The economic impact of Covid-19 has caused seven percent of coastal tourism businesses to shut up shop for the foreseeable future – and the value of the industry could be almost halved.
These findings were presented to MPs by the National Coastal Tourism Academy, which predicts the industry could miss out on almost £8bn this year alone.
“Assuming retail can reopen June 1 and hospitality businesses July 4, we forecast that the economic loss of coastal tourism spend in England for 2020 will be £7.96billion, and some analysts are predicting a loss of 20 to 25 percent in accommodation stock,” said Samantha Richardson, director of the academy.
Since the beginning of the lockdown, 74 percent of all coastal tourism businesses temporarily closed and bookings dropped by 71 percent. Within the industry, 21.6 percent accessed self-employed support and 47.8 percent furloughed staff, put on hold or reduced seasonal recruitment. When surveyed, 67 percent of businesses said it will take up to a year to return to profit if they reopen on 4 July, with 41 percent predicting two years.