California is unlikely to recover its pre-coronavirus prosperity over the next three years, economists say, even as the state slowly rebuilds from a catastrophic economic lockdown. The Golden State's gradual recovery will probably mirror the nation's trajectory, according to a new UCLA forecast. "The public health crisis of the pandemic morphed into a depression-like crisis in the [U.S.] economy," wrote David Shulman, a senior economist at UCLA Anderson Forecast. The trajectory of the nation's economy will be like a "Nike swoosh," Shulman wrote: Real gross domestic product will plunge this quarter -- at a 42% annual rate -- and then gradually rise, not returning to its late-2019 peak until early 2023. Even that gradual return to normal activity is based on a somewhat optimistic scenario -- that the COVID-19 pandemic will subside, avoiding a pause in the recovery or another wave of shutdowns.
Cutting edge technology and innovation will be adopted as the official show theme for Arabian Travel Market (ATM) 2019, taking place at Dubai World Trade Centre from 28 April – 1 May 2019. According to the latest research conducted by Colliers International, personalisation Artificial Intelligence (AI) could increase hotel revenues by over 10 percent and reduce costs by more than 15 percent – with hotel operators expecting technology such as voice and facial recognition, virtual reality and biometrics to be mainstream by 2025. Further to this, the research estimates 73 percent of manual activities in the hospitality industry have the technical potential for automation, with many global hotel operators including Marriott, Hilton, and Accor already investing in automating elements of their human resources. Danielle Curtis, Exhibition Director ME, Arabian Travel Market, said: "It is important to highlight that the GCC is one of the fastest growing regional hospitality markets on a global scale and an innovative technology-reliant industry. "Its impact on hotels and travel and tourism is multi-dimensional, ranging from voice and facial recognition, chatbots and beacon technology to virtual reality, blockchain and robot concierge.
Many travel industry executives are optimistic that new technologies such as artificial intelligence can make their businesses smarter and more efficient while plenty of travel industry employees wonder if they'll eventually be replaced by robots and self-driving cars. Well, these are indeed early days, but emerging technologies do not appear to be slowing travel industry job growth -- not yet. Gloria Guevara, president and CEO of the World Travel & Tourism Council, said travel jobs globally grew last year even as new technologies and platforms made their debuts, albeit relatively modestly compared with what may be in the offing. One in five jobs that were created globally in 2017 were in the travel industry, according to WTTC's data. Some 119 million jobs worldwide last year were directly attributed to tourism, and the industry created two million new jobs.
The highly anticipated comprehensive study on robots, artificial intelligence and service automation in hospitality and tourism, edited by Varna University of Management's Vice Rector (Research) Prof. Stanislav Ivanov and Assoc. Prof. Craig Webster from the Department of Management at Ball State University, USA, is finally out today! "Robots, artificial intelligence and service automation in travel, tourism and hospitality" (RAISA in TTH) comprehensively covers the theoretical problems of RAISA adoption in tourism, principles of service automation, impacts of RAISA on business processes and competitiveness, and more, and at the same time focuses on the practical side of utilization of RAISA technologies in diverse tourism and hospitality entities. The book consists of 13 chapters, written by 31 researchers from 16 institutions and companies in 7 countries on 3 continents. Divided into two sections, the book first concentrates on the theoretical aspects surrounding the use of RAISA in travel, tourism and hospitality. Following on from this, the second section concentrates on current and future use of RAISA technologies in specific subsectors of the tourism economy: hotels, restaurants, travel agencies, museums, and events.
"Urgent" support is needed to prevent "widespread devastation", the hospitality sector has warned Prime Minister Boris Johnson. Around 120 hospitality and tourism bosses have signed an open letter calling for aid and investment. The industry wants to see VAT reduced, tax bills further deferred and some rent debt covered through grants. Bosses say parts of the sector will not survive because some businesses remain closed, despite the easing of lockdown. "Hospitality businesses operate with very high fixed costs and labour costs are the only flexible point to absorb this suppressed demand," the letter said.