The world is still coming to terms with the COVID-19 outbreak and there is no doubt that the pandemic will change the world as we know it. With the globalized world going into partial or complete shutdown, the overall impact on human life, economic growth and businesses is immeasurable, both in the short term and long term due to the uncertainty as things evolve.
As COVID-19 concerns and restrictions have intensified in India, the country's daily hotel occupancy dropped to 11% during 23-29 March, according to preliminary data from STR. "India remained resilient in February—in comparison with other APAC markets that were more deeply affected—thanks largely to robust domestic demand coupled with the low number of COVID-19 cases in the country at that time," said Vidhi Godiawla, STR's business development manager for South and Central Asia. "The story was different in March, especially during the later portion of the month with year-over-year occupancy declines in excess of 80% for the last nine days we have processed. These declines are consistent with the significant measures taken by Prime Minister Modi to combat the spread of the virus, and the extent of these measures will determine the hotel performance impact in the short to medium term."
To assist the international markets build prediction models on the economic recovery post COVID-19 confinements, lockdowns and crisis we are publishing frequent updates from all the industries of Shiji's Chinese operations. We hope this can help management, strategy, marketing and operations teams of the various industries to develop their own plans for recovery and give some points of reference in this unique situation.
Mainland China's daily hotel occupancy reached an absolute level of 31.8% on 28 March, up from a low of 7.4% during the first week of February, according to preliminary data from STR. Additionally, opening rates have been significant in key markets across the region."We're seeing green shoots in hotel occupancy figures, but we must stress that these are only early signs of a recovery that is likely to develop slowly," said Christine Liu, STR's regional manager for North Asia. "Some of the demand stems from corporate travel, primarily within the same province, as well as small-scale meetings. Additionally, hotels are seeing business from those travelers quarantined after returning to China from other countries as well as those returning to cities for work. Overall, we're seeing limited leisure business in city centers but a bit more recovery in that segment in surrounding suburbs."
Shanghai Jinqiao Export Processing Zone is located at Pudong New District, Shanghai. Jinqiao used to be a state-level economic and technological development zone established at the beginning of Pudong New District's development in 1990, with a planned area of 27.38 square kilometers.
This sentiment survey, conducted by Horwath HTL Hong Kong, was specially designed to examine the impact of the COVID-19 pandemic on the outlook for the Hong Kong hotel market. In addition, the overall Hong Kong hotel market performance in 2019 was included to review the impact of the social campaign to the industry.
From the 2020 Chinese Spring Festival, Covid-19 spread in China. Hubei Province was the first and worst-hit area. Successively, the contagious virus reached cities and towns all over the country within a few days. The Chinese government quickly responded to the outbreak, initiated various measures and policies to help people pull through.
This sentiment survey was conducted by Horwath HTL Singapore, in conjunction with the SHA (Singapore Hotel Association) to gauge the initial impact of the COVID-19 pandemic.
This sentiment survey was conducted by Horwath HTL Indonesia, in conjunction with the PHRI (Indonesian Hotel & Restaurant Association) to gauge the initial impact of the COVID-19 pandemic. The survey was open from 6 - 13 March, received an unprecedented 676 responses, with the following key takeaways:
Across the Shiji Group product lines we are sharing data on how the COVID-19 crisis is recovering for other markets to use in their analysis and planning. We have looked at the transaction volumes across all our payment integrations to help give some comparable information. A few key points:
As COVID-19 continues to unfold, industries, sectors and organizations everywhere are making feverish attempts to find ways and means to handle the challenges that stare us all in the face. While it is evident that no single enterprise can remain immune to the bleeding, some industries have the unfortunate disadvantage of being bruised in the jugular. The hospitality sector is entirely dependent on travel, trade and tourism for its sustenance.
Following the market's prosperity in the past few years, hotels across all segment have started to witness hindering economic growth, resulting in a softer performance in 2019. The unexpected outbreak of COVIC-19 has swept away the majority of the demand in the market. As the number of travel advisory continues to heighten, concerns over air traffic and tourism spending are increasing among the public as people are reluctant to travel. The following article gives a brief overview of Phuket, its tourism industry, and the recent dynamics of the local lodging market.
Active COVID-19 cases in China peaked on 17 February. Since then the number of active cases has been reducing rapidly. To assist hotels around the world in forecasts during the crisis we are publishing information of how the Chinese market is rebounding reservations since the peak of the epidemic. We hope this can give some comparison of how the hotel market could pick up in other countries. Some Takeaways:
Reservations for domestic flights and hotels in China are recovering from a coronavirus-induced slump as people return to work across the nation, online travel company Tongcheng-Elong Holdings Ltd. said.
STR's preliminary data for Melbourne, Australia, shows lower hotel performance levels in February 2020 and the first week of March. February preliminary data:
OYO's Chinese rival H Hotel, a budget hotel chain backed by Shanghai-based hospitality group Huazhu and venture capital firm IDG Capital, has now been merged with Huazhu's economy hotel brand Elan, according to an announcement by the Huazhu Group on March 9.
2019 was business as usual (aka difficult) for hotels in Bali. There were no airport closures, nor earthquakes but the market was rocked by a big fall in Chinese arrivals and a duopoly of national airlines charging exorbitant airfares forcing domestic tourists to vacation abroad. All the work done = flat occupancy, flat rates and flat RevPAR across the market in 2019. Hotels in Jimbaran/Uluwatu & Ubud faired best, recording strong RevPAR growth together with luxury hotels which maintained RevPAR YOY.
Nearly a quarter of India's women professionals (23%) travel at least once a month for business, compared to just 7% who travel solely for leisure with the same frequency, according to new research from Indian Hotels Company (IHCL)1.
Market sentiment in China has plummeted to a historically low score, with the degree of pessimism reflected across all regions in China. The China Hotel Market Sentiment Survey is designed to provide the China hotel industry with a quick assessment of the future market prediction. We have conducted the sentiment survey regarding the influence of the coronavirus outbreak in order to assess its impact on the market.
As hotel occupancy plunges to a single digit, Hong Kong's leadership toward one of its most important industries is being put to the test during the coronavirus crisis. So is the leadership of hotel CEOs in keeping their companies whole.
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