According to new data released by Womply, a small business software company, as of March 29, 16 percent of independent lodging businesses in the United States hadn’t seen a single transaction in at least three days.
The data confirms what many have heard about or seen firsthand: COVID-19 is driving many independent lodging businesses to close indefinitely and/or see a major loss of revenue. For this study, the company looked at credit card transaction data at 5,600 independent lodging establishments and defined “closed” as having no transactions for three consecutive days.
The graphs below detail the increasing rate of closure for lodging businesses in the U.S. during March, and how their closure rate compares to other industries:
Some other findings include:
- As of last week, independent lodging businesses on a national scale saw a 79percent decrease in average revenue compared to the same week in 2019.
- California and New York, two states highly affected by the pandemic, saw an 85 percent and 86 percent decrease in average revenue at lodging establishments, respectively.
- As of March 29, 12 percent of New York lodging businesses were closed, and 13 percent of the California lodging businesses were closed.
Photo: Ellie Burgin from Pexels