Last update: February 2022

Mission of the Skift Travel Health Index

The Skift Travel Health Index is a real-time measure of the performance of the travel industry at large, and the core verticals within it. Covid-19 has routed the travel industry, with the impact of the pandemic quantified for 22 countries in the Skift Travel Health Index. The Index provides the travel industry with a powerful tool for strategic planning, of utmost importance as times remain uncertain.

Skift Research launched the Index in May 2020 as the Skift Recovery Index, and have rebranded it at the start of 2022 as the Skift Travel Health Index, to reflect some far-ranging changes: the addition of many more indicators, additional data partners, and most importantly, our continued effort to track the industry health beyond the impact of the Covid-19 pandemic.

Included in the Index are:

  • Monthly top-level global and country travel recovery indices.
  • Monthly country-level indices for the following travel verticals: hotels, vacation rentals, aviation, and car rental.
  • Monthly performance of inbound, outbound, and domestic travel by country.
  • Monthly global and country-level macroeconomic index, built from unemployment, industrial production, retail sales, and stock market returns indicators.
  • A holistic view of the entire customer journey, starting at website visits and searches on booking sites, moving on to actual bookings and reservations made, considering airline seat capacity, cancellations, and finally including actual passenger volumes and load factors, and stays made.
  • A range of indicators which take into consideration both trips already made, as well as reservations that are on the books for future trips.

Index Design

The Index tracks 84 indicators per country to assess the health of the travel industry in each country. These indicators are aggregated into performance categories and sub-categories. The top level of division is by travel vertical, and each vertical is further divided by intent indicators, booking indicators, and key performance indicators.

Vertical Coverage

The Index covers the following travel verticals:

Country Coverage

The Index focuses on the travel performance in 22 of the largest tourism economies, combined accounting for 62% of inbound tourism receipts, 67% of outbound tourism expenditure, and 78% of global 2019 GDP.

  1. Argentina
  2. Australia
  3. Brazil
  4. Canada
  5. China
  6. France
  7. Germany
  8. Hong Kong, China
  9. India
  10. Indonesia
  11. Italy
  12. Japan
  13. Mexico
  14. Russia
  15. Singapore
  16. South Africa
  17. Spain
  18. Thailand
  19. Turkey
  20. U.S.
  21. United Arab Emirates
  22. United Kingdom

The selection of these countries is a combination of including the largest economies, and most important tourist destinations and origin markets. The selection purposely includes a number of net exporters of tourism (more inbound tourism than outbound tourism), and net importers of tourism, to track how this impacts recovery.

Source Market vs Destination

Depending on availability, largely driven by industry standards in each travel vertical, the Index design contains a mix of market focuses. Where possible, the Index takes in data divided into three aspects: inbound travel, domestic travel, and outbound travel. Not all data sources, however, have this level of granularity available. There is therefore, a second divide, which splits demand into a destination view (which combines inbound and domestic travel) and a source market view (which combines domestic and outbound travel). Below we clearly state the focus of each indicator, and in our analysis and reporting we similarly indicate the focus of the dataset analyzed.

Reliance on Multiple Sources

One of the key strengths of the Index is its reliance on a wide range of sources for each category and subcategory. We work with a large number of industry leading travel players who provide their proprietary data to be inputted in the Index. Further information about each data partner can be found at the end of this document.

Indicator Weighting

Each 2019/20, 2019/21, and 2019/22 growth rate is indexed, where the 2019 volume or value is based at 100. This means that if 2022 performance was exactly on par with 2019, the 2022 index score will be 100. Any growth compared to 2019 means an index score over 100, any contraction means a score lower than 100. 

Each indicator is weighted to provide a final index score. Weighting is based on Skift Research estimates of the relative importance of different travel verticals, as well as the strength and reliability of indicators to provide conclusive insight into the performance of the industry. For example, search data provides an interesting indication of travel intent, but actual transactional data like hotel occupancy is seen as more important as an indicator of recovery on the ground. Hence, hotel occupancy is weighted more than hotel searches. 

