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Russia’s business travel sector lost 80% of revenues in 2020

Russia’s business travel sector lost 80% of revenues in 2020
Russia's business travel sector lost 80% of revenues in 2020
Written by Harry S. Johnson

According to the head of the Department of State Tourism Projects and Tourism Safety of Russia‘s Federal Agency for Tourism, the country’s business travel sector’s 2020 revenues plunged 80% compared to the prior year. The official contributed such a dire loss of the revenues to rampaging COVID-19 pandemic.

“Before the end of this year and, according to our expectations, in the first half of next year, event activity throughout the country will not be restored. The business travel and travel sector has not recovered, which led to a significant drop in the income of these enterprises, and still the largest cities of the country and hotel and tourism enterprises [in this sector] are experiencing a drop in revenues to 80% from the indicators of 2019,” the official said.

The situation is better in the hotels of the resort segment, where there was an increased demand in the summer, and the season was extended to October due to good weather, but even here it is impossible to talk about a complete recovery, she said.

“It [working with a good workload from July to October] helped restore the economic indicators of these enterprises, although, unfortunately, it did not allow them, even taking into account the increased demand, to return the lost financial indicators of the beginning of summer and spring of last year,” the official added.