Market Recovery Monitor (Global & US States Data): Deep Dive Into Portugal
Updated on April 9, 2020
- Monitor their markets for signs of recovery, and
- Get actionable information to adjust their pricing strategy for the current times.
- How many new bookings are coming in?
- What future dates are guests currently booking and cancelling for?
- What is the lead time of the stays that have been booked recently?
- What are the length of stays for the bookings made recently?
The article below describes how to interpret these charts. We have selected Portugal as an example and will look at the charts below - we're hoping this might help you in interpreting the data for your own region.
How many new bookings are coming in?The data shows that there has been a steady drop in new bookings during all of march, then it flat lined towards the end of March/early April. If you hover over the columns in the dashboard, you'll see how those numbers have dropped. If the graph starts to rise (instead of falling or staying steady), it would be an indicator of demand coming back & that guests are starting to book.
What future dates are guests currently booking and cancelling for?The graph below shows 3 lines: Occupancy (in blue), New Bookings (in green), and New Cancellations (in red). Occupancy graph can give you an idea of which dates are still busy and which are low demand dates to think about how you should price your property. You see here that many guests who had booked stays in Portugal all the way up to the end of summer are still holding them. We usually see that these charts peak for dates close in, but in the current environment that doesn't seem to be happening, which indicates there is excess supply for last minute. New Bookings graph shows a small trickle of bookings that came in over the last week - it seems to suggest no one is booking for far out summer dates currently. This will be clearer in the next chart we show about lead time as well. New cancellations seem to suggest that people have started cancelling their stays for up mid-June, so we expect to see the blue line drop a little over time. Stays in late Apr/early May are seeing significant cancellations.
What is the lead time of the stays that have been booked recently?In graph below you can see that there has been a significant increase in the percentage of bookings that are last minute. So while the total bookings are down, 40% of the bookings still happening tend to be booked within 2 days or fewer. Similarly, the percentage of bookings 60-180 days out is currently less, likely because guests are not booking travel for dates in 2020. Bookings 180-360 days out are slightly up as a percentage, but the volume might still be lower, and they might be guests re-booking their original stays to far out dates. So in this case, you should continue to use & promote last minute discounts because guests are still booking properties last minute (albeit, the overall booking count is low).
What are the length of stays for the bookings made recently?In the graph below, you can see there has been an increase in percentage of mid-term bookings (i.e. 7-14 days and 14-30 days) over the last couple of days. Less than 2 days bookings have held steady but the 3-7 days booking seems to have taken a dip. In such scenarios, it might be helpful to (1) promote your listings on OTA's where people book for mid-term stays (2) provide discounts on weekly/ monthly bookings to attract guests. We plan on providing much more localized data soon - if you are interested in obtaining that, please reach out to email@example.com so we can give you early access.
Monitor de Recuperação de Mercado (dados Globais e dos estados dos EUA): Análise detalhada sobre PortugalCriamos a ferramenta "Market Recovery Monitor" para administradores de propriedades para arrendamento de curta duração (Alojamento Local).
- Monitorar seus mercados quanto a sinais de recuperação
- Obtenha informações accionáveis para ajustar sua estratégia de preços para os tempos atuais.
- Quantas novas reservas estão a entrar?
- Para que datas futuras os hóspedes estão a reservas e cancelar actualmente?
- Qual é o tempo de espera das reservas que estão a entrar ultimamente?
- Qual é a duração das estadias para as reservas feitas recentemente?