested.
(Hunter, 2020.)

2.3.4 covid-19 Impact on airlines business

Airlines weren't doing all that well before the covid-19 epidemic; it affected them more severely than
any other aviation subsector. Airlines lost an average of $17 billion in economic profit annually from
2012 to 2019 despite a favourable environment of rapid economic expansion and low fuel prices.
Seventy-seven percent of the 122 carriers we examined were value destroyers. However, before the
epidemic, airlines' average losses were just around a tenth of their projected $168 billion losses for
2020. Their sales fell by a whopping 55%, regressing the industry by almost 16 years—to 2004—in
nominal terms. (Bouwer, Krishnan, Saxon, Tufft 2020.) Many airlines have been obliged by covid-19
to cut back on fleet size, retire aging aircraft, or stop serving long-haul destinations (Gössling 2020).

Flybee, South African Airways, and Eurowings are just a few of the airlines that have filed for
bankruptcy or entered voluntary administration. Many European airlines have halted passenger
service, and the two biggest airlines on the continent, EasyJet and Ryanair, don't anticipate resuming
service until June. Business travelers likely pay four to five times the average ticket on a typical flight;
therefore, getting them back on airplanes as soon as possible will be crucial for airlines. Even if the
economy starts to improve in the third quarter of this year, as many analysts anticipate, coronavirus
concerns could cause the rebound to be more gradual as travel tries to return to its pre-crisis levels. It
 25

can take months for an airline to resume operations. Additionally, if the disease spreads in new waves
and there are potential hotspot flare-ups, this might erode traveller confidence. In addition, everyday
maintenance is still being performed on parked aircraft, but before they can all be put back into
service, they must all be made flight ready. Demand declined in absolutely unheard-of ways. The
airport had not yet experienced the new normal. (Wood 2020.)

The post covid-19 airline industry has suffered huge losses due to the impact of coronavirus. If the
damage continues in this way, the future situation can be more dire.

TABLE 2. The losses caused by several international airlines due to the coronavirus (Wood 2020).
Name of the Airlines Remarks
US airlines industry As the coronavirus pandemic virtually halts
travel, the US government approved a USD61
billion bailout for the US airline industry.
There may be conditions linked to the funding
given to big airlines like American, Delta,
Southwest, JetBlue, and United.

Virgin Australia On April 21, Virgin Australia entered

voluntary administration as a result of heavy
indebtedness made worse by the lockdowns
caused by the coronavirus. If the airline fails,
at least 10,000 jobs will be in jeopardy. Virgin
had requested governmental assistance to
continue operating while carrying
approximately AUD5 billion (USD 3.2 billion)
in debt, but the Morrison administration turned
down a AUD1.4 billion bailout.
 26

Lufthansa The German federal government and

Lufthansa reached an agreement on a €9 billion
($9.74 billion) rescue package and the
grounding of 72 aircraft.

(Continues).
Table 2 (continues).
(THAI) Thai International Similar to Virgin Australia, Thai International
(THAI) is asking the government for a USD1.8
billion restructuring loan. The loan is
unpopular because many people think it will
fail in its current form. The airline officially
announced on May 19 that it would seek for
bankruptcy. protection under Chapter 3/1 of
the Bankruptcy Code while undergoing a
court-mandated rehabilitation plan.
IAG (British Airways’ parent company) Moves to conserve capital and cut costs were
revealed by IAG, British Airways' parent
company, in March. In comparison to April
and May of last year, capacity will be reduced
by at least 75%. The group will also stop using
excess planes, cut back on discretionary
spending, and postpone and reduce capital
expenditures. The business also intends to save
labor costs by instituting voluntary leave
policies, freezing hiring, lowering working
hours, and temporarily suspending
employment contracts.
Air Mauritius Voluntary Administration is instituted for Air
Mauritius.

IAG (Iberia) 56 aircraft are grounded by IAG (Iberia).

 27

Luxair Luxair cuts back on its fleet by 50%.

Wizzair 200 pilots are among the 1,200 personnel laid

off by Wizzair, which also returns 32 A320
aircraft and has 430 more layoffs planned for
the following months. The salary of the
remaining workers will be decreased by 30%.

