COVID-19 Vaccine Announcements Bolster Traveler Confidence
Promising announcements from Pfizer and Moderna regarding the effectiveness of their COVID-19 vaccines have already prompted increased traveler confidence, as short-term property management companies across the globe see a noticeable upticks in reservation numbers for the upcoming months.
In the week following the announcements, there has already been an uptick of 6% in global reservations for Q1 of 2021. Our findings include:
Expect panic cancelling to go hand-in-hand with cold weather
Panic cancellations stopped in August and have continued to not be a trend into Fall. This means the majority of travellers have kept their vacation plans. We assume panic cancellations will perhaps return as we head into the colder months of Winter as many believe chilly weather will result in a strong second or third wave of the virus (depending on geo). As it stands now, the majority of cancellations are made about 2-3 weeks in advance of the stay itself, and the second most common period for cancellations is 30 days or more ahead of the reservation.
Though some might cancel, consumers are dreaming of travelBecause so many haven’t travelled for so long, many are reporting that the pandemic has contributed to a travel memory deficit. As a result, folks are eagerly planning their next trips – even a year out – with the hope that they can travel in the future with peace of mind.