As the Corona Virus reaches more people, states, and countries, less people are willing to risk traveling. Airports pose the threat of germs all over the place. Additionally, sitting on an airplane means being within the proximity of a stranger who could have possibly anything. It is a big risk especially for the elderly members of society or those with preexisting diseases (especially those pertaining to the lungs).
However, millennials see it differently. With many of their college classes being cancelled, moved online, or as they get to take an early "spring break," they see it as advantageous. Since the demand for planes is relatively elastic, it can be demonstrated here that as the price ( of the flights) decrease the total quantity demanded increases. Airlines are offering flights at an extremely cheap rate, as they are essentially begging consumers to buy their tickets. Air travel is projecting to lose up to a whopping $113 billion due to the reduced demand of flights brought on by the virus.
Millennials, or young adults in general, often are unable to afford expensive trips due to the price of the plane tickets, hotels, and all the additional costs associated with a vacation. With many people feeling the need to quarantine or stay home, young people feel like it is their time to adventure. They basically have no need to be worried about getting sick and dying as the fatality rate is extremely low for them.
While it may be a positive thing for people willing to travel, it is hitting businesses, like the hotel industry hard. Many of them are having to shed some of their employees as the average total cost is exceeding the demand they are receiving. It is becoming inefficient to have so many employees when the industries have barely any customers.
As the issue of the Corona Virus worsens, so does its effects. What would you do? Take the risk of traveling and maybe try to help those failing industries? Or would you rather ensure your total safety?
Sources:
https://www.houstonchronicle.com/business/article/Corona-hospitality-15109328.php
https://www.nbcnews.com/news/us-news/young-people-capitalize-cheap-coronavirus-flights-if-i-die-i-n1154326
In my opinion, traveling during a global pandemic seems like a selfish move, because you are putting others at risk of infection. Even if you will most likely survive getting the virus, there those you might interact with when you travel that are vulnerable to this disease.
ReplyDeleteI understand how many young adults may view opportunity cost of taking a trip given the current expenses to be higher than staying home for weeks on end. While people may be able to maximize utility for themselves by taking trips at extremely low prices, I don't think that it is advisable due to the risk of getting sick or getting others sick. I think most of the public still is afraid of going on trips, so the airline and hotel industry will probably be hit hard regardless of how much they try to lower prices.
ReplyDeleteI can understand millennials being more likely to take the risk, as the consequences are less, however them getting sick brings rise to a larger issue with who they come into contact both directly and indirectly. While I understand it is up to them whether to take the risk, it is selfish to ignore the consequences your infection could have on others. The price drops do appear as rather large incentives and ecouragments. I wonder how airline workers feel... is it worth the risk.
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