Any given category and subcategory “buckets” a number of different indicators. For example, airline passenger volume data, load factors, and revenue per kilometer flown are all indicators, but together they roll up into the same ‘Aviation KPIs’ sub-category. Typically, all indicators within a given metric are equally weighted.

Each category and subcategory combines data from different data partners to strengthen the data, with the only exception being the car rental category, which is provided by a single data provider.

As not all indicators are available for each country, weightings differ slightly per country, but below is a table with ideal weightings by category and metrics when all indicators are available.

CategorySubcategory
Macroeconomics – 5%Labor Market – 25%
Business Conditions – 25%
Consumer Conditions – 25%
Financial Conditions- 25%
Aviation – 35%Flight Intent – 25%
Flight Bookings – 20%
Flight Key Performance Indicators – 55%
Hotels – 30%Hotel Stay Intent – 10%
Hotel Bookings – 65%
Hotel Key Performance Indicators – 25%
Vacation Rentals – 15%Vacation Rental Bookings – 20%
Vacation Rental Key Performance Indicators – 80%
Car Rental – 15%Car Rental Intent – 20%
Car Rental Bookings – 40%
Car Rental Key Performance Indicators – 40%

Index Score Calculation

The Index is designed to provide an easy overview of the health of the travel industry. 

We have tracked the industry since the beginning of 2020. For 2020 counts that the 2020 performance of each indicator is compared to the same time in 2019.

For 2021 and 2022 counts that the performance of each indicator is similarly compared to the same time in 2019, since 2020 and 2021 do not provide a sound benchmark year. This means that calculations look as follows:

  1. Performance in January 2020 (Jan 1 – 31 2020) is compared to January 2019 (Jan 1 – 31 2019)
  1. Performance in January 2021 (Jan 1 – 31 2021) is compared to January 2019 (Jan 1 – 31 2019)
  1. Performance in January 2022 (Jan 1 – 31 2022) is compared to January 2019 (Jan 1 – 31 2019)

The Index provides a score relative to a baseline reading of 100 for the same month in 2019. 

Comparing the current performance with 2019 figures, which was a strong year for travel in most countries and verticals, allows for easy interpretation as different verticals and countries have shown fluctuating performances. 

Seasonality provides major fluctuations in the travel industry, and impacts countries differently, and by comparing the current month with the same month in 2019, the Index compensates for any seasonal fluctuations.  

At the beginning of 2021 and 2022, changes were made to the Index to further improve the data, by adding data partners and indicators. This means there are time series breaks, which could skew growth rates between December and January of 2020/21 and 2021/22. 

Retrospective Data Changes

To make the Index near real-time, we have opted for monthly updates of the Index scores. Most of our data partners are able to provide us with this data one week after the month is finished. 

There are a few indicators which have a longer lag time, including government data for our macroeconomic indicators, hotel occupancy from STR, and flight load factors from IATA. 

In these instances we use the most recent month’s data to make an estimate for the current month. We update this retrospectively when data becomes available, which might result in historical revisions  to the Index scores.

Indicators by Vertical

Macroeconomic Indicators

This category provides an insight into the economic health of each country. Due to a lag in reporting, Skift Research estimates the latest month data for these indicators, and retroactively changes the index scores once official sources become available.

