Hospitality Industry Report: Q3 2019
How did the hospitality industry fare last quarter? In Q3, the IgnitionOne Hospitality Industry Report tracked 6.83 million direct bookings, $1.81 billion in booking revenue, and an estimated $3.23 billion in lost revenue due to cart abandonment. Relative to the previous quarter, Extended Stay, Economy, and Luxury hotel abandonment rates all increased by 1.5% to 2.5% in Q3.
With first-party data gathered from over 65 hotel brands, comprising over 27,000 hotel properties, the Hospitality Industry Report analyzes global trends in website visitation and site activity prior to booking. The report also analyzes trends in booking details such as lead time, length of stay, and booking values. The data is aggregated to show trends over time as well as by hotel tier.
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- Across multiple hotel tiers, travelers took longer to complete a booking in Q3 relative to Q2
- All five hotel segments saw decreases in average lead time in Q3 relative to Q2
- Booking rates were the highest for lower tier hotels in Q3, consistent to trends observed in Q2
- Q3 saw more Leisure trips across all hotel tiers, at the expense of Business trips