Proceedings of the 2024 3rd International Conference on Public Service, Economic Management and Sustainable Development (PESD 2024)

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Impact of COVID-19 on U.S. Travel Agencies: Evidence from Producer Price Index of Hotel and Car Rental Bookings

Authors
Ruiwen Wang1, *
1Letters and Science, University of California, Santa Barbara, CA, 93106, United States
*Corresponding author. Email: ruiwenwang@ucsb.edu
Corresponding Author
Ruiwen Wang
Available Online 19 December 2024.
DOI
10.2991/978-94-6463-598-0_23How to use a DOI?
Keywords
COVID-19; Producer Price Index; Travel Agencies; ARIMA Model; Economic Impact
Abstract

This study examines the effects of the COVID-19 epidemic on the tourism industry in the United States, specifically looking at the influence on hotel and car rental reservations. The study applies the ARIMA model to perform a time series analysis. COVID-19 caused severe disruption, including travel restrictions, decruitment, and business closure, which severely affected businesses and the economy related to the tourist industry. By checking the PPI (producer price index) of hotel and car rental bookings, this study evaluates the effects of COVID-19, and forecasts the PPI trend in 11 months after May 2020. ARIMA model has high accuracy and efficiently captures the changes caused by the pandemic. According to the analysis, during the COVID-19 period, the actual PPI value is much higher than the predicted PPI value. This shows that the pandemic had a significant effect on hotel and car rental bookings. These findings provide crucial insights to policymakers and business owners and help them construct efficient strategies and reduce loss in the future.

Copyright
© 2024 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2024 3rd International Conference on Public Service, Economic Management and Sustainable Development (PESD 2024)
Series
Advances in Economics, Business and Management Research
Publication Date
19 December 2024
ISBN
978-94-6463-598-0
ISSN
2352-5428
DOI
10.2991/978-94-6463-598-0_23How to use a DOI?
Copyright
© 2024 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Ruiwen Wang
PY  - 2024
DA  - 2024/12/19
TI  - Impact of COVID-19 on U.S. Travel Agencies: Evidence from Producer Price Index of Hotel and Car Rental Bookings
BT  - Proceedings of the 2024 3rd International Conference on Public Service, Economic Management and Sustainable Development (PESD 2024)
PB  - Atlantis Press
SP  - 224
EP  - 232
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-598-0_23
DO  - 10.2991/978-94-6463-598-0_23
ID  - Wang2024
ER  -