The corona virus is affecting the business of the sporting goods manufacturer Adidas in China. A significant number of own and partner shops are currently closed.
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For the first time since 2003, the airline umbrella organization IATA expects demand in global air traffic to decline. The fear of becoming infected with the corona virus scares passengers away. Asian airlines in particular suffer from this.
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eEstablished flight connections, abandoned airports and the fear of passengers being infected with the corona virus in Asia. According to the airline umbrella organization IATA, this mixture leads to the first decline in demand in global air traffic since 2003. At that time, the Sars epidemic triggered restrictions on air traffic.
As the umbrella organization has now announced, total passenger income this year is likely to be $ 29.3 billion or € 27.1 billion smaller. Chinese airlines are particularly affected. “This will be a very difficult year for the airlines,” said IATA chief Alexandre de Juniac in a statement.
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Economic consequences of the corona virus – – – – –
The airline umbrella organization must admit when calculating that the consequences of the spread of the lung disease, which is officially known as Covid-19, are far from clear. According to official information, more than 74,000 people in China are currently infected with the virus. So far, more than 2,000 people have died from the lung disease.
Asian airlines in particular are likely to suffer
While IATA still forecast global growth of 4.1 percent in the number of kilometers flown by passengers in 2020, nothing is left of it. The bottom line is a minus of 0.6 percent. The situation is particularly serious for the airlines in the Asia-Pacific region. Calculated over the year, 13 percent less passenger demand is expected. The region’s airlines actually wanted to grow by almost five percent.
In the Chinese domestic market alone, airlines lost an estimated $ 12.8 billion in revenue. Airlines outside the Greater Asia-Pacific region would have to factor in loss of revenue of $ 1.5 billion.
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The calculation assumes that the slump in demand is limited to the markets associated with China. The IATA experts use a scenario similar to the Sars epidemic 2002/2003. Back then there was a six month period with a sharp decline followed by an equally quick recovery. The airline holding company says that the negative economic effects for the airlines could, however, be offset at least a little by the low current fuel prices.
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