Summer tourism is expected to recover: TUI

Thursday, February 10, 2022

On Tuesday, the European holiday company –TUI, confirmed that their summer travel bookings were steadily approaching pre-COVID-19 levels. They also said this return of tourism is helping them to refund a portion of the German state aid that it received to endure the fallout of pandemic.

The largest holiday company of the world explained that 3.5 million customers of TUI had booked a trip for summer 2022, as of Jan. 30, around 72% of the levels seen during the same period in 2019. However, it mentioned that new bookings were at 100% of pre-crisis levels.

Because of pandemic-related restrictions, TUI, which runs hotels, airlines, cruises and travel agencies, had fought a mess on the global tourism industry.

Slowly, as countries are raising the restrictions, travel demand has also improved, underpinning recovery hopes.
“We expect a strong summer 2022,” Chief Executive Officer Fritz Joussen said. “There is pent-up demand among customers.

“The path out of the pandemic is becoming ever clearer,” he added.

Also, this summer, travelers are booking “higher quality” holidays with bigger budgets, the company said.

TUI had been bailed out multiple times by the German government and taken more than 4 billion euros ($4.6 billion) in state loans and raised equity to ride out the disaster, emphasized that by April, it would return around .7 billion euros of the state aid comfortably.

The company had cash and cash equivalents of 3.3 billion euros as of last week.

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