Due to the current pandemic situation, the camping and caravanning market revenue is expected to go down temporarily in 2020. The tourism sector has many restrictions today to control the situation of COVID-19. The inbound travel is declining due to the risk to the health of senior travellers, which will slow down the demands from the older market.
Over the past five years to 2020, the camping and caravanning industry has seen steady growth. The industry experienced growth driven by travel-related trends of campgrounds and RV parks. RV’ing offer cost-effective alternatives to traditional vacations which is liked by many families and groups. Due to the increasing number of people opting for leisure in travelling in an RV, the industry has experienced steady growth. The rising employment and disposable income have also led to an increase in domestic travel in the past five years. The total industry revenue was expected to grow with a rate of 3.2% up until the pandemic when the industry faced a decline of 0.1%.
How is the COVID-19 situation affecting the camping and caravanning market
COVID-19 outbreak in December 2019 has spread to over 100 countries around the world, which made the World Health Organisation declare it a public health emergency. As the global impacts of this pandemic is already starting to be felt, the travel and tourism market will face a severe downfall in the coming months and years.
COVID-19 is affecting the global economy in three major ways – by affective the production and demand, by creating a financial impact on firms and financial markets, and by disrupting the supply chain and market.
The tourism industry faces a shutdown today with only limited travelling options available. The world is experiencing travel bans and quarantines. The restaurants are closed, and all indoor events are restricted. State of emergency is declared in over 40 countries which is slowing down the supply chain, stock market, and businesses. It is growing the panic among the industries and uncertainty about the future.
Industry outlook for the coming years
Although the global Camping and Caravanning services are on shutdown, for now, new methods will be implemented in the near future to restart these services. The camping and caravanning services will provide information such as company profiles, product specification, capacity, price, cost revenue, and contact information.
In the coming years, the camping and caravanning services will implement new methods that can provide remote travelling opportunities to their customers. They will need to get the permission of the state before approving any camping programs. Until the proble of COVID-19 remains a public health emergency, the tourism industry plans to remain shut. By 2021, we can experience new programs offered by the tourism sector to restart their services once again with improved safety and convenience of people, including senior travellers.