August 8, 2020

Study: Hoteliers employ cost-cutting strategies to recover from COVID-19 – website

THE SOCIAL AND economic fallout from the COVID-19 pemic has very badly affected the travel hospitality industries. A new study reveals that hoteliers are implementing broad, overlapping cost-cut strategies to recover post-COVID-19.

The “COVID-19 Hotelier Sentiment Study” by Fuel, StayNTouch ReviewPro said that 41 percent of respondents believe that their hotels will fully recover in less than a year, with 13 percent believing that it will happen in the next six months.

“Hoteliers are engaging in broad budgetary cuts including cuts to marketing, closing unoccupied floors, staff layoffs/furloughs. Almost two-thirds of our respondents cut marketing spend, 64.78 percent, closed unoccupied floors, 64.57 percent. About half of the hotels planning on reopening with 25-50 percent fewer staff members, 11 percent reopening with less than 25 percent of their original team,” said the study.

“As many as 41 percent of respondents believe that their hotels will fully recover in less than a year, with 13 percent believing that it will happen in the next six months. Most hoteliers also believe business will recover at some point, with 58 percent claiming that they are either “confident” or “very confident” in their businesses’ ability to recover.”

As many as 494 hoteliers were surveyed in the study. Two-thirds of respondents were based in North America Europe, with about one-fifth in Asia another 10 percent in Oceania.

Half of the respondents to the study pursued staff layoffs, 52.02 percent, or furloughed workers, 49.39 percent. Almost 45 percent of respondents chose to
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