2. Booking trends for STRs have changed drastically
New bookings are Down ~80% Many markets around the world are on complete lockdown,
while the rest are seeing drastic drop in demand
Average Length of Stay is Up 2X
While total new bookings are down, we’re seeing bookings for
stay lengths 15+ days up 75% (with the exception of Europe,
where they’re holding steady)
Booking Lead Time is Down ~50%
With the uncertainty around when COVID19 will subside, guests
aren’t booking for far out dates; Most demand seems to be
within 7 days out from travelers with immediate needs
New reservations made on listings using PriceLabs – aggregated around the world; Split by countries shows the same trends
3. Volume of new bookings has come down sharply
Though the date when the decline started varies a bit, the trend is equally prevalent across geography and market types
-80%
Booking Date
NewBookings
4. Book with LOS>14 are on a rise around the world
This trend is milder in Europe, and much more noticeable in North America and APAC
+75%
Booking Date
NewBookingsmore
than15dayslong
5. Far out bookings have dried up; last min not as badly hit
Unlike other markets where last minute demand is also cut in half, AUS-NZ are seeing last minute bookings hold steady
Booking Date
Bookings made for
stays more than 7
nights away have all but
disappeared
6. What can be done about this?
Aggressive LOS Discounts
With tourism demand absent, giving weekly and monthly
discount is a good way to encourage bookings from others who
need temporary accommodation
Last Minute Discounts
We don’t know how soon the leisure and business demand will
get back, but there might be demand for very last minute stays
from those who are in immediate need.
Flexible Cancellation Policy
Anyone booking right now has no control over whether they’ll
eventually be able to travel or not – they’re likely to choose
something with fully refundable cancellation policy
Fewer Restrictions With the travel demand low, it’s important to reduce LOS
restrictions for the next few weeks if operations allow for it