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Evidence That Travel May Return Faster With COVID-19 Vaccine Breakthrough
Pfizer and partner BioNTech recently announced that their efforts for a vaccine against COVID-19 were 90% effective. As a result of the news, the global stock markets surged, including the travel industry.
TripAdvisor shares jumped nearly 22% after the news.
“TripAdvisor has long believed travel will recover with vigor as soon as a vaccine was widely available. Today’s Pfizer news is a welcomed step in the right direction,” said Steve Kaufer, CEO of TripAdvisor.
And Carnival shares increased by nearly 40%.
“This is a very positive development for the world, and, of course, our company and our brands, as well as the cruise industry. It is too early at this point to determine the impact this may have on the conditional sail order in the U.S., if any,” Carnival told CNBC.
Expedia shares are up 20%, on pace for its largest percentage increase since 2012.
Meanwhile, airline shares are up with Spirit Airlines leading the way with a 26% increase.
Pfizer’s breakthrough has led to hopes that people will begin willing to start traveling again.
A recent study found that at least 28 percent of travelers would wait to fly until after a vaccine.