Minus 98 percent. That is the impact the pandemic had on Europe’s largest tour operator this spring. According to the quarterly report, TUI still generated a turnover of 72 million euros in April-June, compared to 4.75 billion a year earlier. The result of what the group calls ‘a business standstill’, with the majority of hotels and cruise ships that had to be locked up due to the measures to prevent the spread of the virus.
There is little improvement in the short term. “Summer bookings are 81 percent below last year’s level, at an average of 10 percent lower prices.” For next winter, TUI has reduced capacity by 40 percent, roughly in line with bookings.
Capacity for the summer of 2021 has been reduced by a fifth until further notice. Nevertheless, CEO Fritz Joussen sees a ray of hope: ‘We will record 145 percent more bookings by the summer of 2021. Customers rebook canceled holidays for this summer and also want to book new holidays quickly. ‘