SubcategoryIndicatorSource
Labor MarketUnemploymentSkift Research from Capital IQ, govt data
Business ConditionsIndustrial production or Purchasing Managers IndexSkift Research from Capital IQ, govt data
Consumer ConditionsRetail sales or Consumer sentimentSkift Research from Capital IQ, govt data
Financial ConditionsStock market returnsSkift Research from Capital IQ, govt data

Hotels Indicators

SubcategoryIndicatorSource
Hotel Stay IntentHotel search – domSojern
Hotel search – inbSojern
Hotel search – outbSojern
Hotel BookingsHotel bookings – dom + inbShiji
Hotel bookings – dom + inbDuetto
Hotel bookings – dom + inbOnyx CenterSource
Hotel bookings – dom + inbRateGain
Hotel bookings – dom + inbCriteo
Hotel room nights – domHotelbeds
Hotel room nights – outbHotelbeds
Hotel room nights – inbHotelbeds
Hotel room nights – dom + inbShiji
Hotel sales – dom + inbOnyx CenterSource
Hotel sales – dom + inbCendyn
Hotel sales – domHotelbeds
Hotel sales – outbHotelbeds
Hotel sales – inbHotelbeds
On the books reservations (+90 days) – dom + inbDuetto
Hotel KPIsHotel published ratesOTA Insight
Hotel email campaignsCendyn
Hotel reviewsTrustYou
Hotel occupancySTR (public data)
dom = domestic travel; inb = inbound travel; outb = outbound travel

Aviation Indicators

SubcategoryIndicatorSource
Flight Intent Flight search – domAmadeus
Flight search – domAviasales
Flight search – domSkyscanner
Flight search – domSojern
Flight search – inbAmadeus
Flight search – inbSkyscanner
Flight search – inbSojern
Flight search – outbAmadeus
Flight search – outbAviasales
Flight search – outbSkyscanner
Flight search – outbSojern
Flight BookingsFlight bookings – dom + inbForwardKeys
Flight bookings – dom + outbForwardKeys
Flight bookings – dom + outbCriteo
Flight bookings – domAviasales
Flight bookings – outbAviasales
Flight KPIsFlight seat capacity – domOAG
Flight seat capacity – intOAG
Flight passenger volume – dom + inbForwardKeys
Flight passenger volume – dom + outbForwardKeys
Airport lounge visits – residentCollinson
Airport lounge visits – international visitorsCollinson
Flight load factor – domIATA (public data)
Flight load factor – intIATA (public data)
Flight passenger volume – dom + inbTSA (public data)
Future flight seat capacity (+90 days) – domOAG
Future flight seat capacity (+90 days) – intOAG
dom = domestic travel; inb = inbound travel; int = international; outb = outbound travel

Vacation Rentals Indicators

SubcategoryIndicatorSource
Vacation Rental BookingsVacation rental bookings – dom + inbTransparent
On the books vacation rental occupancy (+90 days) – dom + inbTransparent
On the books vacation rental occupancy (+90 days) – dom + inbKey Data Dashboard
Vacation Rental KPIsVacation rental realized occupancyTransparent
Vacation rental realized occupancyKey Data Dashboard
Vacation rental ADRKey Data Dashboard
Vacation rental RevPANBeyond
Forward-looking ADR (+90 days)Key Data Dashboard
Forward-looking ADR (+90 days)Transparent
Forward-looking RevPAN (+90 days)Beyond
dom = domestic travel; inb = inbound travel; outb = outbound travel

Car Rental Indicators

SubcategoryIndicatorSource
Car Rental IntentCar rental search – domCarTrawler
Car rental search – inbCarTrawler
Car rental search – outbCarTrawler
Car Rental BookingsCar rental bookings – domCarTrawler
Car rental bookings – inbCarTrawler
Car rental bookings – outbCarTrawler
On the books car reservations (+90 days) – domCarTrawler
On the books car reservations (+90 days) – inbCarTrawler
On the books car reservations (+90 days) – outbCarTrawler
Car Rental KPIsTotal rental volume (days) – domCarTrawler
Total rental volume (days) – inbCarTrawler
Total rental volume (days) – outbCarTrawler
Total Transaction Value per day – domCarTrawler
Total Transaction Value per day – inbCarTrawler
Total Transaction Value per day – outbCarTrawler
dom = domestic travel; inb = inbound travel; outb = outbound travel

Inverted Indicators

To add further accuracy to the Index, we include cancellations data, although as this is a negative indicator it is layered on top of the Index. In other words, more cancellations than the same month in 2019 result in a negative score, which is subtracted from the total Index score. 

