The substantial drop in inbound arrivals along with the introduction of mandatory quarantine measures from 1 April led to most lodging operators seeing extremely low occupancy rates during the first quarter of 2020. Hotels typically popular with groups of Chinese travellers have suffered most severely as inbound arrivals from China nosedived.
Short-term rentals is falling by 39% in 2020, compared to a 21% rise in 2019. It is the fastest falling area in the category, by some way.
The staycation trend is predicted to rise rapidly due to persistent uncertainty and continuously lifted and reimposed restrictions across the globe. Moreover, reduced purchasing power in light of South Korea’s sharp recession will mean that cross-border travel is off the cards for many consumers for the early forecast period.
Accommodation platform Yanolja is predicted to play a significant role in the sector’s recovery over the forecast period and has reported an uptick in demand for domestic accommodation, most notably in small accommodation facilities. South Korean consumers are showing greater interest in contactless solutions in terms of small accommodations in locations such as Jeju and Gangwon-do, through which they can check in via a QR code on their smartphones with no need for any face-to-face contact.
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This report originates from Passport, our Lodging research and analysis database.
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