*Updated June 29th, 2020
According to the data published by the World Travel and Tourism Council (WTTC), the tourism industry in 2019 accounted for 10.4% of the world’s GPD, making it one of the largest economic sectors worldwide. With 8.8 trillion US dollars, tourism establishes itself as one of the fastest-growing industries in the world. In recent months, the travel industry has been hit the hardest by the pandemic, also dragging down with it the short-term rental market.
Will the market be able to recover? What will tomorrow bring for vacation rentals?
Without any doubt, it is very difficult to make predictions. But with the available data, we can draw usable conclusions, prepare accordingly, and perhaps get the dose of optimism that many of us need.
Are you ready?
Please find below the statistics we have collected from Syncbnb customers, spanning 78 countries around the world, and several thousand properties.
New bookings per week worldwide (2019 vs 2020)
Looking at the above chart we observe the following:
- Even since January 2020, there has been a marked decline in new bookings, which bottoms out in April, as we would expect, as this was the month with the most confirmed cases of Covid-19 around the world, with governments taking drastic measures to tackle the pandemic
- Since mid-May, there has been a steady increase in bookings which reached almost 65% of last year’s bookings
- 2019 new bookings show as steadily declining because many 2020 stays were booked during 2019 and have been canceled in the meantime. The chart only shows non canceled bookings, hence the decline.
Stays 2019 vs stays 2020
Stays per month, from bookings made before June 29, worldwide
In order to be able to compare 2019 with 2020 on equal terms, we look at the bookings made until June 29. The drop is obvious this year, but every week that passes we will see that the patterns on the 2 graphs converge. It is also interesting that the autumn months this year are very close to last year’s numbers.
Stays per month, from reservations, made any month, globally
Looking at stays for both years that were booked any time, we will observe a similar pattern. The differences between this year and the last year, peak in the months of quarantine (April to June).
Stays are expected to increase in the coming months. We will update the new statistics every week.
To conclude, it looks like the pandemic and the lockdowns have affected bookings globally, but there is a clear pattern of increase in new bookings during the past few weeks.
Let’s just hope this trend continues!