The latest Statista data shows COVID-19’s impact on the hotel industry

The latest Statista data shows COVID-19’s impact on the hotel industry

LONDON — Hotels have implemented increased safety and sanitation measures and have adapted to a post-COVID world, but recovery for the sector to pre-pandemic levels could still take years.

A Statista survey cited by StockApps.com indicates that the global hotel industry’s revenue dropped to $198.6 billion in 2020, a 46% decrease year-over-year

Revenues for the global hotel industry are expected to grow by 43.4% year-over-year and reach $284.7 billion in 2021, down $83 billion from 2019.

 

 

Other findings include…

The entire sector is expected to witness a recovery with revenues rising by $86.2 billion in 2021.

  • Statista data indicates it will take three years for the hotel industry to recover from the effects of the pandemic. In 2022, revenues are projected to grow by 20% and reach $342.6 billion, $1.3 billion less than in 2017. In 2023, hotels around the world are forecast to generate $390 billion in revenue. By the end of 2025, this figure is expected to rise to $456.2 billion.
  • The number of users in the hotel industry halved amid the pandemic, falling from 1.1 billion in 2019 to 595 million in 2020. Statista predicts this figure will rise to 845.8 million in 2021, which is 218 million below 2017 levels. By 2023, the number of users is forecast to recover to 1.19 billion.
  • The world’s largest hotel chains lost $14 billion in revenue amid the pandemic. Wyndham Worldwide, the biggest hotel chain in the world by the number of hotels, saw revenues drop 36% amid the pandemic, falling from over $2 billion in 2019 to $1.3 billion in 2020. Choice Hotels International’s revenue was down 31% or $340.7 million for 2020. Marriott International, saw revenue fall $10.4 billion. Hilton Worldwide Holdings, had a $1.5 billion revenue loss in 2020.
  • Revenues for the U.S. hotel industry are forecast to rise 55% year-over-year to $65.6 billion in 2021.