DALLAS—RateGain, a SaaS company for travel and hospitality, has released the second edition of the report on assessing the global impact of COVID-19 on the hospitality industry in collaboration with Ideas Revenue Solutions and HSMAI Europe. The report tracks week-wise room reservations and cancellation trends from more than 20 countries across the globe, giving a comprehensive view of the current state of the industry and strategies that hospitality professionals can leverage to cope with the crisis.
The second edition of the report compares data from February 1st to April 19th, 2020, with the previous year to determine if the overall health of the industry was improving compared to the first edition that was released in March, which confirmed a 16% decline in reservations.
In the latest edition, 18 destination countries out of 20 show considerable improvement with Argentina (60%), Brazil (45%), Czech Republic (65%), Japan (28%), Mexico (33%) and Oman (67%) leading those trends in week-over-week reservations observed until the week ending April 19th.
Commenting on the report, Harmeet Singh, CEO-RateGain, said, “While the outbreak of COVID-19 is affecting hotels’ forward reservations, there are recovery efforts being made by industry associations, governments, hotel chains, technology organizations and tourism boards. With all of us working together, we believe that the markets will recover faster. However, what’s most important between now and the post-corona[virus] era is the continuous preparation for the recovery. The second edition of the study, “COVID-19 & The Hospitality Industry Worldwide,” is, therefore, an effort to help the industry learn from the country-wise hotel reservation and cancellation trends, to understand the market pulse, respond to critical developments, revisit the short-term revenue management strategies, and prepare for the recovery.”
The report findings also suggest that as a region, except Asia-Pacific, Europe, Americas, and the Middle East are not only seeing a recovery in reservations but also seeing a higher number of reservations as compared to 2019 levels. However, this growth is offset by an increase in cancellations as well, with lockdown measures being extended in some markets.
“During this difficult time, we understand and sympathize with the challenges our clients face today and in the coming months. Our strategic collaboration with RateGain is focused on bringing added value to our common clients to ensure they can integrate rate shopping data seamlessly with our revenue science,” said Ravi Mehrotra, president, founder & chief scientist, Ideas Revenue Solutions.
In addition to providing free analysis and coping strategies, RateGain is also committed to 1000-plus hours of free consulting sessions to help travel and hospitality professionals with coping strategies and steps.