This sentiment survey was conducted by Horwath HTL Singapore, in conjunction with the SHA (Singapore Hotel Association) to gauge the initial impact of the COVID-19 pandemic.
Hotel Sentiment Survey 2020, Singapore
The survey received an unprecedented 66 responses, representing 23,924 rooms, with the following key takeaways:
- 62% of respondents believe the impact will be felt for more than 6 months and 55% felt it’s ‘much worse’ than any previous health scares
- Total revenue performance for 1H2020 is expected to be down 50% or more (83% of respondents)
- Total revenue performance for FY2020 is expected to be down 50% or more (62% of respondents)
- All market segments are expected to bounce back post pandemic with the fastest being Corporate, followed by Leisure FIT, Leisure Group and finally MICE
- Significant majority (> 90%) of respondents have implemented contingency plans from both cost and revenue perspectives
- Government assistance sought (top 3): subsidies (54%), reduction of levies (34%), tax breaks (25%)
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