(Continues).
Table 2 (Continues).
South African Airways The South African government declared on
December 5 that SAA would seek bankruptcy
protection since it hasn't made a profit since
2011 and is out of money.
Finnair Finnair fires 2,400 employees and returns 12
aircraft.
YOU YOU fire 4,100 people and ground 22 aircraft.
Ryanair For the time being, Ryanair grounds 113
aircraft and fires 900 pilots; 450 more will be
let go in the upcoming months.
Norwegian Norwegian suspends all long-distance
operations! The lessors receive the 787s back.
SAS SAS sends back 14 aircraft and dismisses 520
pilots. The Scandinavian countries are
considering a plan to dissolve SAS and
Norwegian in order to resurrect a new business
from their ashes.
IAG (British Airways) IAG grounded 34 aircraft. All people above 58
should retire.
Ethiad Ethiad suspends 10 A380 and 10 Boeing 787
purchases in addition to 18 A350 orders. More
than 700 workers were laid off.
 28

Emirates Emirates puts 38 A380s on the ground and

revokes all Boeing 777x orders. All employees
who are above 56 are "invited" to retire.
CSA CSA preserves only five medium-haul aircraft
and eliminates its long-haul section.
Eurowings Eurowings declares bankruptcy.

(Continues).

Table 2 (Continues).
Brussels Airlines Brussels Airlines cuts back on its fleet by 50%
Air France KLM Ben Smith, Chief Executive Officer of Air
France KLM, stated that voluntary layoffs will
be a part of the airline's initial cost-cutting
efforts and that expenditures at its "HOP" arm
were not sustainable at this time. In an
interview conducted only hours after Air
France KLM received 7 billion euros (USD7.6
billion) in government assistance, he also
predicted that it may be two years or "perhaps
a bit longer" before the aviation and airline
industries returned to normal.

2.3.5 Future of tourism industry of Bangladesh

Bangladesh has been a regional growth powerhouse over the past ten years, managing to escape the
status of least developed nation. Several factors, like the RMG industry and overseas remittances, etc.,
made this possible. To maintain this growth, however, the economy will need to be greatly diversified
in the future. More than an option, strengthening other unproductive sectors is a requirement. With the
Sundarbans, one of the largest mangrove forests in the world, Cox's Bazar Sea Beach, the longest in
 29

the world, and many other stunning natural attractions, the nation's tourism industry has a ton of
potential to attract both domestic and international tourists (Hasan 2021.)

2.3.6 The role of tourism in the economy of Bangladesh

Even though there have been considerable ups and downs, the contribution of the travel and tourism
sector has been rising since the year 2000. The sector's share of the GDP in 2019 was 4.4%. According
to the World Travel and Tourism Council (WTTC), by 2023, Bangladesh's tourism industry would
employ nearly 1.7 million people, or 4.2% of the total labor force. 97% of visitors are locals, according
to a 2019 World Economic Forum (WEF) survey, making Bangladesh an unattractive tourism
destination for outsiders. The amount spent on internal travel within the nation, however, fell by 33.9%
from Tk 686.5 billion in 2019 to Tk 453.8 billion in 2020. While this was happening, foreign visitor
expenditure in Bangladesh fell by 59.7% in 2020, from Tk 30.3 billion in 2019 to Tk 12.2 billion in
2020 (Hasan 2021.)

2.3.7 Situation becoming normal

This is a good-news that day-by-day post covid-19 situation is start to be normal as before. But still for
travelling, there is some condition. For example, there is no quarantine required nowadays in many
countries if the passenger has vaccination certificate.

Several nations have begun to open their borders, and as vaccination progresses, the number of
travellers worldwide will continue to rise in the coming months. Travelers, on the other hand, are
concerned about safety, quarantine rules, and ever-changing restrictions/coid-19 negative report
obligations. As a result, the majority of consumers have begun contacting travel agents to assist them
in planning their trip comfortably. Even for internal travel, there are several new travel laws and
entrance procedures across state boundaries that are continually changing. Many Indian states, for
example, demand RT-PCR testing before admitting tourists in. Similarly, quarantine and isolation
restrictions vary, which can perplex even the most seasoned travellers. However, by regularly updating
their knowledge of such developments, travel agents may play a vital role in resolving these worries.
From fundamental information like weather to specialist specifics like cleanliness regulations for
 30

different planes, state/country admission, and so on, travel agents must now serve as professional
counsellors (Bagaria 2021.)

