Many European Travelers Likely to Budget More When Booking a Holiday Due to Inflation, Says GlobalData
GlobalData | July 22, 2022
With national inflation rates increasing dramatically in recent months across Europe, the purchasing of cheaper tourism related products and services has allowed many European travelers to satisfy their desire of holidaying abroad while ensuring they can make ends meet back at home, found GlobalData, a leading data and analytics company. Ralph Hollister, Travel and Tourism Analyst at GlobalData, comments: “This level of inflation would be expected to severely dampen demand for international travel. However, stories of packed airports across Europe continue to emerge, demonstrating that the pandemic induced demand for international trave...
HotStats | June 27, 2022
Some forecasts make sense. George Carlin once astutely predicted the night’s weather: dark. On the other hand, handicapping the future—especially the economy—is a fool’s errand. Here’s what Jamie Dimon once said about it: “No one can forecast the economy with certainty.” If the CEO of JPMorgan Chase can’t do it, good luck to anyone else. His comment rings more true than ever. COVID-19 cast the hotel industry into a free fall and just as the global recovery began to germinate, along came inflation, supply-chain distress, labour shortages, exploding energy and fuel costs and a host of other severe issues that make running a h...
Mandeep S. Lamba | June 23, 2022
By Mandeep S. Lamba, Dipti Mohan Inflation is soaring in many countries due to a combination of factors such as rising fuel prices, ongoing supply disruptions, strong demand, and the Russia-Ukraine war. While the central banks around the world are raising benchmark interest rates to try to control the situation, inflation is likely to remain high in the near term. For instance, the US recorded four-decade-high inflation in May 2022, prompting the Federal Reserve to raise interest rates by 75 basis points (bps), the largest rate increase since 1994. A similar pattern can be seen in the UK and several other countries. India, also, recently r...
HotStats | November 17, 2021
The supply chain crunch and inflation are compounding what’s already a nettlesome recovery for hotel owners and operators. Though hotels offer nightly leases, allowing for the repricing of rooms on a dynamic basis, other revenue-generating outlets are more intransigent—a problem when inflation is soaring. “While we can push the envelope with room pricing, there are static parts of our business—such as parking, resort fees and retail—that you can’t reprice,” said Chris Cylke, COO of asset manager RevPAR International. Concurrent supply chain issues impacting OS&E and FF&E and hourly wages rising are taking a t...
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