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25.08.2023 - 13:47 / skift.com / Asia Pacific / Saniya Zanpure
The global score of the Skift Travel Health Index remained stable at 97, as per our latest March 2023 update. This is unchanged from the previous month.
The latest March 2023 Highlights report shows that hotels and vacation rentals witnessed a slight decline over the last month but the car rental sector improved 3 percentage points month-on-month, thus stabilizing the index. We feel that the industry needs a push to achieve the last leg of recovery.
In the U.S. and Europe, however, there are growing signs that inflation is set to impact travel demand. Skift Research’s multi-country survey for business travelers shows that respondents in the U.S., UK, and Australia are pessimistic about the economic conditions in the country and feel that it will have an impact on travel. They reported that companies have started or are expected to start scaling back business trips.
Asia Pacific, and especially India, is a different case. Projected to surpass China as the most populous country in 2023, India is expected to become the new China in the next five years. Since mid-2021, travel performance in India has been the driving force for Asia Pacific’s travel recovery.
Although domestic demand spearheaded travel recovery in India, international demand has now caught up, both being above 2019 levels.
OTA Insight data shows that hotel published rates in India have grown on average 35-40% above 2019 levels in the last year.
While there is talk of the slowing down of the economy, Indians remain optimistic. Skift Research’s survey had 94% of Indians responding that they expect business travel spending to increase in 2023 and around 74% of respondents expect an increase in personal spending on leisure travel this year.
More analysis can be found in our March 2023 Highlights report and on our Skift Travel Health Index data dashboard.
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Here are the top stories from the Daily Lodging Report newsletter in the past week. Get news on hotel deals, development, stocks, and career moves. Sign up here now.
Good morning from Skift. It’s Tuesday, August 29. Here’s what you need to know about the business of travel today.
Cricket is the most popular sport in India and has a huge fan base. Beyond just being a sport, it is deeply embedded in the nation’s culture, evoking intense emotions from the masses over the victories and losses of their favorite teams: 90% of the global cricket fandom consists of Indians, highlighting the cricket craze in the country.
American Express Global Business Travel continues to benefit from the ongoing rebound of business trips. In particular the reopening of countries in Asia Pacific, barring China of course, bodes well for the world’s biggest travel agency.
As announced in mid-2022, Accor is now in the process of reorganizing its operational structure into two divisions, the hotel group stated Tuesday.
Skift Research has been tracking the performance of the major travel sectors in 22 countries since the beginning of the pandemic in the Skift Travel Health Index. We have seen a steady upward trend, but the final push to full recovery seems more stubborn than we initially thought.
Airfares on key corporate travel routes are expected to rise by as much as 25 percent in 2023 amid high fuel prices, a stronger U.S. dollar and labour and aircraft shortages, a forecast from American Express Global Business Travel (Amex GBT) showed.
Even though China’s recent relaxation of Covid measures is widely seen as a step forward for travel, Trip.com is still cautious in the very near term as winter is usually a slack season for both business and leisure travel.
Cendyn, a software company that offers customer relationship management, digital marketing, and operations tools to hotels, has hired a new chief executive.
Mastercard Inc forecast current-quarter revenue growth short of Wall Street estimates on Thursday, saying the boost from pent-up demand for travel will diminish going forward.
Both the Middle East and Europe are on track to reach their pre-pandemic levels in 2023 , according to the UN World Tourism Organization. Last year saw a stronger than expected recovery for the global tourism economy.
Hyatt Hotels Corp., which enjoyed a blockbuster financial performance in 2022, forecasted Thursday continued success this year, especially in the first half. The company expects to benefit from growing consumer interest in its lifestyle, luxury, and resort properties, returning group reservations for its banquet halls, and an expanding room count.