The covid-19 certifications that were necessary for entry into Finland under the Communicable
Diseases Act's temporary provisions are no longer required. The procedure for entering Finland will be
the same as it was before to the coronavirus outbreak (Visit Finland 2022.)

2.3.8 Progress of Bangladesh in tourism

Travel agencies in Bangladesh must meet the needs of the growing, tech-savvy young in order to learn
from the pandemic and improve their commercial prospects. Go Zayaan, an online travel agency, then
appeared with the goal of bringing Bangladesh into the travel sector's worldwide digitalisation. The
company made hotel, bus, and flight booking completely online in order to address the most prevalent
concerns in the local travel market. To solve the issues that clients encounter when making travel
arrangements offline, Go Zayaan merely took the analog travel sector online. The company's
empowerment of the tourists was another industry first. People can completely design their own tours
with Go Zayaan. Additionally, the entire trip can be customised.

Due to relationships with all major banks and mobile financing firms, Go Zayaan has fully automated
the payment process. As the first travel technology company in Bangladesh, the business also offered
Travel Loan to its clients. This would undoubtedly motivate local tourists to take financially
convenient trips overseas. Go Biz is a program that offers one-stop, completely automated corporate
travel solutions. It is a product made for businesses. White-collar workers, who are constantly on the
go due to work pressure, frequently have little time to plan a trip and then make all of the offline
arrangements. Such initiative can greatly benefit them (Hasan 2021.)

2.3.9 Importance of travel agency in post covid-19 situation

Travel agency is so important as they have highly organized employees and they assist client to find
the best solution for traveller. To making travel arrangement, their role is really significant.
 31

A fantastic service a travel agency may offer is advocacy. They are always on the client's side Travel
agents can help things get sorted out quickly if an airline cancels a flight or a hotel suddenly doesn't
have a customer's reservation on file. However, the fact that they also own the hotel or airline doesn't
really assist. (Whitmore 2019.)

Agents are in a rare position to genuinely generate demand as the travel industry tries to remake itself
following a difficult two years. Travel companies like ZuBlu are standing by to direct customers
toward the vacation of their dreams in the dynamic post-pandemic travel landscape where there is a
greater demand than ever for assurance, trust, and professional guidance. Agents have diligently
tracked ongoing changes to vaccination requirements, border closures, and airline regulations and
procedures since the beginning of the epidemic while also keeping a close eye on the status of foreign
travel. Experienced travel brokers, accustomed to collaborating closely with numerous distinct
providers, have also been keeping up with regional regulatory variations around the globe and, in
many cases, delving directly into specific resort policies.Agents now have a whole new significance
since they are adept at navigating the complex rules and regulations of various nations, airlines, and
suppliers. They can assist travelers with the new norm procedures, offer insurance, and set their
expectations. Travelers face nearly insurmountable difficulties since they must contact every hotel,
airline, and diving operator to get accurate, up-to-date information. It is up to travel agents to restore
the fun and ease of foreign travel. (Breaking Travel News 2022.)
 32

3 RESEARCH METHODOLOGY

The research process entails gathering and analyzing high-quality information from authentic sources
rather than numerical data (Veal 2006, 193).

Data for this study project was gathered using a variety of methodologies, including qualitative
research methods, direct conversations and gathered reliable data from varied sources, among others.
In this study, qualitative research methods such as interviews and observations were used. Information
was received from travel agency staff and tour operators.

3.1 Varied Online scholarly articles

The digital tools and procedures utilized in online research techniques are used to compile information
on a subject from an internet search. Both factual data and expert views may be included in the
information acquired (Skillmaker 2014).

People may easily locate the information they need using online research techniques. Instant
information is provided via online tools. Finding this data would take significantly longer if offline
research techniques are used. For example, searching for a book in a library.
 33

3.2 Qualitative research method

This study employed a qualitative technique to investigate the experiences of travel agency personnel
during the covid-19 pandemics in order to get the answers to its research questions. The qualitative
research technique is an unstructured strategy that aims to present philosophical understanding about
behavior, motivations, and characters that is not reliant on statistics. A small number of persons are
chosen for sampling based on specific criteria. Individuals are chosen after careful deliberation owing
to the time and effort required to do research on each of them (Wilson 2012.)

