The latest edition of the Duetto Pulse Report, which compares data from February 2022 with January 2022 and cross-references this with previous years’ performance, shows that as the world continues to come out of COVID-19 restrictions, cancellation rates have significantly dropped across the Americas. As the industry looks towards the future, it seems that business transient and group bookings are leading the way.
Lloyd Biddle, director of enterprise solutions at Duetto, explains, “In March 2021, COVID-19 case counts were receding after the first winter surge. The hospitality news cycle changed direction, almost on a dime, as the easy year-over-year comparisons replaced darkness with light. The rebound that followed, driven by pent-up leisure demand, was swift. Today, faced with similar levels of uncertainty in the group market segment, we look ahead to the forthcoming bounce back in the events and meetings space.”
LATAM is leading the way with new bookings at the moment, with short-term pick up for March up by 104 percent. Cancellations for this region are also down for each month for the rest of 2022. Appetite for travel is also evident as web search activity is up by 17 percent for March compared to past reports.
Following a strong performance in February, on-the-books (OTB) room revenues are pacing ahead in three out of the next four months.
As with LATAM, things are looking good for North America at the moment, with pick-up for March bookings have increased by 221 percent and cancellation rates dropping significantly in February and March. Web traffic also continued to be high in the short-term for February, March, and April, showing that travelers are looking to get back out there.
Looking at OTB, high OTB ADR growth has led OTB room revenues to sit around 2019 levels through most months of the fall and winter.
Biddle adds, “Overall, consumer web searches for lodging accommodations remain highly elevated around the world, led by U.S. travelers. Additionally, not all potential guests are only looking, because global bookings are up by 50 percent, led by Latin America. This intensified activity resulted in a 34 percent jump in committed occupancy for the balance of 2022 at a double-digit average daily rate increase from the prior year, which surpasses the soaring inflation rates seen for most other goods and services.”