STUDY OF THE ECONOMIC AND SOCIO-PSYCHOLOGICAL IMPACT OF THE COVID-19 PANDEMIC ON THE TOURISM AND HOSPITALITY INDUSTRY
Abstract
The article studies the economic and socio-psychological impact of the COVID-19 pandemic and related quarantine restrictions on tourism and hospitality industry markets, consumer behavior in these markets as well as their expectations. Consumers behavior depends on their socio-demographic characteristics, which plays a significant role in making decisions about the purchase of tourist and hotel&restaurant services. The relationship between con-sumer risk perception and government economic stimulus policies is explored. Consumer risk perception has been proven to decline as the government pursues economic policies to promote tourism and hospitality. Transparent, relia-ble statistical information on the state of morbidity in the country and the possibility of lifting quarantine restrictions, as well as public confidence in such information has a significant impact on consumer behavior, and recommendations or requirements for restrictions are better perceived by people if they clearly understand the information provided by public authorities. Adequate and reasonable restrictions help market participants to better control their emotions and manage risks as well as give business owners confidence that they will be able to cope more effectively with the crisis at various levels. The high level of uncertainty caused by the coronavirus outbreak has made people think more deeply about the risks and led to the development of negative emotions. The tourism business, as well as the hotel and restau-rant sectors, must be innovative in these circumstances, and they must also convey an opinion to consumers that all of them will be well-protected and receive safe services. Every business needs to reassure customers that the point or place of service is safe enough, and this will help build a trusting relationships with its regular customers and find new ones. Possible scenarios for the recovery of the tourism industry in the post-pandemic period are studied. Perspective directions of further scientific researches in this direction are determined.
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