Recently bumped onto this impact assessment study by HSMAI APAC and RateGain, a travel technology company that might be helpful for hoteliers. It showcases the recent reservation trends across various regions including APAC, Europe, Middle East & Africa and Americas by leveraging data points collected from over 130,000+ properties listed on their network.
It is a detailed representation of answers to the key questions like how the epidemic is impacting the hotel bookings in particular countries or region, are the cancellations up, what can we do about it, answered by experts in the industry.
Key insights gathered from my understanding,
Cancellations: There has been an increased number of cancellations contributing significantly to the hotel revenue leakage. We need a plan to not only increase bookings but decrease cancellations
APAC: As of 16th March (end date of the research), COVID 19 has wiped out ~20% of the hotel business in APAC Region. Small Hotels are taking the biggest hit.
Europe: From Jan 19th to March 16th, a week on week analysis suggests that during week 5, the booking rate started to decrease. It dropped 10% in week 6, followed by a 23% drop in week 7 and a massive 33% drop in week 8. The booking numbers will go down in the coming weeks
Response of Hotels to the Corona Effect: 3 Point Roadmap for Crisis Management, 9 Point Roadmap for Business Recovery
Would strongly suggest every revenue manager to read this report and gain insights to tackle the pandemic in these testing times. We shall overcome this and come out of it stronger!
What is your thoughts on this ?
Yes it is noticed widely in many countries across the world that forces have been brutal with citizens in terms of lockdown.I am also quite worried as I am short of effective content to write my assignment for me online in AU before submission time.If anyone could help me.Thanks in advance.
Rising restrictions on movement of people and isolation in Europe and North America are hitting the service sector hard, especially in industries with physical interactions such as retail, leisure and hospitality, entertainment and transportation.
The severity of the economic impact - moderate or severe recession - will largely depend on the duration of travel restrictions and restrictions on economic activity in the leading developed economies, and on the actual size and effectiveness of fiscal responses to the crisis. Although I think that many business owners can improve the situation by resorting to new software. You can so look for long reviews and suggestions for effective software. But will it be effective? So I think you better get in touch with Development Process Consulting Techstack https://tech-stack.io/services/development-consulting This company has extensive experience in the implementation and support of IT projects for various business areas. Techstack will be able to identify potential problems, risks and weaknesses, as well as immediate opportunities to improve all aspects of your process.