The Сurrent Global Tourism Market Crisis and Overcoming Opportunities

Abstract

The article deals with the current world tourism market crisis and the opportunities to overcome it. The relevance of the topic and the significance of the study are due to tourism being among the sustainable economic development and social stability factors in any region of the world. This industry has suffered from the pandemic compared to any other one(s). The purpose of the study is to identify trends and patterns of the current international tourism market crisis and to analyze problems and opportunities to solve these. The scientific literature analysis on the modern international tourism market crisis issue has demonstrated that researchers agree on the global significance of the tourism business entities’ current losses. At the same time, scientists consider it impossible to reliably predict COVID’s final impact on the international tourism industry. The article presents an analysis of the dynamics of the development of the international tourism market over the past ten years and a generalization of the consequences inflicted on the tourism economy in the 2020 crisis year and the first half of 2021. The international organizations-based statistical analysis data made it possible to substantiate the current tourism development directions in the context of the negative factors’ influence associated with the spread of new coronavirus infection. On the basis of a survey of the tourists, the travel companies’ possibilities to improve their development strategies and to use competitive advantages in new conditions are concretized. The 5P marketing model is, therefore, recommended.