Explain the challenges in a macro-level market and industry analysis that face the Turkish tourism industry in the time of coronavirus

From a macroeconomic level, the Turkish tourism industry will suffer from a lack of demand due to travel bans and public health concerns related to the coronavirus pandemic.

• Since less people can travel and fewer people want to travel, the demand curve shifts to the left, causing the price of hospitality services (e.g. guided tours) to decrease.

Unfortunately, it is impossible to predict if these challenges will still exist in 5 years. However, it is important to note that it is not only a matter of finding a vaccine for the coronavirus before the Turkish tourism industry picks up steam again: The virus has brought on financial hardship for many families and this in turn limits their ability to travel for leisure (i.e. tourism). Therefore, it can be said that these challenges will exist to a certain extent until (1) the public health fears have been tamed (e.g. a cure or vaccine has been found) and (2) the world economy re-stabilizes and people have more income at their disposal for leisure activities.