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A huge number of travelers immediately cancelled their flights, and others decided not to go on any big trips.
In other words, the demand for air travel plummeted.
The demand for hotel rooms, travel agents and dozens of other travel-related services also shrank
considerably overnight. Travel service producers were faced with a supply
that far outweighed demand. The airline industry, for example, had way too many empty seats on its flights.
To deal with this turn of events, travel producers had to reduce both the price and supply of their product.
In the airline industry, this meant reducing ticket
prices as well as cutting back on the number of flights. Reducing
supply and price meant that the travel producers did not need to consume as much labor.
Consequently, they had to lay off a lot of their workers.
With a much smaller income, the laid-off airline workers had to reduce their spending.
This reduced the demand for other products, contributing to cutbacks in other industries
and setting off similar spirals.