By sector, we expect spending on travel, leisure and hospitality to experience a strong revival, including transport infrastructure and beverage sub-sectors, where longer-term secular drivers are also favourable. A recent J.P. Morgan survey in Europe* suggests domestic and short haul traffic will recover faster than long haul. A favourable shift towards using Online Travel Agents when booking a hotel versus pre Covid-19 was noted, driven by a desire to compare hygiene ratings between hotels, as well as the best hotel deals. Meanwhile, thinking longer- term, most respondents expected to do less business-related travel, with virtual meetings replacing the need to travel.

In assessing opportunities amid Europe’s re-opening, it is critical to be mindful that the pandemic is driving changes in consumer behaviour. Many of these behavioural changes may endure beyond the end of this crisis.

For the consumer service sector in Europe, the pandemic is an invitation to adapt to consumers’ changed expectations and re- imagine the customer experience.

For example, at J.P. Morgan Private Bank, we see digital transformation across all industries as a prevailing megatrend that can continue to disrupt the status quo for years to come. For consumer service providers across Europe’s travel, leisure and hospitality sectors, longer-term competitive positioning could be enhanced through investments in app-based or ‘’at home’’ services, digital payments, augmented or virtual reality.

Europe is healing. After a very dark year, there is light at the end of the tunnel. As vaccines are deployed and lockdowns come to an end, the region’s mobility-oriented economy stands to play catch-up. Over the short term, the opportunity to normalize depressed service sectors will be a key growth driver. Harnessing this re-opening and adapting to the new normal will be the key to thriving in the years ahead, as the Covid-19 pandemic eventually fades.

*Inaugural J.P. Morgan Air Travel & Hotel Survey, J.P. Morgan Cazenove, February 2021.

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