The maximum cancellation score is set at 0 (lower cancellations means no subtraction), and the minimum score is capped at half of the total booking indicators’ weight. For example, there are 15 indicators tracking hotel bookings data, with an aggregate weight of 19.5%, so the cancellation data score can be maximum 0, and minimum -9.75 (half of 19.5%).

CategoryIndicatorSource
CancellationsHotel cancellations – dom + inbRateGain
Hotel cancellations – dom + inbDuetto
Hotel cancellations – dom + inbOnyx CenterSource
Vacation rental cancellations – dom + inbKey Data Dashboard
Car rental cancellations – domCarTrawler
Car rental cancellations – inbCarTrawler
Car rental cancellations – outbCarTrawler

Additional Data Insights

To further benefit our analysis of the travel industry, select data partners provide additional data which is not included in the Index, but is used in our analysis and reporting. This data can also be found on the dashboard on the Skift Research website.

IndicatorSource
Vacation rental occupancy and ADR, split by professional property managers vs individual hostsBeyond
Vacation rental average length of stay, split by professional property managers vs individual hostsBeyond
Vacation rental booking windows, split by professional property managers vs individual hostsBeyond
Hotel average length of stayHotelbeds
Hotel booking windowsHotelbeds
Flight seat capacity, split by low cost carrier vs legacy airlineOAG
Hotel reviews by traveler typeTrustYou

Data Partners

Skift Research collaborates with 20 data partners to provide monthly updated data, without which the Index would not be able to exist.

Below is a brief explanation of the partners we work with, the data they share, and their methodology.

Amadeus

Amadeus is a global travel technology leader that delivers the most trusted, critical systems across the travel industry to airlines, airports, hotels, travel agents, and car rental and railway providers. 

Amadeus is providing insight on travel search trends and behavior for the Index. The search data is derived from Amadeus Agency Insights, the company’s business intelligence suite of solutions and services designed for travel agencies. Built using data from over 200 million weekly online searches stored in Amadeus Master Pricer, this search data is the most comprehensive dataset available that represents the global travel agency community. 

Aviasales

Aviasales was launched as a blog on bargain air tickets in 2007 and grew out to become the world’s biggest independent travel search. Similarweb ranks Aviasales among the top 15 most popular air travel websites, and Skift listed the services as a startup to watch in 2019. 

Today Aviasales serves 20 million monthly active users from Eastern Europe & Central Asia. Aviasales provides flight searches and booking data from the Russian market for the Index. 

Beyond

Beyond is a leading revenue management platform for short-term rental owners and managers to get, grow, and keep revenue. The easy-to-use platform includes a dynamic, demand-driven pricing tool with extensive market data that pairs with OTA distribution and a best-in-class booking engine. 

Founded in 2013, Beyond has supported over 340,000 properties in more than 7,500 cities worldwide and have enabled billions of dollars in booking revenue. The company provides data on Revenue per Available Night (RevPAN) for the Index. Beyond also provides data on average length of stay, booking windows, and average daily rates, all split between individual hosts and professional property managers, for the dashboard on the Skift Research website..

CarTrawler

CarTrawler is a leading b2b technology provider of car rental and mobility solutions to the global travel industry. CarTrawler’s purpose is to drive successful partnerships, with the company’s end-to-end technology platform expanding airline and travel partners’ offering to their customers, creating substantial ancillary revenue opportunities. The company provides unrivaled breadth and depth of content worldwide, including car rental, private airport transfer, and ride-hailing services. CarTrawler works with leading brands including United Airlines, American Express, Hopper, easyJet, Alaska Airlines, SWISS, Hotels.com and Emirates. 

