HopSkip Monthly Market Analysis- July 2021

Written by Sean W. | Jul 29, 2021 2:13:20 AM

Every month HopSkip analyzes data from around the meeting and events industry to understand trends in the market. HopSkip picks a few of the most relevant trends from research conducted throughout the month and we share those data points with the rest of the community.

HopSkip July 2021 Market Analysis:

~ Over 30% of planners are currently contracting for new events

What this tells us:

New booking activity is starting to become more of the norm than the shuffling and rescheduling of their meetings and events they have been dealing with over the last 18 months.

Data Point #2:

$44 Billion decline in room revenue compared to 2019

What this tells us:

Before COVID-19 hit, the hotel industry generates more than $169 Billion in annual guest room revenue (not including meeting rooms and ancillary rental services). This tells us the estimated room revenue for this year is projected to be $125.3 Billion- an increase of $39.8 Billion from 2019 hotel room revenue ($85.5 Billion).

Data Point #3:

1 out of 5 hotel jobs won’t return by end of 2021

What this tells us:

in 2019 more than 2.3 million people were directly employed by the hotel industry. By year-end 2021, direct employment is forecasted to be 1.86 million people. This industry got hit very hard by the pandemic, and if current economic circumstances remain it will be a slower rise until we're back to pre-pandemic, hotel employment, levels.

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