VIRUS
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Heading into the Thanksgiving holiday, two pharmaceutical companies announced groundbreaking Phase 3 trial results – with potential FDA approval by end-of-year. More than 50 additional firms are contributing towards the vaccine development effort with their own programs.
And why is that important [Insights Collective] … While the race for a vaccine continues, we must also distinguish between the vaccine and the vaccinations that will need to ensue in significant numbers before the needle moves to recovery. The hospitality industry is doing their part to slow the spread, and the country is now preparing for a third wave of infections. This wave is attributed to the increasing number of small gatherings and multi-family events in which everyone feels safe due to being with known relatives.
Proof of vaccination could be the new “golden ticket” to travel freely, attend indoor events, and help businesses like gyms, restaurants, and movie theatres rebound.
REOPENING
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Denver’s outdoor dining capabilities generated $287 million in revenue for restaurants.Outdoor dining permits were first granted in May 2020 when 342 restaurants submitted application paperwork. The revenue also generated $24 million in sales tax, which will help bridge the state’s $220 million budget gap. Source: 9 News
And why is that important [Insights Collective] … Changes like these can be bright spots for businesses and consumers during an otherwise disastrous pandemic. The program is a success by any measure – and officials have decided to continue the outdoor dining permits through October 2021. Because the restaurant sector is critical to employment, sales tax, and quality of life for people who like to eat out – the adjustments that cities have been able to make in their communities have been essential.
ECONOMY
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Consumer spending increased by 5% on average in communities where masks were mandated.The impact was greatest among so-called nonessential businesses, such as retail, restaurants and bars, that were heavily affected by the pandemic. Report: here
And why is that important [Insights Collective] … The data confirms that the desire to prevent mask mandates has held back the economic recovery. While the pandemic has had a significant negative financial effect on many U.S. residents, others have money in their pockets because they aren’t spending on travel and retail like they normally do. The rebound in consumer spending, particularly in communities where masks are mandated, provides hope for businesses moving forward, and sends the message that the feeling of safety is critical to having shoppers visit stores in person.
LODGING
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New U.S. hotel industry forecasts from both STR and HVS anticipate that the full-year occupancy level will end the year at around 42 percent. HVS predicts average 2020 daily rate to come in at $105, while STR’s number is $103.65, representing year-over-year declines of 20.3 percent and 21 percent, respectively. Source / Full Forecast for 202 and 2021: BTN
And why is that important [Insights Collective] … The updated lodging forecasts for 2020 are sobering, but at least the forecasts for 2021 are headed in the right direction. These statistics, of course, are dependent on our ability to control the spread of the virus and to implement nationwide vaccine protocols.
NEW REALITIES
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General Electric and the Albany International Airport launched a blockchain-based tracker of when public areas were last cleaned. The app will also feature the ability to rate nearby amenities, restaurants, hotels and other attractions according to how clean/safe passengers feel those areas are. Wellness Trace App: here
And why is that important [Insights Collective] … Businesses and governments have a new tool to communicate with customers – apps. Leveraging technology is an excellent way to provide real-time data and gather up-to-date information about objective measurements and subjective feelings – all geared towards improving access to information.
We see these types of verification technologies as the next evolution for resorts to ensure safetyprotocols are being followed.