The hotel industry will take three years to recover from the effects of the COVID-19, according to new research by Statista.
According to the survey, revenues of the global hotel industry are expected to grow by 43.4% year-over-year, reach €237.8bn in 2021, which is nevertheless €69.3bn less than in 2019.
In 2022, Statista says that revenues are projected to grow by 20% and reach €285.7bn, €1bn less than in 2017. In 2023, hotels around the world are forecast to generate €325.8bn in revenue. By the end of 2025, this figure is expected to rise to €381.1bn.
Data shows the number of guests in the hotel industry halved amid the pandemic, falling from 1.1bn in 2019 to 595 million in 2020. Although Statista predicts this figure to rise to 845.8m in 2021, that is still 218m below 2017 levels. By 2023, the number of guests is forecast to recover to 1.2bn.
The Statista survey showed the global hotel industry’s revenue plunged to €165.9bn in 2020, a massive 46% drop year-over-year.
Although the entire sector is expected to witness a recovery with revenues rising by €72bn in 2021, this is still deep below the pre-COVID-19 levels.
Statista says the world’s five largest hotel chains lost €11.7bn in revenue amid the pandemic.