Source: https://www.yodlee.com/data-analytics/come-and-stay-awhile-vacation-rental-industry-during-covid-19
In March 2020, the travel industry came to a near standstill. Trains, planes, and automobiles all saw a steep decline in consumer engagement as the vast majority of personal and corporate travel plans were scuttled. The lodging industry was also in a quagmire, with consumer spending on hotels and vacation rentals experiencing steep declines during the first weeks and months of the COVID-19 pandemic. With nearly all Americans cancelling travel plans, a flood of cancellations hit this industry hard.
However, as Spring turned to Summer, COVID-19 Income and Spending trends data shows an increase in demand for vacation rentals. Beginning in May 2020, the vacation rental industry began to recover and by June, was eclipsing the hotel industry. Platform data shows that, although spending on hotels is improving month over month, it continues to experience declines.
While some cities have increased regulation on the alternative accommodation industry, platforms like AirBnb continue to gain new customers. The trends data shows that consumers seem to be favoring these sorts of vacation rentals over more traditional hotels.
To learn more about the data behind this article and what Yodlee has to offer, please reach out to Dylan Curtis at Dylan.Curtis@yodlee.com.
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