In order to infer meaning from these data and better comprehend social life via the study of specific
people or locations, qualitative research is a sort of social science research that gathers and uses non-
numerical data (Crossman 2020).
3.3 Reliability and validity

The most crucial aspects of qualitative research are reliability and validity since they regulate the
veracity and quality of scientific data (Brink 1993).

The ability of the researcher to gather reliable information and the stability, consistency, and repetition
of the source's record are both factors in reliability (Brink 1993).

The fundamental goal of reliability, which deals with the data collection process, is to reduce errors
and faults in research and ensure that if the study were repeated using the exact same methodology, the
same results and conclusions would be reached (Amaratunga, Baldry, Sarshar & Newton 2002).

Validity is the ability of the research methodology to accurately measure what it is intended to assess,
avoiding misunderstandings and misinterpretations that could produce erroneous study findings
(Saunders, Lewis & Thornhill 2012).

Validity in a qualitative investigation, according to Frechtling & Sharp. (1997), entails determining
whether the evidence is reliable, justified, defended, and able to withstand competing hypotheses.
Validity is classified into two categories in research methods literature: internal validity or external
validity (Yin 1994; Gill & Johnson 1991).
 34

External validity, on the other hand, relates to the extent to which the research outcomes drawn from
one group are suitable to other groups as well. Internal validity examines whether the proper cause and
effect connections have been identified and whether the identified cause has produced the understood
effect (Amaratunga et al 2002).

3.4 Interview

Semi-structured interviews are done as a means of supporting the process of gathering data for
qualitative research, the interviewee is the general manager of a reputable Bangladeshi travel agency.
The interview asks for an appraisal of the current situation, how the business is addressing covid-19's
effects, and its long-term intentions. Discussions will also include observations on current events,
organizational actions and procedures, and future intentions. The goal of a semi-structured interview is
to provide possibilities for setting a thorough focus and key areas of the subject being examined prior
to the actual interview while providing, in the interim, flexibility in question wording that may result in
a varied interview flow (Robson 2007).

Although a list of questions is created in advance, it is not strictly required to follow it. This
encourages the interview to flow naturally and fosters insightful and useful responses. There are three
primary portions to interview questions, each demanding a different response. The first section seeks
to provide an outline of the overall effects that covid-19, or the coronavirus pandemic, had on the case
firm (impact on revenue, customer flow, personnel, bookings, etc.). The respondent is prompted to
discuss the organization's management strategies and activities during the current scenario in the
second section. The organization's future plans and how Obokash.com can regain its clients and market
position after the pandemic is over are the focus of the final section, which is meant to gather
information.

3.5 Obokash.com

Among all the top and most modern tour-operating businesses in Bangladesh, Obokash is one of the
most dependable and trustworthy travel agencies. They provide luxury tour services. Obokash is a
proud member of the Tour Operators Association of Bangladesh and the Association of Travel Agents
 35

of Bangladesh (ATAB). This company's major priorities are secure travel, quality service, and
customer satisfaction. Their knowledgeable and experienced tour guides guarantee top-notch service.
Obokash offers different kind of tour packages, hotels, and air tickets service. They also offer visa
processing service and cheap international holiday packages from Bangladesh.

4 FINDINGS

In relation to the research question and the theoretical model, this section summarizes all the
significant research findings.

4.1 Interview Result

After we had finished writing the first draft of this research, the interview was held on November 25,
2022. Mr. Fahad Raka, who has been serving as Obokash's general manager for five years and another
sales executive Mr Mafi Hussain who recently joined this company are participated in the interview.
We conducted an online interview using a WhatsApp call, and for academic purposes, we recorded the
conversation. The primary goal of the interview is to learn more about Obokash's performance during
the Corona crisis, as well as their intentions for the future after the crisis has passed and how they want
to minimise the impact of covid-19 on the company. The interview's findings are shown in the figure
below.

4.1.1 Major impact on employees

When asked about the effects of the pandemic on the workforce, Mr. Raka responds:
 36

covid-19 brought a lot of changes to our organization, and we suffered terribly,

especially during the epidemic time. We lost 40 of our staff, but I, along with a few of
my co-workers, remained and assumed full responsibility for this firm. Work shifts were
cut from 10 to 5 hours after some employees left to clean the workplace.

He added that:
Managers must implement a work-from-home campaign because it is an effective
strategy for reducing virus transmission. As a result, one clear drawback is that problems,
difficulties, and inquiries cannot be resolved in a short amount of time or face-to-face but
must wait for either the management team to visit the hostel or connect by message.