CarTrawler is the exclusive provider of car rental data for the Index, providing extensive data including searches, bookings, transaction values, total rental days, and cancellations.

Cendyn 

Cendyn is an innovative cloud software and services provider for the hospitality industry. Their software solutions drive sales, marketing, and revenue performance for tens of thousands of hotels across the globe with a focus on integrated hotel CRM, hotel sales, and revenue strategy technology platforms. 

The company provides different data points around hotel marketing campaigns for the Index, providing an innovative alternative set of metrics to measure the health of the hotel sector. 

Collinson

Collinson is a global travel services business, creating traveler experiences, loyalty strategy and programs, travel insurance, and travel and medical assistance. Priority Pass is operated by Collinson and provides frequent travelers access to over 1,300 lounges and airport experiences in over 650 airports across 148 countries. 

Collinson is providing aggregated customer lounge visit data from 302 lounges across 15 countries for the Index.

Criteo

Criteo is a global technology company powering the world’s marketers with trusted and impactful advertising. Criteo supports suppliers, online travel agencies and meta sites with over 600 travel accounts globally. The foundation of Criteo’s travel offering lies in its ability to understand a user’s path-to-booking journey, tying awareness & intent-driven marketing to performance-driven strategies built to drive leads and bookings further down the funnel.

Criteo provides hotel and airline booking data for the Index.

Duetto

Duetto delivers a suite of cloud applications to simplify hospitality revenue decisions and allow hoteliers to work smarter, increasing organizational efficiency, revenue, and profitability. Its software as a service platform allows hotels and casino resorts to leverage real-time dynamic data sources and actionable insights into pricing and demand across the enterprise. More than 4,000 hotel and casino resort properties in more than 60 countries have partnered to use Duetto’s applications

Duetto is providing hotel performance data for the Index, including new bookings, on the books reservations, and cancellations.

ForwardKeys

ForwardKeys analyzes more than 17 million flight booking transactions each day, drawing data from all the major global air reservation systems, and selected airlines and tour operators. This information is enhanced with further independent data sets, including flight search, official government statistics, and data science. Founded in 2010, ForwardKeys works with tourism organizations, hotels, and retailers keen to understand who is traveling where, when, and for how long.

ForwardKeys is providing flight bookings and passenger volumes for the Index.  

Hotelbeds 

Hotelbeds provides over 180,000 hotels across the globe with access to high-value, complementary distribution channels that do not compete with the hotelier’s direct distribution strategy. It offers a network of over 60,000 hard-to-access b2b travel buyers such as tour operators, retail travel agents, airline websites, and loyalty partners. The company is predominantly focused on the leisure travel market.

Hotelbeds provides data on hotel room nights and hotel room sales for the Index. Furthermore, Hotelbeds provides data on length of stay and booking windows for the dashboard on the Skift Research website.

Key Data Dashboard

Key Data is a provider of real-time, direct-source vacation rental data for the short-term rental sector. Through direct-source integrations with the reservation systems for vacation rental professionals and resorts around the world, Key Data aggregates historical and forward-looking data in near real-time.

Key Data aggregates short-term rental data sourced directly from more than 30+ reservation systems of 700+ professional property managers around the world, providing occupancy and ADR data for the Index.

OAG

OAG is a leading global travel data provider which has been powering the growth and innovation of the air travel ecosystem since 1929. The company collects data about every journey, every booking, every take-off and landing, departure and delay, totalling over 110,000 flights, 100,000 schedule changes daily and over 4 million flight status updates. OAG provides further information and webinars about the impact of COVID-19 on the airline industry here.

OAG provides seat capacity data for the Index. Flight capacity data is the number of scheduled seats as supplied by the world’s global airlines and distributed by OAG on their behalf to all the major distribution channels and analytics sources on both a daily and weekly basis. The data is furthermore used in the dashboard that can be found on the Skift Research website.

