Business

Cooped-up Americans race to book vacations in reopened states

Published

4 years ago

May 23, 2020

Cooped-up Americans race to book vacations in reopened states

Demand has soared this month for vacation rentals in pockets of the US, offering hope for booking companies such as Airbnb as well as state governments desperate for tourism tax revenues.

In Florida, the home of Disney World and Miami Beach, vacation homes are opening up in some counties after the state’s governor relaxed lockdowns ahead of the Memorial Day weekend.

New rental bookings had already begun to recovery in early May and are now 90 per cent higher than they were 12 months ago, according to the state’s tourism website. In April, bookings were down more than 80 per cent year on year in the state, creating pent up demand that has exploded with the prospect of restrictions on travel.

Other states, including Georgia and Alabama, have seen similar spikes in new bookings, according to Key Data Dashboard, a software provider of rental figures.

Though almost 40m Americans have begun to claim unemployment insurance in the past two months and the US jobless rate is expected to rise close to 20 per cent this month, the vacation rental demand indicates that people with financial security are eager to spend.

Booking activity for vacation rentals in Europe and North America slows as coronavirus continues to spread

The Florida figures reveal bookings made but not when the stays would begin, suggesting a favourable leading economic indicator for the state.

There had been a particular surge in rentals commencing in the next 30 days, said Jason Sprenkle, chief executive of Key Data Dashboard, which collects data for Florida — an unusually tight timeframe because people usually book vacations further in advance.

“Over the last week, the demand for vacation rentals across the US has seen a huge increase, now surpassing the demand for this same period last year,” he said.

Amid heightened uncertainty, cancellation policies, which typically require a portion of the stay to be paid upfront, have been loosened to the benefit of renters, Mr Sprenkle added.

GM230521_20X Florida new vacation rentals UPDATED

Taxes collected from vacation rentals can be a notable revenue source for states. In 2019, Airbnb collected $137m in taxes for Florida, up from $86m in 2018. San Francisco-based Airbnb said earlier this month that its revenues for the year could be less than half its 2019 tally as a result of the economic hit from coronavirus.

In 2018, Florida received $16.6bn in direct spending from vacation home rentals, about 1.6 per cent of state gross domestic product, according to a study published in December by the University of Central Florida. More than 14 million tourists stayed in vacation rental homes in 2018, about 11 per cent of total tourists, the report said.

Signs of an improving outlook for private home and condo rentals will be a hopeful sign for a state tourism industry still deep in the doldrums. Hotel revenues per available room, which bottomed in April, were still down 74 for the week ending May 16 compared to the same period last year, according to Bank of America.

Florida hotel revenue Year-on-year change ($m)

Not all big states’ rental bookings have recovered, said Key Data, which collects bookings figures directly from rental property managers and also monitors websites such as HomeAway and Airbnb to gauge rental supply.

Hawaii has not recovered from the April lows, as air travel to the islands remains subdued. New rental bookings per day in California have rebounded but are still below totals for May 2019, as that state remains significantly shut down.

“The guests are angry” about the lockdowns said Vince Perez, a property manager and rentals software provider in California. People are looking at stays months away, he said.

One change is that people are looking to vacation longer or decamp to work remotely after being cooped up through the pandemic, Mr Perez said. “The number one call we get right now is, ‘hey, I will take the house for 30 days’.”

For places that have eased lockdowns and that vacationers can travel to easily, “those drive-to markets are definitely already seeing a boom” in demand, said Blake MacKenzie, a board member with the Northwest Vacation Rental Professionals Association.

“If you are in a destination leisure market and you are outside the cities, you are going to see — and you are seeing — an uptick in bookings,” he said.

(Note: This is a Article Automatically Generated Through Syndication, Here is The Original Source

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Net Worth

Pavel Durov Net Worth 2024: How Much is the Russian-born Emirati Entrepreneur Worth?

Published

11 hours ago

April 18, 2024

Vishnu Chaudhary

Pavel Durov Net Worth 2024: How Much is the Russian-born Emirati Entrepreneur Worth?

Who is Pavel Durov?

Pavel Valeryevich Durov, born on October 10, 1984, is a Russian entrepreneur renowned for founding the social networking site VK and the Telegram Messenger. He is the younger sibling of Nikolai Durov. After stepping down as CEO of VK in 2014, Pavel, along with his brother, led a nomadic lifestyle in self-imposed exile, holding citizenship from Saint Kitts and Nevis. He is recognized for his contributions to the tech industry and his advocacy for user privacy.

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Pavel Durov Career?

Durov’s journey in the tech industry began in 2006 when he co-founded VKontakte (VK), inspired by Facebook’s success. Under his leadership, VK flourished, reaching a valuation of $3 billion. However, conflicts with Russian authorities over user data led to his departure from VK in 2014. Subsequently, he focused on Telegram, emphasizing privacy and security, earning him acclaim as a tech visionary.

