Lower-income US travelers' reduced hotel bookings cause 0.5% decline in US hotel room demand, leading to forecast downgrades.
Lower-income US travelers booked fewer hotel stays in April due to reduced savings, higher credit card delinquencies, and inflation impacting their budgets. This has led to a decline in overall US hotel room demand by 0.5% and has forced CoStar to downgrade its full-year forecast. STR and Tourism Economics also made significant downward adjustments to their 2024-25 US hotel forecast, citing lower-than-expected performance and lessened growth projections.
June 03, 2024
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