Horwath HTL Sentiment Survey: Singapore Hotels and the impact of COVID-19
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.
- 62% of respondents believe the impact will be felt for more than 6 months and 55% felt it's 'much worse' than any previous health scares
- Total revenue performance for 1H2020 is expected to be down 50% or more (83% of respondents)
- Total revenue performance for FY2020 is expected to be down 50% or more (62% of respondents)
- All market segments are expected to bounce back post pandemic with the fastest being Corporate, followed by Leisure FIT, Leisure Group and finally MICE
- Significant majority (> 90%) of respondents have implemented contingency plans from both cost and revenue perspectives
- Government assistance sought (top 3): subsidies (54%), reduction of levies (34%), tax breaks (25%)
About Horwath HTL
Horwath HTL is the world"s largest hospitality consulting brand with 45 offices across the world providing expert local knowledge. Since 1915 we have been providing impartial, specialist advice to our clients and are recognized as the founders of the Uniform System of Accounts which subsequently has become the industry standard for hospitality accounting. We focus one hundred percent on hotels, tourism and leisure consulting and have successfully completed over 16,000 projects. If you have any questions, please contact James Chappell, Global Business Director at [email protected].