US hotel occupancy forecast to decline 29% over next year
According to the Magid HTL Forecast Tracker, the ongoing impact of the COVID-19 pandemic will lead to a 29% decline in annual hotel occupancy over the next 12 months, a projected revenue loss for the industry of about $75 Billion in room revenue.
It shows declines driven by business and leisure travel intentions alike, with consumer sentiment for attending a meeting or conference over the next 12 months showing a projected decline of 22%. Frequency of visits has not declined, although numbers of travellers have.
This data will allow hoteliers to better understand the customer’s intentions and help them to survive and thrive.
