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Published on : Saturday, July 16, 2016
The appalling Bastille Day attack in Nice, France, which killed at least 84 people and injured hundreds more, is likely to impact the tourism industry for a short span of time. The industry leaders analysed that the short-term slowdown following the horrifying tragedy can no way create grave impact on travel demand.
Airline analyst at S&P Global Market Intelligence said after the attack that he believes most people want to live their lives, make their travel plans, and see the world.
What were immediately affected following the attack were the travel company shares such as United Continental Holdings Inc., Cruise Company Carnival Corp. and Priceline Group Inc.
An equity analyst at Morningstar who covers cruise lines commented that following the terrorist attacks, there is a lull for a short period of time, like a week or two however, the demand seems to resume shortly. A temporary downtick in the travel business demand gets to normal pace usually within a few weeks. She added an important point that “secular psychological shift,” matters where people don’t want to “feel the terrorists are winning”.
No one probably wants to feel oppressed by what has happened.
Senior equity analyst at S&P Global Market Intelligence spoke confidently about the bookings of the third quarter and how summer travel will not be much affected. However, a couple of cancellations will definitely be there immediately after the terror attack. Moreover, the analyst continued, that it’s difficult to make a connection between one terrorist attack and other things and Brexit is one of the ‘other things’ which caused currency volatility and brought uncertainty.
Despite initial warnings for people to stay indoors in Nice following Thursday’s attack, the city has remained open to visitors with flights taking off and landing from its airport as usual. However, scene of the attack, the seafront Promenade des Anglais, and other public beaches in and around Nice were closed Friday.