2021 Chinese New Year Impact

STR | April 19, 2021

One of the largest global celebrations each year is, undoubtably, Chinese New Year. Although the celebration this year (11-17 February 2021) felt different for the country, there was a noticeable impact around hotel performance. Rather than compare with performance during 2020 Chinese New Year dates, which was significantly lower because of the early stages of the COVID-19 pandemic, STR compared the festive periods of 2021 and 2019. One week before the festive period in 2021, both corporate and leisure demand slowed in Mainland China. On 11 February, the market saw an occupancy level of only 17.9%, which was just 11 percentage points lo...