Onyx CenterSource

Onyx CenterSource is a leading global provider of business-to-business payments and business intelligence solutions to the hospitality industry. With a legacy dating to 1992, the company facilitates in excess of $2.1 billion in payments annually, partnering with more than 150,000 hotel properties and 200,000 travel booking providers in 160 countries. Onyx is headquartered in Dallas, and has regional hubs in Seville, Spain and Tønsberg, Norway.

Onyx provides data on the number of hotel stays, cancellations and commissions registered in hotels that use their systems.  

OTA Insight

OTA Insight empowers hoteliers to deliver smarter revenue, distribution, and marketing outcomes through its market-leading commercial platform. With live updates, 24/7 support, and highly intuitive and customizable dashboards, OTA Insight integrates with industry tools including hotel property management systems, leading RMS solutions, and data benchmarking providers. 

OTA Insight provides hotel average published rates data for the Index. This data is sourced from the company’s Rate Insight product, which provides real-time rate data per destination from thousands of hotels all around the world.

RateGain

RateGain is a leading provider of SaaS products, which help travel and hospitality companies with cognitive revenue management, smart e-distribution, and brand engagement. RateGain supports over 250,000 hotel properties globally by providing 240 billion rate and availability updates, and powering over 30 million bookings. RateGain’s clients include the largest OTAs, airlines, hotel chains, tour operators, wholesalers, car rental companies, cruise lines, and travel management companies. 

RateGain provides hotel bookings and cancellation data for the Index. 

Shiji Group

Shiji Group provides software solutions and services for the hospitality, food service, retail and entertainment industries, ranging from hotel management solutions, to food and beverage and retail systems, payment gateways, data management, online distribution and more. Founded in 1998 as a network solutions provider for hotels, Shiji Group today serves over 74,000 hotels, 200,000 restaurants and 600,000 retail outlets across the world. 

Shiji Group provides China hotel bookings and room night data for the Index.  

Skyscanner

Skyscanner began in 2003 as a simple flight search engine, but today is a leader in travel with 100 million peak monthly active users, over 100 million app downloads, and more than 1,200 partners across flights, hotels, car rental, and more. Skyscanner’s Travel Insight product is enabling businesses to analyze search and booking trends to help them make smarter, faster decisions and guide their Covid-19 recovery plans.

Travel Insight captures 295 data points during every search and redirect, revealing powerful insights into where people are going now and where they want to travel in the next 12 months. Skyscanner provides flight search data for the Index.

Sojern 

Sojern provides digital marketing solutions for the travel industry. Powered by artificial intelligence and built on more than a decade spent analyzing traveler intent data, Sojern activates multi-channel branding and performance marketing solutions to drive direct demand for more than 10,000 hotels, attractions, tourism boards and travel marketers. 

Sojern contributes flight and hotel search data for the Index. The company collects and analyzes travel data from thousands of partners around the world. This gives Sojern an unprecedented view of travel demand and is the basis of the Sojern insights presented in the Index.

Transparent

Transparent provides business intelligence serving the vacation rental industry. Through a combination of proprietary and public data aggregation and data science, Transparent develops insights into market conditions such as supply growth, demand patterns, rate changes, and property manager activities. 

Transparent contributes occupancy, bookings, and pacing data for the Index. The company draws on data from the 34 million vacation rental listings it tracks worldwide, in every geography. 

TrustYou

TrustYou provides a guest feedback platform that makes listening to customers easy, powerful, and actionable. The platform unlocks the potential of guest feedback and helps hoteliers to make better business decisions, publish reviews on the hotel website and on Google, all to allow positive feedback to influence bookings. 

In response to the current crisis, TrustYou put together a Travel Health Index, using hotel reviews managed through its platform as a proxy for hotel occupancy. TrustYou provides this review volumes data for the Index, as well as further details on traveler segments for the dashboard that can be found on the Skift Research website.

Definitions

Following is a list of all indicators and their definitions.

