Report 19/05/2020
The partial reopening of the country started on 18/05 does not fully encourage firms. Only glimpses of confidence for the business sector.
Milan: only glimpses of confidence.
The partial reopening of the country started on 18/05 does not fully encourage firms. The Hotel Activity Index shows that the medium-long term expectations are still stationary (around 70-80% of hotels accept reservations for June-July), whereas the short-run expectations are slightly rising. However, the share of hotels accepting immediate reservations (AB1_day) remains just above 30%. This figure partially reveals the economic consequences of the virus, and might also be explained to some extent by the greater propensity of business travelers to directly contact hotels to get detailed information on the health and safety protocols adopted, rather than using booking engines.
Venice: Confidence on the recovery of leisure tourism in continuous fall.
The negative trend of the Hotel Activity Index for Venice continues and strengthens in this week, highlighting the weight of uncertainty due to the lack of clear information on how mobility will be managed in the medium to long term. Even the reopening of bars and restaurants on May the 18th has not improved the expectations on the future. There are no tourists (especially foreign tourists) and only 25% of hotels offer rooms in the very short term (AB1_day, decreasing). The medium-long term trend (AB56_days, AB140_days) has been steadily decreasing since mid-April, and now only 60% of hotels are offering rooms for the summer. The costs implied in adopting the new safety protocols make the situation even worse and only 35% of hotels accept reservations for the beginning of June (AB14_days).