Webinar: Navigating the Way Ahead for Corporate Travel beyond COVID19
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Listen to corporate travel industry leaders and experts as they Discuss, Deliberate and Decode the future of corporate travel and share strategies that travel and hospitality industry can adopt as they prepare to welcome back corporate travelers in a by invitation only session.
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Webinar: Navigating the Way Ahead for Corporate Travel beyond COVID19
- 2. Navigating the Way Ahead for Corporate Travel beyond COVID-19 30 June 2020 #BetterTomorrow
- 3. OndineBenoit DirectorofHotelSuppliersRelations TravelPerk OurPanel of Corporate Travel Industry Experts Tara Stangel HeadofLodgingSupply TripActions NorthAmerica,MarketManagementLead RoomITbyCWT Steve Peterman Chinmai Sharma PresidentAmericas RateGain CEO TRIPBAM Steve Reynolds
- 4. Agenda 01 Performance Assessment of the Travel & Hospitality ecosystem Demand Management for Travel : Triggers, Volume and Impact of Technology Duty of Care in the New Normal Safeguarding the corporate travelers: TMCs Expectations from Hotels? Alternate Accommodations and TMCs: Friends or Foes in the post COVID-19 era? Advice for Hotels: Top 3 TMC asks 02 03 04 05 06 07 What are TMCs doing to adapt to the new normal
- 5. Performance Assessment of the Travel & Hospitality ecosystem01
- 6. Hotel Bookings Across The World Have Started Picking Up Source : RateGain Enterprise Dashboard End of March was the turning point for hotel reservations globally andwe arenow seeing an uptick
- 7. American Hospitality Snapshot • Demand for U.S. hotels is not expected to recover to pre-pandemic levels until 2023 • 2020 year end forecast at -50% RevPAR (YOY) • Segment wise recovery expected (Leisure, Corporate, Groups) Data Source : STR and Tourism Economics
- 8. 8 UNITED KINGDOM • Most regions showing improvement however regions such as the Baltics, France & Monaco are still flat when it comes to gross bookings • Also a function of reopening steps by local governments. Top three markets in Europe for Intra country travel are Germany (20%), UK (13%) and Netherlands (7%) European Region Gross Bookings Source : RateGain Enterprise Dashboard
- 9. 9 McKinsey study on level of anxiety for COVID while staying at a hotel Source : McKinsey & Company – June 2020
- 10. 10 McKinsey study on level of anxiety for COVID while Flying Source : McKinsey & Company – June 2020
- 11. 11 • Corporate booking volume bottomed out on May 19th and reversed course on May 29th CourseCorrectionforCorporateTravel - In TheWorks Data Source : TRIPBAM
- 12. 12 ForecastforBookingVolumesin 2020 • Hotel closures are currently at 12,000 globally from a high of 35,000 in early April. Tending down by around 8% per week. • Average corporate transient ADR was $189 in 2019. Now $134. Down 30% across corporate transient bookings. • Active bookings being made 41 days in advance as compared to 11 days in 2019 • Cancellations trending down but still higher than average. Currently at 16% but down from a high of 84% in March Data Source : TRIPBAM
- 13. Poll Alert How much will corporate travel recover byin the postCOVID era versus pre-COVIDlevels in the next 1 year 10-30% 31-60% 61-90% >70%
- 14. 14 DemandManagement in thenew normal02 Thoughts on Triggers for Corporate Travel - Business Confidence / Traveler Confidence / Local Regulations Impact on Travel Policy and Policy management Forecast for recovery to pre-COVID travel volumes/pent up demand? Impact of technology and virtual meeting platforms on travel plans and policies Emergence of new business models
- 15. Poll Alert What will be your area of top priorityin the new normal? Duty of Care and Risk Management Investment in Technology for Better/Faster Insights Bleisure and its impact on Employee Safety Optimizing Travel Spends
- 16. 16 Safeguardingthe corporate travelers: TMCs Expectationsfrom Hotels? 03 Impact on Hotel Operations Content and Communication Impact on Pricing Contracting process and Cost burden
- 17. Poll Alert With safety and hygiene concerns ranking the charts will employees comply more with corporate travel policies and processes? Yes No
- 18. 18 Alternate Accommodations and TMCs: Friends or Foes in the post COVID-19 era? 04
- 19. 19 Stop, Start, Continue05 Advice from TMCs for Hotels: Top 3 asks What are TMCs doing to adapt to the new normal
- 20. Questions 20
- 21. Thank You FOR ATTENDINGTHEWEBINAR For more details visit rategain.com
Editor's Notes
- Regional travel will impact the business models and margin expectations of tour operators. Business Models/Ways of working : How will they be impacted Tour operators no longer merely providers of service. They are now enablers and facilitators of information and experience. People will call for advise and help in understanding that a particular destination is safe to travel, meets health expectations etc Deliver seamless experience via technology: Experience Sticks with Customers (The way tour operators are handling customer queries and grievances will give the
- Despite week-over-week occupancy improvements for the past two months, the demand for U.S. hotels is not expected to recover to pre-pandemic levels until 2023, according to a revised forecast from STR and Tourism Economics.
- We have seen rates for flights and car rentals on the rise in Europe and US (intra region)
- Ways of working as we know it will no longer be applicable : Talk to customers on zoom no need to travel Offices will go smaller and work from home will become the “New Normal” Focus on removing additional overheads Most tour operators will not make it and businesses will shut shop in lieu of cash crunch Small & Medium Tour Operators: What can they do? Talk, Merge Workforce swap of furloughed employees between small & medium size tour operators Adoption of Technology / Forced used of Technology Education & Healthcare analogy Call centers impacted and people now conversing via Email