Marriott International Inc. hit hard by the COVID-19 (coronavirus) pandemic
Similar to other tourism enterprises, Marriott's industry-relevant revenue declined 64.1% in 2020 alone, a direct result of the COVID-19 (coronavirus) pandemic. Hotels experienced drastic declines in demand amid the pandemic, as consumers halted travel or refused to stay in hotels due to health concerns. Moreover, due to financial insecurity, many consumers that are less discouraged due to health issues are still expected to cancel or postpone vacations into the immediate recovery period, especially among international tourists. In addition, consumers were more likely to stay at other service providers like Airbnb where the risk of the contracting virus was significantly less.
COVID|New Activity|StructuralIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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