Thursday, June 11, 2009

Again and again, financial crisis in Prague

With regards to progress of financial crisis we can measure the impact on travel industry in Prague. The hoteliers, travel managers and apartment owners are facing hard times. There is no doubt that the financial crisis has influenced many other industries as well; however, one of the first item what are cancelled in family budget are holidays and trips. Today, I am going to present you several statistical numbers of travel industry focused on Prague concerning accommodated tourist.

Source: CZSO

The first differences demonstrate that less than 130 thousands accommodated tourist came to Prague in the first three months of the year 2009. It just proves analytical warnings that the companies will face tough times.

Source: CZSO

This chart expresses the downturn of travel industry in Prague. It is visible that the first three months in 2009 are approximately on the same level as in 2006. Nevertheless the number of tourists was increasing in 2007 as well as in 2008. Therefore, hoteliers planned completely different budget for 2009 in the beginning of 2008. Now let’s have a look on incoming tourists to Prague.

Source: CZSO

Good news for hoteliers is that Turkey, Slovenia or Isreal have increased in the amount of tourists in comparison with 2008. However, the amount of their increase is less significant than in the case of losing travellers. In other words increase cannot be replace by degrease of tourists.

Source: CZSO

Here is the evidence. The numbers on axes of last two charts are on different level. Very bad news for Prague is losing serious amount of British tourists. These kinds of tourists are very valuable for hoteliers. On one hand hoteliers were counting on the as a loyal clients and on the other hand they always spend essential amount of their money in Czech Republic.

I have just presented simple data about accommodated tourists in Prague. Hoteliers and managers are searching for new distribution channels and loyalty is much worthy these days than ever before. But travellers are searching for new options how to save money and get higher value for their money as well. Therefore, new chance for Prague City Apartments has come. Staying in apartment offers saving money, e.g. by cooking for yourself, more space or higher privacy (see. Link). So think money, think space, think privacy – stay in apartment.

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