9/12/2008 Acrobat (pdf, 62 KB)
According to the Hotel Price Index in Hotels.com,
Spain presents an overall fall in tariffs of 8% in the third quarter of 2008 compared to the same period of 2007
Hotel prices fall during the summer, globally compared to last year according to the latest edition of the Hotel Price Index (HPI) of Hotels.com, the most visited hotel booking website in the world*. the HPI of Hotels.com shows the actual values paid by consumers for a room in 2008 compared to 2007.
Hotel prices in Spanish coastal destinations fell during the third quarter of 2008, according to data extracted from the Hotel Price Index (HPI) of Hotels.com, the most visited hotel booking website in the world*. This is a significant fact if we take into account that sun and beach holidays are the star product of the Spanish tourist offer and that emblematic cities such as Ibiza fall up to 36%.
The average value paid by travellers per room during the period from July to September 2008 fell by 3% globally, compared to the same period last year. This is a very significant fact, being the first time that there has been a fall in prices in the summer months since 2004, the date of publication of the first HPI of Hotels.com.
This decline has been mainly due to the collapse in the value of rooms in North America, where prices have fallen by 5%. In Latin America the decrease has been milder (1%), highlighting the case of the Caribbean with a decrease of 4%. Prices in Asia have remained stable during the year, while in Europe the average price has experienced a slight increase of 2%. Although the rise has been much more moderate than in previous years, because hoteliers have maintained prices during the summer as a measure to face the crisis.
The president of Hotels.com worldwide, David Roche, explains the data in the following terms: "In America hotels have noticed the effect of the global economic crisis, seeing their rates reduced during the last nine months. This is a strategy to maintain occupancy levels in this economic situation."
In Europe, on the other hand, hotel prices have been less affected thanks to high activity during the summer, as this time is the peak of European tourism. In this way, they have managed to maintain the rates. However, prices in the region are declining, which predicts a 2009 with great offers on rates throughout the continent.
The world's best destinations In addition to the global decrease in fares, the strength of the euro against the pound sterling and the US dollar has meant for Spaniards that many destinations have become disproportionately cheaper. In this way, in local currencies prices have fallen to a lesser degree for residents in destinations such as the United Kingdom than they have for us. The case of the United Kingdom stands out, where prices have fallen in London by 13% and in Edinburgh by 20%.
Despite the new strengthening of the dollar against the euro, the sharp cut in the value of rooms in the United States is still noticeable in the American country. Prices have fallen by up to 25%, as is the case in Las Vegas. Other big cuts have been recorded in Chicago (13%) and in Boston, with 12%. In New York, a city where prices are generally high, these have been reduced by 2%.
The cheapest destinations Las Vegas has been the city with the sharpest decline in prices, after a fall of 25% in the third quarter of 2008, compared to the same period of the previous year. A decline that places its average rate at 74 euros per room per night. Thus becoming the cheapest city in the world. Elsewhere in the world the same effects were also seen:
Prices in two emerging destinations in Europe, Vilnius and Riga, have also been affected by the crisis, with their fares reduced by 4% and 12% respectively. Some popular destinations have also suffered cuts, such as Bangkok, Mexico City (both down 8%) or Kuala Lumpur and Shanghai (down 1%).The most expensive destinations Moscow is consolidated as the most expensive city in the world, with an average price of 239 euros per night, in the third quarter of 2008 (if we take as a reference the prices paid by tourists from continental Europe). This figure represents an average increase of 2%. Other destinations:
Monte Carlo has positioned itself as the most important and most expensive destination in Western Europe (the second in global Europe, after Moscow). It reaches this first place after an increase in its rates of 7% year-on-year, going from an average price of 220 euros in the third quarter of 2007 to the current 237 euros. New York is the third city in which tourists have spent higher sums of money per room and night, according to Hotels.com. Even so, prices have fallen by 2% compared to the previous year, from 224 to 219 euros.David Roche concludes by saying that "These are interesting times for all travelers globally because the sector clearly reflects the economic situation and prices will continue to fall for the foreseeable future. Instead of seeing more cancellations on vacation, what we have seen is a change of level in the stars of the hotels where they stay, shorter periods of stay or opt for domestic trips as a formula to save costs. The drop in prices is great news for all travelers, offering them great deals in the year ahead."
The HPI is a periodic report that highlights price variations and how these changes affect the tourism sector as a whole. The index is based on a sample of 68,000 hotels, located in 12,500 cities worldwide, which makes an exhaustive study of the real hotel prices paid by consumers.
The Hotels.com website is the most visited in the 'Hotels/Accommodation Provider' category, according to comScore Media Metrix (January-December 2007).
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About Hotels.com
Hotels.com is the world's most visited hotel booking website (comScore Media Metrix). Operating in the main markets and with a dedicated team, www.hotels.com offers the widest range of hotels in the sector with more than 80,000 accommodations. In addition, it guarantees the best price in more than 39,000 hotels, advised individually by the team of experts of Hotels.com. If the user finds the same room at a lower price, Hotels.com will pay the difference. Customers can make their reservations directly online or by calling one of the multilingual Customer Service Centers by calling 902 02 61 13.
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