Until a vaccine for the coronavirus hits the market, the travel industry is expected to suffer, one industry executive said Friday.
“I think no one is going to feel comfortable, fully comfortable, traveling until they can feel that they are safe and that requires either, perhaps we’ll have a vaccine — hopefully not long from now — or an effective treatment would help. Until that happens, I think people are going to be concerned about travel,” Glenn Fogel, CEO of Booking Holdings, said on CNBC’s “Squawk on the Street.”
Booking, which operates travel websites such as Priceline.com, Kayak and other sites, reported a 51% drop in first-quarter gross travel bookings year over year as consumers cancel trips due to the coronavirus pandemic. Worldwide the virus has infected more than 3.8 million people and killed about 269,881, according to data compiled by Johns Hopkins University.
Even as economies start to reopen, Fogel said, the travel industry will take years to recover to…