Luxury Tourism Recovery Quicker Than Budget Tourism in US Due to Increase in High-Net-Worth Individuals
GlobalData | January 24, 2022
The pandemic has transformed many travelers into high-net-worth individuals and made the super-wealthy even wealthier, according to GlobalData. The leading data and analytics company notes that 29% of respondents in one of its live polls state that their budgets are ‘a lot’ or ‘slightly’ higher than pre-pandemic. The luxury leisure market experienced a strong start to recovery as wealthy consumers, now with higher levels of disposable income, began to travel once again in 2021. When looking at the US specifically, GlobalData found that total hotel revenue from leisure travelers for luxury hotels showed the strongest recovery in 202...
GlobalData | August 27, 2020
The surge in domestic tourism following COVID-19 has not curtailed as holiday-makers turn to staycations over international travel. This domestic tourism, which was once a knight in shining armor met with gratitude by residents in European hot spots, is now a cause for despair as they see the all-too-familiar scenes of overtourism, says GlobalData, a leading data and analytics company. Ralph Hollister, Travel & Tourism Analyst at GlobalData, comments: “There has been a steep fall in demand for international trips this summer due to fears of cancellation, disease transmission and quarantine measures upon return. According to GlobalDat...
Airbnb’s Adaptable Business Model and Cost-Cutting Measures Have Revived Hopes of a 2020 IPO, Says GlobalData
GlobalData | June 29, 2020
A few months ago, the chance of Airbnb’s planned IPO going ahead in 2020 was slim to none. As the COVID-19 pandemic swiftly ground domestic and international travel to an abrupt halt, travelers cancelled their bookings en masse and its host community looked to list their properties elsewhere. However, Airbnb’s recent performance means that a stock market launch is now once again a possibility says GlobalData, a leading data and analytics company. Ralph Hollister, Travel and Tourism analyst at GlobalData comments: “One of the first forms of tourism that has returned is close proximity domestic travel – or staycations. Airbnb’s nim...
GlobalData | May 12, 2020
Following the recent announcement of Marriott’s Q1 results; Ralph Hollister, Analyst, Travel & Tourism at GlobalData, a leading data and analytics company, offers his view on the situation: “Marriott significantly missed already lowered estimates for first-quarter profit. Alike its competitors, bookings plunged in the later stages of Q1 as restrictions on movement became more draconian around the globe. Factors that contributed to the loss that were specific to Marriott included guaranteed reserves of $148m, as well as impairment charges and bad-debt expenses. “Although adjusted earnings of $0.26 per share severely lagged e...
Hotels Need to Demonstrate How They Can Ensure Highest Levels of Hygiene Post-COVID-19, Says GlobalData
GlobalData | April 28, 2020
The tourism sector needs to be prepared for considerable changes in consumer demands when restrictions are lifted and demand for travel returns. In particular, the lodging industry needs to be prepared for guests now demanding the highest levels of hygiene and sanitation, says GlobalData, a leading data and analytics company. Ralph Hollister, Travel & Tourism Analyst at GlobalData, comments: “Post-COVID-19, consumers will be likely to place as much importance on hotel hygiene standards as they will on price and location. Fears over contracting the virus will live on far after the pandemic is over. Due to the large scale of many hotel...
Hotels Are Right to Prioritize Loyalty Schemes Over Rate Reductions During and After COVID-19 Pandemic, Says GlobalData
GlobalData | April 1, 2020
Major players in the hotel industry are using loyalty schemes in order to create value for their customer base and increase demand during and after the coronavirus (COVID-19) pandemic. Ralph Hollister, Analyst, Travel & Tourism at GlobalData, offers his view: “Instead of advertising future room rates at discounted prices, offering perks through loyalty schemes means that hotels can protect their pricing and margin strategies. “Providing added value instead of price reductions such as offering reward extensions, as Hilton have done, or following IHG’s lead and lowering the entry requirements for their next loyalty tier, shou...
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