According to Mr. Mafi, one of the standout features of Obokash is free food in all kinds of tour
packages. He claimed, “because the company was losing money, the chef was laid off. As a result,
comments and ratings regarding not receiving free food were negative. Customers are cancelling trips
left and right, and some aren't making back their expenses”. According to Mr Raka, laid-off workers
have a large impact on the company; thus, the worst problems stem from the lack of service that these
employees provide, resulting in a decrease in satisfaction, a decrease in average rating on websites, a
decrease in reputation, and fewer customers coming to Obokash.

4.1.2 Huge decrease in revenue

Mr Raka said that:

2019 was the most successful year for Obokash and the revenue was 60% more than
2018. Monthly sales were around 11,000 USD. But, in 2020, Since the covid-19 started,
the air ticket sales decreased to around 80% and hotel booking, visa processing service
almost stopped. Average monthly sales dropped to 2000 USD, and this is a huge
difference comparing to the sales of 2019.
 37

Average monthly sale

2020

2019

2018

0 2000 4000 6000 8000 10000 12000

Figure 4: Average monthly sales of Obokash according to Mr Raka

4.1.3 Adapt with the covid-19 crisis

Despite reporting "zero revenue" since the pandemic started and having to pay back fees for cancelled
vacations, some travel agencies believe that by saving their clients from having to spend time on the
phone with airlines by negotiating refunds on their behalf, they will have proven their worth to clients
eager to travel when restrictions permit (Visontay 2020).

When we asked Mr Mafi about the covid-19 crisis, he said that, “we started arranging tour packages in
non-tourism area and reduced the budget of tour packages. Because we were unable to predict when
Obokash's income would resume, we avoided making more purchases as we lost thousands of dollars
in revenue”.

When the question was asked, "How have you adapted to COVID-19?" Mr Mafi answered that:
That time our average sales dropped remarkably, we utilized that time by taking
trainings, making personal relationships with potential clients, different suppliers that I
wanted to work with. As we have a potential client base, we started to communicate with
our clients often and at the end during the beginning of 2022, our sales again started to
increase, and we had successfully made some incredible connection with clients and got
some important corporate clients. Making those personal relationship with the customer
was the game changer in post covid-19 situation.
 38

He added that:

We tried our best to maintain a laser-like focus on providing top-notch customer service
to make clients feel secure and confident about their travel arrangements. Think about
including extra services like trip insurance, advice on health and safety, and revised
policies.

According to Mr Mafi, it is clear that, when the revenue started to drop remarkably, they proper
utilized that time during pandemic and instead of stopping business activities, they came up with their
innovative mindset to get back their clients.

4.1.4 Current strategy of Obokash

It is crucial that the management team provide ideas as short-term solutions to deal with the current
situation because covid-19 is having a significant impact on Obokash's budget lodging business.
Below are some of the tactics that Mr. Raka revealed:

I started to give advice to the client’s base as they can to see if they need to cancel or if
they need to postpone so that they do not lose any money unnecessarily. And I am also
trying to push destinations which have not been affected by the coronavirus at the
moment.

He added that:
The overall strategy is to remain open for as long as they can in the hopes that the
circumstance will change. Obokash must undoubtedly pay a fixed cost each month, thus
closing the business or terminating its operations won't help solve the issue.

On the other hand, Mr. Raka advised remaining accessible and identifying alternative revenue streams
that would help to improve the financial situation and trying to create travel destination that is not
affected by coronavirus. Different strategies and possibilities have been considered, such as booking
hotels for quarantine, arrange tour plan with covid-19 restrictions, etc. The objective is to diversify the
company from which the most profit is extracted.

Another important thing he claimed that:

Obokash like to apply during pandemic is to create a website-based platform for the best
customer engagement experience during covid-19 that can help clients to plan their trips.
Until the situation normalizes, we will not plan any type of trips that will have more
people, instead we will plan tour packages with fewer people. For example before we
 39

plan each package with around 20-25 people and during the pandemic we are planning to
decrease this to 6-8 people. We want to continue our business activities even if the profits
are low.