Macroeconomics

Unemployment:  How many citizens of a given country are searching for a job but are unable to find work, expressed as a percentage of the total labor force.

Industrial production: A chained index measure of economic output produced by the industrial (e.g. manufacturing) sector of the economy. Though industrial businesses are not representative of every business, they are highly sensitive to changes in the economic environment and consumer demand. As such industrial production is often used as a near-real time proxy for state of business and economic conditions. 

Purchasing Managers Index: A monthly survey of private sector companies that asks operational and supply chain staff (the titular purchasing managers) for their opinion on the current performance of their businesses and their outlook for the future. Reported as a diffusion index of 0-100 where 50+ indicates business expansion.

Retail sales: Aggregate consumer spending on retail purchases, expressed as a percent change relative to the prior year. 

Consumer sentiment: A chained index based on household surveys that measures how consumers are feeling about the current and future state of the economy and their personal finances.

Stock market returns: The change in each respective country’s benchmark stock index, expressed as a percent change over the last year. 

Hotels

Hotel searches: Volume of hotel searches in month n, compared to the same month in 2019, by residents from the country (domestic, outbound) or travelers to the country (inbound).

Hotel bookings: Volume of bookings/reservations made in month n, compared to the same month in 2019, for hotels in the country. Data is not corrected for cancellations or no-shows.

Hotel room nights: Volume of total number of room nights sold to in month n, compared to the same month in 2019, for hotels in the country, or hotel room nights booked by residents of the country. Data is not corrected for cancellations or no-shows.  

Hotel sales: Value of total number of rooms or room nights sold in month n, compared to the same month in 2019, for hotels in the country, or the value of hotel rooms or room nights booked by residents of the country. Data is not corrected for cancellations or no-shows.

On the books hotel reservations (+90 days): Volume of hotel reservations for three months or 90 days into the future that are ‘on the books’ as of the end of the month, as compared to the same timeframe in 2019. E.g. the volume of hotel reservations that are on the books for April 2022, as of the end of January 2022, compared to the volume of hotel reservations in April 2019, as of the end of January 2019. 

Hotel occupancy: Realized occupancy for open hotels in each country, compared to the same month in 2019. This is based on publicly available STR data.  

Hotel published rates: Rates published on different online channels for open hotels in each country, compared to the same month in 2019. 

Hotel email campaigns: Average volume of hotel campaign emails delivered in month n, compared to the same month in 2019. Monthly averages are

computed by dividing the volume by the number of active hotels.

Hotel reviews: An index put together by TrustYou, where hotel reviews managed through its platform are used as a proxy for hotel occupancy. Present month hotel review volumes are compared to the same month in 2019, and adjusted for hotels which are currently closed.  

Aviation

Flight web traffic: Number of unique visitors to top travel domains (websites) in each country in month n, compared to the same month in 2019. 

Flight searches: Volume of flight searches in month n, compared to the same month in 2019, with the country as the place of departure (outbound), arrival (inbound), or both departure and arrival (domestic).

Flight bookings: Volume of flight bookings in month n, compared to the same month in 2019, with the country as the place of departure (outbound), arrival (inbound), or both departure and arrival (domestic).

On the books flight reservations (+90 days): Volume of flight reservations for three months or 90 days into the future that are ‘on the books’ as of the end of the month, as compared to the same timeframe in 2019. E.g. the volume of flight bookings that are on the books for April 2022, as of the end of January 2022, compared to the volume of flight bookings in April 2019, as of the end of January 2019. 

Flight seat capacity: Number of scheduled seats for routes to and from the country in month n, compared to the same month in 2019.

Flight passenger volumes: Volume of passengers taking flights in month n, compared to the same month in 2019, with each country as destination (domestic plus inbound) or source market (domestic plus outbound).

Flight load factor: Measures the percentage of available seating capacity that is filled with passengers in month n, compared to the same month in 2019. Publicly available data from IATA.

