Luxury travelers hungry in 2021
A new study of consumers and professional travel advisors shows a net positive outlook for the luxury travel industry in 2021. Slightly more consumers feel optimistic about their leisure travel plans for this year than pessimistic, and luxury travel advisors see their business returning, albeit slowly, in 2021. The affluent consumers in the survey, conducted by Strategic Vision, a consultancy specializing in the luxury travel and lifestyle industries, are intently focused on how they can get back on the road, as well as when and where. And they have retained their interest in travel, with 70% of them reported having taken a trip since lockdowns began in March of last year.
Gulf tourism losses due to COVID could reach $US60B
The Gulf’s travel and tourism industry may have lost up to US$60 billion during 2020 due to the ongoing restrictions related to the global coronavirus pandemic. Consultants Frost & Sullivan said in a new research report that the sector’s financial loss is expected to reach US$50 billion, with hotels likely to account for up to US$15 billion of the losses. The research also indicates that growth in the tourism and travel sector in the Gulf Cooperation Council region was about 10% during the past five years. Based on this growth, it was expected that the entire spending on travel and tourism in the region would have reached US$110 billion in 2020, but that coronavirus dramatically changed that outlook.
More from Arabian Business Industries
Overseas investors dominate UK hotel investment
According to international real estate advisor Savills, overseas capital accounted for £1.6 billion (US$2.2 billion) (c.70%) of investment into the U.K. hotel sector in 2020, largely driven by investors from Qatar and Israel transacting on over £1.25 billion (US$1.69 billion) of central London trophy hotel assets. Key 2020 deals include the sales of The Ritz, Grosvenor House Suites and Sanderson & St Martins Lane hotels. According to Savills Hotel Capital Markets Director Rob Stapleton: “As expected, the global challenges of 2020 initiated a flight to quality response. Transaction volumes were down on historic levels albeit this was predominantly led by a lack of available stock rather than a shortage of investor demand which remains at historically high levels.”
Hilton launches ‘Hybrid’ events plan
Hilton is launching a new hybrid events field guide in its “Hilton EventReady Hybrid Solutions.” The new suite of offerings both directs event planners to Hilton’s hybrid-ready hotels while also providing them with planning resources – including an expanded Hilton EventReady Playbook and flexible customer offers. The events offering will begin rolling out globally this month. Additionally, the expanded Hybrid Events chapter of the Hilton EventReady Playbook, which will include case studies, tips and a glossary of hybrid event terms, will be available in English this month.