The domestic travel market in Australia has been recovering quite well in recent months, but is that all about to change?
Recent lockdowns in Australia are threatening the travel market as states close borders to one another.
A growing cluster in New South Wales has spread to other parts of the nation, with Queensland, Darwin and Perth now facing troubled times.
Four cities have been declared hot spots and are now in lockdown.
Other surrounding states such as Melbourne, Victoria have snapped the border shut to infected states in hopes to curb the spread.
But this recent uptick in cases in a nation that once prided itself on managing the virus, is bad news for the travel market. Airlines, hotels and destinations that rely on tourists to earn a dollar, are right now anxiously awaiting what governments next announcement.
Flights grounded, again
Hundreds of flights right around Australia have been cancelled as borders are snapped shut, meaning passengers either dump holiday plans or spend two weeks in quarantine or simply, cop a fine from police for crossing the border (that’s if they don’t have permits).
Airlines will now have to cop the financial losses with customers forced to cancel travel arrangements, further resulting in airline crews again being stood down.
Travel agents in overdrive
Travel agencies around Australia are now working overtime to rebook passengers and for some, assist them with cancellations.
Lauren McLean of Flight Centre Australia says during these times of uncertainty, it has never been more important to book through an agent.
That’s because travel agents have the power and ability to bargain with airlines and hotels on refunds and policies to best suit the customer, meaning they do the nitty-gritty.
Real reason bosses want employers back in the office
As the world gradually recovers from the pandemic, employers are increasingly pushing for their staff to return to the office after years of remote work.
The driving force behind this push is the sharp decline in commercial property values, which has left many businesses concerned about their real estate investments.
Commercial property values have plunged in the wake of the pandemic, with many companies downsizing or reconsidering their office space needs.
This has put pressure on employers to reevaluate their remote work policies and encourage employees to return to the office. #featured
Businesses cash in on Black Friday sales
Black Friday, the annual shopping frenzy, has become a global phenomenon rooted in economic strategies.
Retailers deploy various tactics to lure consumers, creating a win-win scenario for both shoppers and businesses.
The concept of Black Friday traces its roots to the United States, where it marks the beginning of the holiday shopping season. Retailers offer significant discounts on a wide range of products to attract a massive customer influx. This strategy, known as loss leader pricing, involves selling a few products at a loss to entice customers into stores, hoping they will buy other items at regular prices.
Retailers also employ the scarcity principle by advertising limited-time offers and doorbuster deals. This sense of urgency compels consumers to make quick decisions, boosting sales.
Furthermore, online shopping has revolutionized Black Friday economics. E-commerce giants use data analytics to customize deals, targeting individual preferences. Cyber Monday, the digital counterpart to Black Friday, capitalizes on the convenience of online shopping. #featured
Australian inflation figure finally starts with a 4
Australia’s October inflation figures have surprised economists, as consumer prices rose at a slower pace than anticipated.
This slowdown was primarily attributed to a significant drop in goods prices, contributing to the nation’s subdued economic climate.
The Consumer Price Index (CPI) for October indicated a modest 0.4% increase, falling short of the 0.7% forecasted by analysts. On an annual basis, inflation stood at 2.1%, below the Reserve Bank of Australia’s target range of 2-3%. This unexpected deceleration is likely to affect the country’s monetary policy decisions in the near future.
Goods prices, including essential items like fuel and food, recorded a notable decrease of 0.8%, mainly due to supply chain disruptions and global economic uncertainties. Meanwhile, services prices continued to rise, albeit at a slower rate, driven by higher wages in some sectors.
This unexpected dip in inflation raises questions about the overall health of the Australian economy and the central bank’s strategies to combat it. Policymakers now face the challenge of balancing economic growth with the need to manage inflation effectively. #ticker today #featured
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