Will the price of tourist geared goods and services spike during COVID-19?

Will the price of tourist geared goods and services spike during COVID-19?

According to the United Nations Conference on Trade and Development, “the world’s tourism sector could lose at least $1.2 trillion, or 1.5% of the global Gross Domestic Product (GDP), having been placed at a standstill, due to the coronavirus pandemic.” 

 

Given the competition in the Tourism and Hospitality sector from other countries, would goods and services see a sudden rise in cost? 

 

On last week’s edition of the “Working for You” program, CEO of the St. Kitts Tourism Authority, Ms. Raquel Browne, was posed with this question to which she gave this response: 

 

CEO of the St. Kitts Tourism Authority, Ms. Raquel Browne. 

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