Pavel Durov’s Net Worth

As of 2024, Pavel Durov’s net worth is estimated to be an impressive $17 billion. His wealth stems from his pioneering work with Telegram and VK, propelling him into the upper echelons of the tech industry. Durov’s success serves as an inspiration for aspiring entrepreneurs worldwide.

Pavel Durov Age?

Pavel Durov, born on October 10, 1984, is currently 39 years old. Despite his relatively young age, he has achieved remarkable success in the tech world, demonstrating his entrepreneurial prowess and innovative thinking.

Pavel Durov Family: Parents

Pavel Durov’s father, Valery Semenovich Durov, is a distinguished academic with a Doctorate in Philological Sciences. His grandfather, Semyon Petrovich Tulyakov, was a decorated World War II veteran. Durov’s family background reflects a tradition of intellectual and academic excellence.

Pavel Durov Height and Weight

As of 2024, Pavel Durov stands at 5 feet 10 inches (178 cm) tall and weighs approximately 163 pounds (74 kg). His physique, along with his intellect and entrepreneurial acumen, contributes to his charismatic presence and success in the business world.

Also Read: Nasser Al-Khelaifi Net Worth 2024: How Much is the President of Paris Saint-Germain Worth?

Business

Wow! Momo secures Rs 70 crore funding from Z3 Partners for expansion

Published

2 days ago

April 17, 2024

IANS

Food chain Wow! Momo raises Rs 70 crore from Z3Partners

Quick-service restaurant chain Wow! Momo has secured Rs 70 crores from Z3Partners in an extension to their latest funding round following Rs 350 crores from Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia. Wow! Momo operates three brands – Wow! Momo, Wow! China, and Wow! Chicken.

CEO Sagar Daryani expressed gratitude stating, “We have been consistent and resilient…this round of investors have shown in us fortifies our faith and further motivates us to be change-makers.” Launched in 2008, Wow! Momo has 600 outlets in 38 cities and ventured into the FMCG sector along with their QSR vertical.

Managing Partner at Z3Partners, Rishi Maheshwari, praised Wow! Momo saying, “Wow! Momo is a reflection of the vibrant entrepreneurial landscape in the country…building a high-quality food business at scale, fuelled by superior execution expertise.” This funding round totals over Rs 480 crores, with Rs 270 crores via primary infusion and Rs 210 crores through a secondary purchase from early-stage investors.

Wow! Momo’s growth trajectory has been impressive with a strong presence in multiple cities. This latest funding will further solidify its position in the market and support its expansion plans. Sagar Daryani and the team at Wow! Momo are optimistic about the future and grateful for the support shown by investors.

Business

UP now boasts the largest number of Geographical Indication-tagged items in the country.

Published

2 days ago

April 17, 2024

IANS

UP now has the most GI-tagged items in the country

Varanasi, April 17 (IANS) – Six more products from Uttar Pradesh have been granted the Geographical Indication (GI) tag, including the famous ‘Tirangi Barfi’ of Kashi, a tricoloured sweet symbolic of the Quit India Movement. The GI Registry awarded the certification on Tuesday, bringing the total number of GI-tagged products in Uttar Pradesh to 75, making it the state with the most GI products in India.

The newly certified products in Uttar Pradesh also include Banaras Metal Casting Craft, Lakhimpur Kheri Tharu Embroidery, Bareilly Cane and Bamboo Craft, Bareilly Zardozi Craft, and Pilkhuwa Hand Block Print Textile. According to GI expert Padma Shri Rajnikant, “Two renowned products from Varanasi, the Tirangi Barfi and Metal Casting Craft, were granted GI certification on Tuesday.” Rajnikant, the general secretary of the Human Welfare Association, has been instrumental in securing GI tags for 148 producers across 14 states and Union Territories.

Rajnikant highlighted the crucial role played by the National Bank for Agriculture and Rural Development (NABARD) Uttar Pradesh, Lucknow office in supporting these six GI tags. He emphasized that this achievement strengthens Uttar Pradesh’s position as the leading state in GI products. In 2008-09, the state had only one GI product, the ‘Allahabad Surkha Amrood.’ With 75 GI products now, Uttar Pradesh continues to lead in this area.

The GI tags not only recognize the unique identity and qualities of these products but also provide protection against imitation and unauthorized use. These certifications also help in promoting traditional craftsmanship and skills, thereby boosting the local economy and preserving the cultural heritage of the region. Tamil Nadu follows Uttar Pradesh with 58 GI products, reflecting the rich cultural diversity and heritage of various states in India.