Nearly six out of ten tourism companies in Norway believe it will take more than a year to return to normal. The Norwegian Hospitality Association (NHO Reiseliv) believes the industry is still in a serious crisis.
“We are still in the middle of a serious crisis, but now is the time to look at how we can move forward and what opportunities we have in the future.
“The cooperation with the authorities to have good measures that contribute to the rebuilding of the industry is more important than ever,” tourism director Kristin Krohn Devold at NHO noted in a press release ahead of the industry’s digital annual conference on Thursday.
Devold stated that many companies would not be saved by good summer results related to Norwegians spending their holidays at home. Tourism companies that live off courses and conferences, nightlife, or foreign tourists will have to wait a long time for the normalization of the markets.
Signs of optimism
In NHO Reiseliv’s latest membership survey from May 13, six out of ten companies answered that they think it will take more than a year before things return to normal. However, there are also signs of optimism.
There is a decline in the number of companies fearing bankruptcy, from 40% to 35%. That is still far higher than 11% in the general business sector.
Furthermore, 40% of the companies stated that they have poor liquidity, down from 45%. Lastly, 60% expect higher turnover over the next three months.
Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance
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