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RateGain’s PULSE report for May shows No Impact of Global Inflation on Travel Demand

Thursday, June 16, 2022, 12:03 Hrs  [IST]
HBI Staff | Hyderabad

 RateGain Travel Technologies, a global SaaS provider for travel and hospitality, in its latest edition of PULSE report shares insights by analyzing demand from over 191000 hotels as well as monitoring future travel demand from over 60+ cities.As per the report, travel demand continues to stay strong across the world even in the wake of high inflation and an anticipated global slowdown due to lockdowns in China as well as the ongoing conflict in Europe. The finding of this month’s report is in line with the recent data from the United States Commerce Department according to which Inflation-adjusted spending on goods fell 0.5 percent while services rose 0.6 percent. Not adjusted for inflation, the gain in services spending was broad-based and led by components including international travel, restaurants and hotels.  

A never before seen May in India

India continued to see its monthly bookings grow with tourist destinations up north as well as down south attracting more bookings, as families plan to step out during the annual summer break for the first time in two years.
While hill stations were already witnessing a spike of 100-150% in April as per the last report, the same destinations are now witnessing a growth of 50-60%. This is in stark contrast to last year when India was under the grip of a deadly second wave of coronavirus. When compared to May 2021, India’s bookings have grown by 178% even though the country witnesses high cost of travel. The capital city of Delhi continues to clock double digit growth in bookings and a 65% increase in ADR when compared to last month, even though the city battles a record breaking heat wave

 

South East Asia and Middle East Surge As Summer Travel Begins

Despite high airfares, a looming recession, we saw a month on month growth of 38% in bookings across the most popular 20 destinations in the month of May led by a massive surge of bookings in Turkey, Jordan and Malaysia followed by other countries in Asia such as Oman, Singapore and Indonesia. Thailand, Singapore that had very strict COVID protocols and relied heavily on inbound arrivals have seen an increase of 846% and 465% YoY when compared to May 2021

 

High Hotel Rates Not Deterring Travelers

Even with 60-70% price rise predicted over the next three months, South East Asian Cities Bali and Kuala Lumpur are seeing the fastest growth in bookings followed by Koh Samui and Pattaya as International travellers land in Asia Pacific region for the first time in 2 years. We are witnessing a similar trend in Central Europe where Zurich, Munich and Berlin continue to see high interest as compared to April even though prices continue to soar due to inflation.

 

 
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