HOTEL OCCUPANCY RATES THIS SUMMER EXCEEDED THE PRE-PANDEMIC LEVELS
According to the analysis of Amadeus' Agency360 and Demand360 data, global hotel occupancy this summer averaged nearly 70%, an increase of about 5% over the summer of 2019.
After a summer of recovery, the data show "strong recovery" indicators for the remainder of 2022 and "evidence of growing traveler confidence" as 2023 is approaching.
The data indicate that the global hotel occupancy rates "exceeded the pre-pandemic levels consistently throughout the summer." For July and August 2022, hotels averaged 67% occupancy globally, compared to an average of 64% over the same period in 2019 - a 3% increase from three years ago.
These positive trends for staycation bookings indicate continued consumer confidence, laying an excellent foundation for a strong fourth quarter with booking data already exceeding the 2019 bookings.
Group travel should benefit from a strong trade show and conference season in the fourth quarter. Global group occupancy remains at only 1-2% of pre-pandemic levels for the remainder of 2022 as the conference sector begins to rebound.
"Opportunities to come together must be maximized to have the greatest impact. We need to design events that are worthwhile, where participants come back motivated and solutions are created. The power of human relationships is the most valuable resource," added Mariela McIlwraith, Chief Sustainability Officer, Events Industry Council (EIC) Centre for Sustainability and Social Impact.
Business travel is also seeing a steady recovery as the year progresses. According to the analysis, 2022 is closing the gap on 2019 levels, and "hotel bookings across all major global distribution systems (GDSs) were up 98 percent in August 2022" compared to January 2022.
"At the beginning of this year, hotel booking volumes were 62% lower than 2019, but this gap has gradually narrowed over the course of 2022, with global hotel booking volumes in August finishing just 23% behind 2019 levels."
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Originally posted on: https://www.tourism-review.com/hotel-occupancy-rates-finally-picked-up-news12741