4.1.5 Future strategy

Mr Raka said that:

Now we are thinking to give more priority to operating our business more online-based
instead of offline and we are thinking to offer our clients better deals than before. As the
situation started to change and becoming normal progressively, we want to make sure
more flexibility and trust for the customers. For example, zero cancellation charges,
cashless bookings, etc. For at the moment, Obokash want to continue the cost saving
measures and start to make more domestic tour packages instead of international to
generate income faster. We believe that when international tourism will return back to
the normal, travellers will be back and specially those, whose tours were cancelled due to
covid-19. We want to implement tour operator software for the future, that will help to
balance the need to scale up the operations with the need to keep expenses down.

4.1.6 Use of AI in Obokash

When we asked about the application of AI in Obokash to Mr Raka, he said that:

In fact, we met with our CEO last year to talk about how our organization will apply AI,
and our IT specialist was also there. We talked about how AI can locate a suitable travel
package for a consumer if they are looking to book a trip and enter their desired departure
date in the search box. Consider locations, spending, room preferences, etc. In the
beginning, we intend to use chatbots on our website to quickly respond to client questions.
In the future, we'll also consider using artificial intelligence to handle customer assistance,
data processing, and all enquiries. Our main goal is to free up our employees who are in
charge of key tasks like data processing, analysis, trip planning, etc. to work on other
crucial tasks that require human participation.

4.1.7 Use of cryptocurrency in Obokash

As using of blockchain is becoming famous day by day all over the world, considering this fact, the
author asks to Mr Mafi about the application of blockchain technology in their company, he answered
that:
 40

cryptocurrency in Bangladesh is still not legal, so we are not thinking about the
application of cryptocurrency in our payment method yet. Cash, bank transfers, and
credit/debit cards are the most frequently utilized payment methods for travel-related
transactions in our company. Additionally, mobile payment systems like bKash or
Nagad, which have grown in popularity recently, might be used but using
cryptocurrencies for any kind of financial transaction is currently prohibited in
Bangladesh, So this is a risk for us as well for customers to use cryptocurrency as a
payment method in this situation.

Trading in cryptocurrencies is prohibited by Bangladesh Bank (BB) since it violates the nation's
financial laws. The country may imprison cryptocurrency traders if they are proved to have broken the
law. In accordance with the Foreign Exchange Regulation Act of 1947 and the Money Laundering
Prevention Act of 2012, the central bank views Bitcoin and other cryptocurrencies as illegal. The
government continues to try to stop people from using Bitcoin, and has warned them, even made
arrests related to Bitcoin trade (Kayes 2022.)

5 DISCUSSIONS AND CONCLUSSIONS

This section presents the recommendation and the conclusions about the research also review the
limitation of the study.

5.1 Limitation

It is too soon to estimate the full scope of the pandemic's effects on the travel and tourism sector. The
international institutions' published projections have been fluctuating in line with the erratic data. Time
restrictions are a problem while collecting and analysing data for research. The dynamic nature of
covid-19 affects the tourism sector in different ways depending on the pandemic's state and the
 41

regulations in place at the moment, which directly affects the research. The covid-19 pandemic is still
present, and its effects on the tourism sector are still being felt today. As a result, gathering precise and
thorough data on the industry's current situation is difficult.

Numerous unknowns remain for the tourist sector, including the possibility of additional pandemic
waves, changes in consumer behavior, and the implementation of new travel restrictions. It is
challenging to foresee the pandemic's long-term effects on the sector because of these uncertainty.

It is crucial to note that the research also had a variety of restrictions. People interviewed online made
the interviewers' job difficult. Misunderstandings or misinterpretations may have happened throughout
the interview procedure because English is not everyone's first language (or native tongue) in this
study. Additionally, a more thorough explanation of the interview's inquiry would have been helpful.

Despite these drawbacks, research on the post-covid-19 effects on the tourism sector is still crucial
since it may guide policy choices and aid the sector's recovery. However, these restrictions must be
taken into account when interpreting and using the results of this type of study.

