Peter Kern, CEO of Expedia, is absolutely certain that travel recovery is not just on the horizon, but just around the corner. Moreover, this recovery will not only be in rural areas, but also in large cities.
“Rome has been through one or two plagues, and it is still there. New York has been through all sorts of things. It’s not the first time we’ve had civil unrest,” Peter Kern explains to Bloomberg. “Welive in an era with more science, more technology. We are not going to give up,” he adds.
Kern is adamant that news of an imminent vaccine is what will get people started travelling again, not that there is a vaccine itself. That’s why Pfizer’s announcement last week that its vaccine was 90% effective hasnot yet had a measurable impact on Expedia’s sales, yet it has caused the company’s stock price to rise. 22.5%.
Peter Kern believes, like do other entrepreneurs in the sector, that his summer sales showed that there is accumulated demand and reason to hope that the industry can grow rapidly again.
Furthermore, he predicts that recovery will occur before 3 or 5 years that others are predicting.