Technology that reduces contact and speeds transactions will be a key part of a restaurants recovery toolkit.
Asia-Pacific had to contend with round two of the coronavirus in April. A second wave of cases, in areas such as Singapore and Hong Kong, resulted in a new ramp up of containment measures. The result was a 124.1% YOY plunge in GOPPAR to a historical low of -$13.92 for the region.
By all accounts, the Covid-19 pandemic has wreaked near-term havoc on the U.S. economy in general and on the hospitality, tourism and leisure industries in particular. While the Fed Chairman and hotel industry leaders concur that there will be positive GDP growth in the third and fourth quarters of 2020, none believe we will get back to where we were quickly.
The International Air Transport Association (IATA) released data for global air freight markets in April showing that demand dropped 27.7% compared to the same period in 2019 – the sharpest fall ever recorded. Still, there was insufficient capacity to meet demand as a result of the loss of belly cargo operations on passenger aircraft.
PwC US Hospitality Directions- May 2020
US Travel Agency Seven-Day Air Ticket Volume and Other Variances Ending May 31, 2020
U.S. hotel gross operating profit per available room fell 116.9% year over year in April, according to STR's monthly P&L data.
During the week of 17-23 May, Canadian hotel occupancy dropped 71.5% to 18.9%, ADR declined 39.3% to 101.99 Canadian dollars ($74.07) and RevPAR fell 82.7% to CA$19.28 ($14)
Data by SiteMinder today reveals that global hotel bookings in May were more than double Aprils YoY volume. The SiteMinder World Hotel Index shows bookings rose 137% over the four weeks from 29 April to 27 May, from 10.70% to 25.33% of 2019 levels.
STR data ending with 23 May showed another small rise from previous weeks in U.S. hotel performance. Year-over-year declines remained significant although not as severe as the levels recorded in April.