TUI expects 2021 to be “transition year” before pre-COVID tourism levels return

Holiday operator TUI has announced that it expects 2021 to be a year of transition while the tourism sector recovers from the disruption of COVID-19.

In its full year results up to September 30, the company had 8.1 million customers for the year - a decrease of 62 per cent from 2019.

In addition, the group - which has cut thousands of jobs since the beginning of the pandemic -saw its revenue drop by 58 per cent over the year.

Despite the challenges that the coronavirus crisis has brought, the company expects pre-COVID tourism levels to be restored by 2022 following a year of transition.

TUI CEO Fritz Joussen commented: “First and foremost, the holiday sector will remain on its long-term pathway of growth. People have not lost their appetite for travel. 2021 will be a transition year.

“Our Group strategy is future-proof. We have demonstrated in recent years that we can change successfully. Like no other company we offer reliable safety and quality standards for holiday-makers. This will be more important than ever when the crisis is over.

“We can sum it all up in a single sentence: TUI was in robust health before the crisis, and after the crisis we will be in robust health again.”