A quarterly digest of key trends in the hospitality sector
Different travel restrictions, lockdowns, and border closures imposed by various governments in response to COVID-19 caused hotels across Asia Pacific to lacklustre performance in Q1 2020.
The outlook for the hospitality industry is still not optimistic in the near term given the ongoing uncertainty. Stimulus packages from different governments will alleviate short-term impacts and position the industry to benefit when the eventual upturn occurs. Furthermore, we anticipate destinations with strong domestic markets to recover first, with those dependent on MICE lagging behind.
In this issue, we delve into the underlying factors that may have contributed to the impact of COVID-19, including globalisation, cost and access to air travel, and dependence on source markets. We also examine some initiatives that can be taken by hoteliers to mitigate the impact and prepare for the recovery.