Trading is expected to remain challenging in 2021, with hotels being closed from the beginning of 2021 until April. Also, with rules around travelling changing from one day to day and destinations registering fluctuating COVID-19 infection rates, travellers still remained cautious about travelling abroad.
Luxury and upscale hotels that are especially dependent on foreign tourists, are expected to register the greatest decline in current value sales in 2021. Also, more upmarket hotels with facilities such as spas, which are deemed particularly unsafe due to COVID-19, are expected to continue to register a significant decline in value sales.
Value sales of lodging are set to increase by a double-digit constant CAGR over the forecast period as the most stringent of the COVID-19-related restrictions on movement are lifted and as consumers regain their confidence in travelling. On the other hand, it is expected that there will be increased price sensitivity due to the economic fallout of the pandemic.
Lodging establishments of all types will be seeking to develop strategies over the forecast period that help them recover quickly from the collapse of travel and tourism in Slovakia and put them on the road to sustained growth. Many are likely to decide to redeploy a proportion of their marketing and related assets in an effort to reduce their reliance on foreign tourists, focusing instead on broadening their customer base to include more domestic tourists.
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Understand the latest market trends and future growth opportunities for the Lodging industry in Slovakia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Lodging research and analysis database.
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