RateGain's New Global Report on Impact of COVID-19 on Hospitality Shows Recovery in Key Markets
DALLAS, May 5, 2020 /PRNewswire/ -- RateGain, a leading SaaS company for travel and hospitality, today announced the release of the second edition of the report on assessing the global impact of COVID-19 on the hospitality industry in collaboration with IDeaS and HSMAI Europe. The report tracks week-wise room reservations & cancellation trends from over 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%), Oman (67%) leading those trends in 'week over week' reservations observed till 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," said Harmeet Singh, CEO, RateGain. "However, what's most important between now and the post-corona 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 the 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. We continue to work with our partners and our customers to provide the industry with tangible advice to help all involved come out of these challenging times together while helping revenue managers make informed decisions based on these combined insights. Stay strong, and we will weather this storm together," 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+ hours of free consulting sessions to help travel and hospitality professionals with coping strategies and steps towards a better tomorrow.
About RateGain: RateGain is a leading provider of SaaS products, which help travel and hospitality companies with cognitive revenue management, smart e-distribution, and brand engagement to make more revenue every day. For more information, visit www.rategain.com
About IDeaS: IDeaS, a SAS company, is the world's leading provider of revenue management software and services. With over 30 years of expertise, IDeaS delivers revenue science to more than 13,000 clients in 129 countries.
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SOURCE RateGain
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