Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Impact of Coronavirus: 
Developing Booking Trends

205 views

Published on

This presentation tracks the impact of COVID-19 on short term rental bookings worldwide. Trends were last updated March 25, 2020.

Published in: Travel
  • Login to see the comments

  • Be the first to like this

Impact of Coronavirus: 
Developing Booking Trends

  1. 1. Impact of Coronavirus: Developing Booking Trends
  2. 2. Booking trends for STRs have changed drastically New bookings are Down ~80% Many markets around the world are on complete lockdown, while the rest are seeing drastic drop in demand Average Length of Stay is Up 2X While total new bookings are down, we’re seeing bookings for stay lengths 15+ days up 75% (with the exception of Europe, where they’re holding steady) Booking Lead Time is Down ~50% With the uncertainty around when COVID19 will subside, guests aren’t booking for far out dates; Most demand seems to be within 7 days out from travelers with immediate needs New reservations made on listings using PriceLabs – aggregated around the world; Split by countries shows the same trends
  3. 3. Volume of new bookings has come down sharply Though the date when the decline started varies a bit, the trend is equally prevalent across geography and market types -80% Booking Date NewBookings
  4. 4. Book with LOS>14 are on a rise around the world This trend is milder in Europe, and much more noticeable in North America and APAC +75% Booking Date NewBookingsmore than15dayslong
  5. 5. Far out bookings have dried up; last min not as badly hit Unlike other markets where last minute demand is also cut in half, AUS-NZ are seeing last minute bookings hold steady Booking Date Bookings made for stays more than 7 nights away have all but disappeared
  6. 6. What can be done about this? Aggressive LOS Discounts With tourism demand absent, giving weekly and monthly discount is a good way to encourage bookings from others who need temporary accommodation Last Minute Discounts We don’t know how soon the leisure and business demand will get back, but there might be demand for very last minute stays from those who are in immediate need. Flexible Cancellation Policy Anyone booking right now has no control over whether they’ll eventually be able to travel or not – they’re likely to choose something with fully refundable cancellation policy Fewer Restrictions With the travel demand low, it’s important to reduce LOS restrictions for the next few weeks if operations allow for it

×