Navigating the State of Travel and Hospitality at the Beginning of 2022: Key Findings from Our Webinar
As the world continues to reopen at a rapid pace, staying up to date with the latest travel trends is imperative for long-term success. In our recent Q2 webinar, we explored the most interesting insights from our freshly released Q1 2022 Pulse of the Industry Report.
Here are 4 things that defined travel and hospitality in the first quarter of 2022*:
Review volume continues to increase reaching 60.8% of the Q1 2019 numbers.
Our own data shows an ascending recovery trend for Q1 2022, with EMEA leading the recovery race followed by the US and APAC.
We also compared the first quarter of 2022 with Q1 2019 to see where we are in terms of pre-pandemic levels. As the graph below shows, there is some catching up to do, but our hope is that in Q2 2022 we will see a marked improvement in more countries reaching or even exceeding pre-pandemic numbers.
EMEA region is the current leader of the travel recovery despite the uncertainty due to the Russian-Ukrainian conflict.
No one could have anticipated the events that are currently happening in Eastern Europe. The war has brought a new level of uncertainty and a strong desire for peace and normality.
is how much EMEA reached from the Q1 2019 review volume, making the region the leader in the travel recovery.
Despite this setback and initial fears of traveling to Europe, the region has recovered strongly in the first quarter of 2022. In terms of review volume, EMEA reached 70% of the Q1 2019 review volume making it the leader in travel recovery. This confirms that people are looking forward to traveling and enjoying leisure time after a tumultuous time.
APAC registered a fluctuating recovery due to many countries still having lockdowns and/or travel restrictions in place due to COVID-19.
The most affected region by COVID-19 registers a slower recovery compared to the other regions, mainly because of the restrictions and lockdowns that were still in place in Q1 2022.
At the beginning of March 2022, India reached 80% of its 2019 bookings, after preparing and announcing its reopening plan.
For the countries that have eased or lifted the entry requirements, an immediate increase in the number of bookings was registered. India, for example, reached 80% of its 2019 bookings at the end of February. We expect to see this ascending trend in Q2 when more countries have relaxed or lifted entry requirements.
The appetite for traveling internally and externally is growing in the US.
With COVID-19 no longer being a barrier to travel, US travelers are eager to hit the road this year. Younger generations will travel more, with Gen Zs and Millennials planning up to 5 trips in 2022. On the other side - older generations are the big spenders - it is estimated that boomers would spend around $1k per trip. (OK boomer!) Solo travel is also more and more popular with 1 out of 4 Americans planning to take a trip alone in the next 6 months.
Young generations want to travel more
Gen Zs and Millenials are planning up to 5 trips in 2022.
Old generations want to spend more
Around $1k per trip - OK Boomer!
Curious to explore more insights? Watch the full video:
*Complete data with sources is available in our Pulse of the Industry Report.