Hotels and home rentals were not hit as hard by the pandemic, and appear to be bouncing back faster
IT HAS been a gloomy year for the travel business. The covid-19 pandemic has wrecked airlines, cruise-ship operators and many other parts of the industry. With the end of the northern hemisphere’s summer holidays, things may get gloomier still. The World Travel & Tourism Council, a trade body, this summer increased its forecast of the number of travel jobs that will be lost because of the pandemic worldwide to 197.5m, or around 60% of the total before coronavirus hit.
When people in Europe and America were told to “stay at home” earlier this year, hotels and home-sharing platforms were whacked. Revenues fell year-on-year in the second quarter by 54% at Wyndham, 72% at Marriott and 77% at Hilton, three of the world’s biggest hotel chains. Airbnb, the world biggest home-sharing platform, did no better, with a tumble of 70%. The online travel agents were hit harder still. Expedia, the world’s biggest online travel agent, saw turnover plunge by 82%.
Of various providers of lodgings, home-sharing platforms seem to have done best in the recovery so far, notes Alex Brignall of Redburn, a broker. A 90% drop in future bookings in April pushed Airbnb into an existential crisis and forced the startup to shelve a planned stockmarket listing. In the three months to June it lost $400m before interest, taxes, depreciation and amortisation.
One reason vacation rentals have taken off is that they are a way to maintain social distance, says Henry Harteveldt of Atmosphere Research Group. Rentals of guest rooms with shared facilities–the concept of renting out the spare guest airbed that gave Airbnb its name—are still devastated. But the rental of entire properties has soared.
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