Hospitality Vision: European Performance ReviewChanging times |
Two issues have dominated media coverage of Europe’s tourism industry this year – the need for greener practices was the main topic for the first few months before the financial crisis really took over, moving all other issues to subsidiary status as the world’s major financial institutions have fought to survive and governments have injected unprecedented amounts of money to stop the financial system from failing.
Hotel performance has obviously been affected by the financial problems more dramatically since September, but year-to-date occupancy and average room rates still reflect the largely positive start to the year. How long this enthusiasm for travel will last and how much performance will be ‘given up’ in the final quarter, given the impact of the credit crisis on both consumer confidence and corporate travel, is not certain, but for many people, the vacation fortnight or the weekend away are one of the last ‘luxuries’ they will give up. Trading down is a likely outcome for many.
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Hospitality Vision: European Performance Review
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