COVID-19 sparks a dramatic 41.4% fall in the sector’s contribution to GDPMore than two million jobs lost in 2020 due to the effect of the pandemic on the sectorThe return of international travel this year could see GDP contribution rise by 48.5% and jobs recoveredReturn of international travel will provide a much-needed boost to its economy
In 2020, under the influence of COVID-19, Horwath HTL conducted a special Sentiment Survey on the Influence of the Novel Coronavirus Outbreak in February, June, September and December of 2020 and March of 2021.
COVID-19 sparks a dramatic 45.5% collapse in the sector’s contribution to GDP84,000 jobs lost, while many more remain protected by the job retention schemeHowever, the return of international travel this year could see GDP contribution rise sharply and jobs returnWTTC recognises the government for its effectiveness in managing the crisis through the implementation of processes, policies, and protocols
Economic activities in major Indian cities have been severely affected with the second wave of COVID-19 pandemic, which led to full or partial lockdowns across the country. Against this backdrop, the combined real GDP growth of nine major Indian cities has been revised downward to 9.28% in May 2021 from the earlier projection of 9.61% in January 2021, reveals GlobalData, a leading data and analytics company.
OTA Insight, the cloud-based data intelligence platform for the hospitality industry, has revealed that leisure travel is making a strong recovery in Australia, with the Gold Coast and Cairns among most popular destinations for Australians looking for a winter escape.
Governments across the globe are continuing their race to vaccinate citizens amidst rising concerns about new variants and soaring cases in some parts of the world. Globally, over 1.3 billion doses have been given so far and 4.2% of the global population is fully vaccinated, as per the Our World in Data website.[1] While some countries such as Israel, Seychelles, Maldives, UAE, the US, and the UK are way ahead in the race, others are slowly catching up.
Sydney's hotel industry reported its highest occupancy and revenue per available room (RevPAR) in 14 months, according to preliminary April 2021 data from STR.
New statistics from Accor, the largest hotel operator in the Pacific, are showing that Queensland has recorded the fastest and most sustained rate of tourism recovery over the past year compared to all other States in Australia.
Traveler preferences have evolved drastically since the onset of the pandemic. Social distancing, hygiene, cleanliness, safety, and privacy are the main priorities for travelers post the pandemic. An increasing number of people now consider smaller, independent, and private spaces to be 'safe havens' for travel. These evolving preferences have been driving the growth of vacation home rentals in India during the last year.
In January 2021, the Nikkei-225 Stock Average reached a peak not seen in 30 years, despite the third wave of COVID-19 cases. However, the real economy remains sluggish. As such, JLL Japan Research released the monthly Recovery Index – a comprehensive indicator to visualise how the socio-economic situation, which was hit hard during the pandemic, is recovering. The index shows that the momentum of the recovery are largely depending upon government measures.
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.
The Republic of Singapore is a metropolitan city-state and island country in Southeast Asia with a total land area of an estimated 714.3 square kilometres. It is situated at the southern tip of the Malayan Peninsula, between Malaysia and Indonesia. With an economy supported by its growing population of approximately 5.7 million people, Singapore has witnessed remarkable record of sustained economic growth throughout the years and bolsters its role as a global commerce, finance and transportation hub.
Mumbai's rapid hotel performance recovery is projected to return to more moderate levels, according to a recent market forecast from STR and Tourism Economics.
Beijing's hotel industry reported its highest room rates in 15 months, according to preliminary March 2021 data from STR.
Hangzhou, the capital and the most populous city of Zhejiang, has been traditionally known as a tourism city for popular sights including West Lake and Lingyin Temple.
India hotels achieved a 50% occupancy level in February, which was the first time the country eclipsed that monthly mark since the start of the pandemic.
Indonesia finished 2020 in similar shape as its regional peers. Domestic demand was strong enough to lift hotel occupancy from pandemic low points but not sufficient to overcome the void in international travel. As Indonesia moves through the early part of 2021, the impact from lost international demand is most obvious in Bali, which continues to trail the country's regional markets in the recovery process.
The popularity of homestays has increased manifold in the post-COVID era when social distancing, cleanliness, hygiene, and privacy have become the top priorities for travelers.
One year after the pandemic decimated global tourism, Horwath HTL Indonesia and C9 Hotelworks, take a quick look at full year 2020 hotel market performance and demand trends in Bali.Bali hotels have struggled to keep afloat, domestic tourism has provided a lifeline but hotel performance hit rock bottom. Not surprisingly much of the expected new supply is also in limbo. In residences, a new trend has appeared in luxury property sales.
Amid tightened restrictions, Melbourne's hotel industry reported lower performance levels compared with previous months, according to preliminary February 2021 data from STR.Year-over-year declines remained significant in comparison with February 2020: