5 ways the coronavirus has locked down summer-break spending
Traditionally, consumers take summer vacations to recharge from the hustle and bustle of daily life, as well as to reconnect with families and friends, before moving on to the next phase of their lives such as the restart of schools or going back to work – but not this year.
The Johns Hopkins Coronavirus Resource Center reports that more than 11.6 million people have been infected globally, with almost 3 million in the U.S. alone, giving consumers pause before spending money on a vacation — a situation made worse by the travel restrictions implemented at the state and national levels.
“This has been a devastating blow to the travel sector,” said Peter Keenan, co-founder and CEO of APEXX Fintech Limited, payment platform provider. “On the consumer side summer 2020 is all but cancelled, and travel companies have not just lost future revenue, but also had to refund many of the sales made for summer 2020 due to the pandemic.”