industry market projections
WTTC Says UK Is Heading to ‘Worst Case Scenario’ Threatening Nearly Three Million Travel & Tourism Jobs
August 4, 2020
London, UK: Nearly three million jobs in the UK - and 197 million worldwide in the Travel & Tourism sector globally - look set to be lost due to the collapse of travel, according to the World Travel & Tourism Council (WTTC). WTTC economic modelling conducted less than two months ago predicted this ‘worst case scenario’ would occur if barriers to global travel, such as quarantine measures and blanket travel restrictions were to remain in place. While some travel bans have been removed, many others remain, with new restrictions likely to come into force to tackle the continuing threat posed by COVID-19 and possible second spik...
COVID-19 Causes Modest Shifts in 2020-21 School Break Calendars
STR | July 27, 2020
HENDERSONVILLE, Tennessee—While questions remain regarding the return of in-person learning in schools throughout the U.S., STR’s annual School Break Report shows only modest shifts in academic calendars for the upcoming year. The report summarizes vacation break dates in 2020-21 for a robust sample of U.S. public K-12 school districts, colleges and universities. As a result of COVID-19 shifts in previously approved calendars, STR implemented extra measures to ensure the accuracy of 2020-21 calendar data with additional information included regarding e-learning (remote) scheduling and other specialized data points. “Aside from the...
STR: U.S. Hotel Performance for Q2 2020
STR | July 22, 2020
HENDERSONVILLE, Tennessee—Due to the COVID-19 pandemic, the U.S. hotel industry reported its worst quarter on record during Q2 2020, according to data from STR. In a year-over-year comparison with Q2 2019, the industry posted the following: Occupancy: -52.1% to 33.5% Average daily rate (ADR): -37.1% to US$83.59 Revenue per available room (RevPAR): -69.9% to US$27.98 The absolute occupancy and RevPAR levels were the lowest for any quarter in STR’s U.S. database. The year-over-year declines in the each of the three key performance metrics were the worst for any quarter on record. Among the Top 25 Markets, Oahu Island, Ha...
Recovery Is When Gen Zers and Millennials Travel for Business
Linchi Kwok | July 15, 2020
By Linchi Kwok Gen Z and Millennials are key to travel industry’s recovery That was the headline of a Travel Pulse report, which quoted a GlobalData survey. The survey suggests that younger and wealthier travelers would be the first to resume international leisure travel when the COVID-19 restrictions are lifted. Both generations belong to the younger group of travelers, with the oldest Millennials just turning 39 this year. That assumption is probably right, but Gen Zers and the Millennials have their concerns too. For example, Gen Z – “A worried generation” Gen Zers are those who were born after 1996 or 2000, dependi...
Economic Theories on COVID-19’s Impact on Hospitality and Tourism
July 13, 2020
Fever, dry cough, and tiredness. These are the COVID-19 symptoms according to the World Health Organization (WHO). Yet those are also the textbook symptoms that the world economy is experiencing today. What is missing is a small footnote that says, “By the way, watch out for the return of the Say’s Law”. If we were at the doctor’s, we would then ask: “Is it serious?” The answer would be: “It depends, we don’t know much about it!” Well, why not? COVID-19's negative impact on the aggregate demand and aggregate supply The COVID-19 crisis, like the 2008 crisis, led to a substantial drop in demand: customers don’t consume, gu...
The Shorter The Better: ‘Quickie Trips’ Are Trending as a Majority of Americans Look to Travel This Summer With Added Precautions
Hotwire | July 8, 2020
SAN FRANCISCO, July 8, 2020 - After months of quarantine, Americans are reporting feelings of isolation, burnout and that they are in need of a break, but have yet to take one. A new survey* conducted by online travel site Hotwire® reveals 62% of Americans haven't taken a vacation day since the start of COVID but interest in local travel and shorter trips is rapidly growing. In fact, 72% of Americans are still planning or are interested in summer travel this year, despite taking added precautions to stay healthy. As people slowly look to test the travel waters, Hotwire has teamed up with brain-health expert and New York Times Best Selling A...
Baird/STR Hotel Stock Index rises 1.7% in May
Baird | June 9, 2020
HENDERSONVILLE, Tennessee, and MILWAUKEE—The Baird/STR Hotel Stock Index rose 1.7% in May to a level of 3,232. Year to date through the first five months of 2020, the stock index was down 38.7%. “Hotel stocks were relatively flat in May, which reflected underperformance during the first part of the month but a sharp reversal in the back half of May as the broader re-opening trade gained momentum and stock prices recovered,”said Michael Bellisario, senior hotel research analyst and director at Baird. “Industry data continues to be less bad on a sequential weekly basis, and investors’ worst-case zero-occupancy scenarios, which incl...
