Dallas, May 5, 2020: RateGain, a leading SaaS company for travel and hospitality, today announced the release of the second edition of the report on assessing the global impact of COVID-19 on the hospitality industry in collaboration with IDeaS and HSMAI Europe. The report tracks week-wise room reservations & cancellation trends from over 20+ countries across the globe, giving a comprehensive view of the current state of the industry and strategies that hospitality professionals can leverage to cope with the crisis.
The second edition of the report compares data from February 1st to April 19th 2020, with the previous year to determine if the overall health of the industry was improving compared to the first edition that was released in March, which confirmed a 16% decline in reservations.
In the latest edition, 18 destination countries out of 20 show considerable improvement with Argentina (60%), Brazil (45%), Czech Republic (65%), Japan (28%), Mexico (33%), Oman (67%) leading those trends in ‘week over week’ reservations observed till week ending April 19th.
Commenting on the report, Harmeet Singh, CEO, RateGain, said, “While the outbreak of COVID-19 is affecting hotels’ forward reservations, there are recovery efforts being made by industry associations, governments, hotel chains, technology organizations and tourism boards. With all of us working together, we believe that the markets will recover faster. However, what’s most important between now and the post-corona era is the continuous preparation for the recovery. The second edition of the study COVID-19 & The Hospitality Industry Worldwide is, therefore, an effort to help the industry learn from the country-wise hotel reservation and cancellation trends, to understand the market pulse, respond to critical developments, revisit the short-term revenue management strategies, and prepare for the recovery.”
The report findings also suggest that as a region, except Asia Pacific, Europe, Americas, and the Middle East are not only seeing a recovery in reservations but also seeing a higher number of reservations as compared to 2019 levels, however, this growth is offset by an increase in cancellations as well, with lockdown measures being extended in some markets.
“During this difficult time, we understand and sympathize with the challenges our clients face today and in the coming months. Our strategic collaboration with RateGain is focused on bringing added value to our common clients to ensure they can integrate rate shopping data seamlessly with our revenue science. We continue to work with our partners and our customers to provide the industry with tangible advice to help all involved come out of these challenging times together while helping revenue managers make informed decisions based on these combined insights. Stay strong, and we will weather this storm together,” said Ravi Mehrotra, President, Founder & Chief Scientist, IDeaS Revenue Solutions.
In addition to providing free analysis and coping strategies, RateGain is also committed to 1000+ hours of free consulting sessions to help travel and hospitality professionals with coping strategies and steps towards a better tomorrow.
RateGain is a leading provider of SaaS products, which help travel and hospitality companies with cognitive revenue management, smart e-distribution, and brand engagement to make more revenue every day. RateGain is proud to support 125,000+ hotel properties globally by providing 240 billion rate and availability updates & powering over 30 Million bookings. RateGain is trusted by 25 out of the top 30 OTAs, world’s fastest-growing airlines, 23 of the top 30 hotel chains, tour operators and wholesalers, all top car rental companies, largest cruise lines, and the largest travel management companies. In 2018, RateGain acquired DHISCO, which made it the only company in the world to offer end-to-end smart distribution. In June 2019, RateGain acquired award-winning BCV to offer guest experience cloud to maximize guest lifetime value for hospitality chains. For more information, visit www.rategain.com
IDeaS, a SAS company, is the world’s leading provider of revenue management software and services. With over 30 years of expertise, IDeaS delivers revenue
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Certain statements in this release are forward-looking statements, which involve some risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to the statements containing the words ‘planned,’ ‘expects,’ ‘believes,’’ strategy,’ ‘opportunity,’ ‘anticipates,’ ‘hopes’ or other similar words. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding impact of pending regulatory proceedings, fluctuations in earnings, our ability to manage growth, intense competition in IT services, data services and consulting services including those factors which may affect our cost advantage, wage increases in India, customer acceptance of our services, products and fee structures, our ability to attract and retain highly skilled professionals, our ability to integrate acquired assets in a cost-effective and timely manner, time and cost overruns on fixed-price, fixed-timeframe contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, the success of our brand development efforts, liability for damages.
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