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Hotel performance data shows that business demand in the US, UK and Europe is rising sharply in the middle of the week.
From February 2022 onwards, hotel accommodation on both sides of the Atlantic has been steadily increasing. The recent working days were close to the pre-epidemic stages, as shown in the two charts below. In the midst of this new landscape, however, consumers’ feelings for business travel are mixed, and there is a huge gap between current size and pre-epidemic comparisons.
In May 2022, a recent consumer survey by STR Hospitality Analysis, STR, revealed an understanding of the business environment. About 500 international travelers were surveyed for this study.
Until recently, the hotel industry’s recovery from the Covide-19 epidemic was almost entirely based on entertainment. The slow return of business travel is now taking place in rural areas for sales, consulting, training, conferences and conventions, as well as new business trips from digital nomads, “happy” trips, and traditional business trips to remote workers. The company’s headquarters has been expanded.
When international travelers were asked about their chances of doing business now and when the epidemic was “over,” the results were negative, but much lower than in previous readings.
About half (47%) of consumers are more likely to travel for overnight business than at pre-epidemic levels, and the highest percentage (60%) are more likely to travel overnight at the end of the epidemic. . In addition, the difference between the chances of traveling and those who are less likely to travel is -33% for business trips today and -23% for business trips after the epidemic. Among business travelers in the US, although they are still in good condition at 12% net after the epidemic, desires are not so disappointing.
A.D. The cost savings of companies by 2020 – most of the manpower connected at home and in the face of video technology success – are significant reasons for this optimism, according to a STR study last year. That feeling can be linked to efforts to limit travel frequency because sustainability is gaining momentum. So while the view is closed, the good news is that business sentiment has been around a bit negatively since the launch of Covide-19.
Although it is a complete recovery, business is recovering. And changes in the workplace and work style, COVID-19 is still one of the reasons, a new business trip shows the landscape. The opportunity for the hospitality industry to adapt to the epidemic is to embrace this new landscape, recognizing the importance of human contact and business travel.
Chris Clauda is the senior director of marketing insights at STR.
This article represents the interpretation of data collected by HRN parent company STR. Please feel free to contact the editor for any questions or concerns. Visit the Data Awareness Blog at STR.com for more analysis of STR data. For information about TRIPBAM, contact brian.emanuelson@tripbam.com.
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