Flight revenue passenger kilometers: Revenue passenger kilometers (RPK) data, providing an insight into total kilometers traveled by paying customers in month n, compared to the same month in 2019. Publicly available data from IATA.

Airport lounge visits: Monthly aggregate lounge visits in month n, compared to the same month in 2019, at airports in the country, split by residents and international travelers as per their residency. 

Future flight seat capacity (+90 days): Number of scheduled seats for routes to and from the country three months into the future, compared to the same month in 2019. E.g. the number of scheduled seats that are on the books for April 2022, as of the end of January 2022, compared to the number of scheduled seats in April 2019, as of the end of January 2019. 

Vacation Rentals

Vacation rental bookings: Volume of bookings made in month n, compared to the same month in 2019, for vacation rentals/short-term rentals in the country.

On the books vacation rental reservations (+90 days): Volume of rental reservations for three months or 90 days into the future that are ‘on the books’ as of the end of the month, as compared to the same timeframe in 2019. E.g. the volume of rental reservations that are on the books for April 2022, as of the end of January 2022, compared to the volume of rental reservations in April 2019, as of the end of January 2019. 

Vacation rental occupancy: Realized occupancy for open short-term/vacation rentals in the country during month n, compared to the same month in 2019.

Vacation rental ADR: Realized average daily rates for open short-term/vacation rentals in the country during month n, compared to the same month in 2019.

Vacation rental RevPAN: Realized Revenue per Available Night for active rentals in the country, compared to the same month in 2019.  

On the books vacation rental occupancy (+90 days): On the books occupancy rate for three months or 90 days into the future, as of the end of the month, as compared to the same timeframe in 2019. E.g. the occupancy rate that is on the books for April 2022, as of the end of January 2022, compared to the occupancy rate for April 2019, as of the end of January 2019. 

Forward-looking ADR (+90 days): Publicized average daily rates for open short-term/vacation rentals for three months or 90 days into the future, as of the end of the month, as compared to the same timeframe in 2019. E.g. the average daily rates for April 2022, as of the end of January 2022, compared to the average daily rates during April 2019, as of the end of January 2019.

Forward-looking RevPAN (+90 days): Realized Revenue per Available Night for three months or 90 days into the future, as of the end of the month, as compared to the same timeframe in 2019. E.g. the realized RevPAN for April 2022, as of the end of January 2022, compared to the RevPAN during April 2019, as of the end of January 2019.

Car Rental

Car rental search: Volume of car rental searches in month n, compared to the same month in 2019, with the country as pickup location for domestic or international travelers (inbound), or the country as the source market of international travelers (outbound).

Car rental bookings: Volume of bookings made in month n, compared to the same month in 2019, with the country as pickup location for domestic or international travelers (inbound), or the country as the source market of international travelers (outbound).

On the books car reservations (+90 days): Volume of car rental reservations for three months or 90 days into the future that are ‘on the books’ as of the end of the month, as compared to the same timeframe in 2019, with the country as pickup location for domestic or international travelers (inbound), or the country as the source market of international travelers (outbound). E.g. the volume of car rental reservations that are on the books for April 2022, as of the end of January 2022, compared to the volume of car rental reservations in April 2019, as of the end of January 2019. 

Total rental volume (days): Aggregate of all cars rented during month n, compared to the same month in 2019, expressed as the total number of days, with the country as pickup location for domestic or international travelers (inbound), or the country as the source market of international travelers (outbound).  

Total Transaction Value per day: Average daily price paid for a car rental booking made during month n, compared to the same month in 2019, with the country as pickup location for domestic or international travelers (inbound), or the country as the source market of international travelers (outbound).

Inverted Indicators

Hotel/vacation rental/car rental cancellations: Volume of cancellations in month n, compared to the same month in 2019, for hotels/vacation rentals/car rentals in the country. This is an inverse indicator, with higher cancellations providing a higher negative Index score.