5.2 Recommendation

After analysing the given information and data from the interviewees, we recommended some
important suggestions that are given below.
5.2.1 Employees

We mentioned earlier that Obokash cut down around 40 experienced employees who are extremely
important for the company. The management team will need to revise its human resource plans after
the covid-19 pandemic is over. In other words, Obokash should employ the staff members who were
let go and whose numbers were reduced in various departments. The main goal is to offer future clients
smoother and better service as opposed to the current services, which have limited human resource and
financial resources. It will be much easier to assess Obokash's performance if there is a full team of
managers with diverse understanding of the various facets of a travel agency. It would therefore be
crucial to have everyone on board. Furthermore, as they have more varied experiences, services, or
problem-solving abilities than current interns, receptionists ought to return to their jobs. This addresses
undesired issues with relation to various circumstances involving refunding, responding to queries, etc.
 42

5.2.2 Online resources and technology leveraging

All sectors are undergoing a digital change as a result of the epidemic. The moment has come for
Obokash to include online resources into their daily business. They must implement elements like a
web-based platform for communication, information exchange, and the availability of contactless
payment methods. Facebook and Instagram are two examples of social media sites that should be
actively used for lead generating. Their use of social media can also help them better understand their
clientele. The epidemic has sped up technology adoption in the travel sector. In order to provide
contactless services and improve the consumer experience, a travel agency needs adopt technology.
This can entail providing online check-ins or showcasing attractions using virtual reality.

5.2.3 Provide flexible reservation

Obokash should have flexible booking terms because the pandemic has taught us that anything can
happen. The future of people's travel plans is still unclear, making flexibility more crucial than ever.
To provide clients peace of mind, Obokash should think about providing flexible booking choices,
such as no-fee cancellations or rebooking.

5.3 Conclusions

Due to travel limitations put in place to stop the virus' transmission, the new coronavirus disease
(covid-19) has had some serious repercussions on society at large. The tourism industry was one of the
most hit. Bookings for flights, hotels, and other significant tourism events were canceled or postponed,
and wildlife poaching also rose. The tourism sector was severely hurt because no money was coming
in. The tourism sector's future is uncertain in light of covid-19, hence it is imperative to develop
measures to keep it alive both during and after the covid-19 era.

In this study, which examines how covid-19 affects travel agencies, it has been found that most of
them are negatively impacted in 2020. Still, if we look at the data of total revenue from tourism of the
countries in 2022, it will be seen that the total revenue has started to increase again and is becoming
 43

standard as before the covid-19 world. Due to a lack of information in online, in this thesis, the total
revenue of many countries from tourism in 2022 could not be shown here. However, in this thesis,
according to CEIC, the data on Mexico's revenue from tourism was shown, and it is clear that there is a
big difference between the total revenue from tourism in 2022 and 2019. Moreover, from 2022, the
total revenue from tourism starts to be expected, even though some countries made the highest revenue
record from tourism this year.

It is only a matter of time until the travel industry recovers. Travel agencies and service providers who
adapt to changing circumstances, on the other hand, will benefit the most from the new normal. Travel
companies must now evolve from service suppliers to consultants and facilitators (Bagaria 2021.)

In addition to forecasts for a good year in 2023, some agency organizations predict excellent sales for
2022. According to Travel Experts, this year is breaking sales records and is the most incredible year
for the premium host agency (Travel pulse 2022.)

The study's most startling finding is that travel industries are starting to increase their sales nowadays,
and travel entrepreneur travel restrictions are also reducing. There are so many opportunities and
challenges coming. If the question asked, will travel entrepreneurs rethink starting their career in
tourism? The answer will be "NO" as the post covid-19 situation is changed a lot, and opportunity is
increasing more and more. Prices will continue to rise as the law of supply and demand. There will be
enormous chances for travel entrepreneurs in the tourism industry. In all kinds of business, there will
be ups and downs, obstacles, and challenges, but it does not mean that the business should be stopped
for this reason.

People always like to spend their holidays or leisure time traveling, and most want excellent, high-
quality service. Travel agencies are the ones who can provide quality service, and they can also do
service according to customers' budgets. In that case, there is no alternative to a travel agency to fulfill
the demand of travellers.

A country's infrastructure is developed, its revenue is increased, and a sense of cultural interaction
between locals and visitors has sown thanks to tourism. In several locations, tourism generates
employment for millions of people. There will always be a need for the tourism industry in people's
lives.
 44

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 APPENDIX 1.

List of interview questions

1. How was the impact on employees during the pandemic?

2. How was your company’s revenue impacted?
3. How have you adapt with Covid-19?
4. Have you thought about the strategy for your company now?
5. What are your company’s future plans in post pandemic situation?
6. Do you have any plan about using artificial intelligent in your company?
7. Have you ever considered using cryptocurrency in your company?