Unprecedented turnover decline in accommodation and food services

Accommodation establishments lost almost two-thirds of turnover

In Q2 2020, turnover in accommodation services, including hotels and holiday parks, plummeted by 64 percent relative to the preceding quarter. In Q1 2020, there was already nearly 15 percent turnover decline. For hotels, the decline was even steeper; in Q2 2020, hotels saw their turnover drop by over 75 percent relative to Q1. Last week, CBS already reported the sharp drop in the number of guests and overnight stays at tourist accommodations.

Turnover food and beverage services almost halved

In Q2 2020, turnover generated by food and beverage services (including restaurants, fast-food restaurants, canteens, catering companies and cafés) fell by nearly one-half on the previous quarter. Turnover already decreased by almost 14 percent in Q1.

At almost 60 percent, cafés recorded the largest turnover decline. Fast-food restaurants (cafeterias, lunchrooms, snack bars, food stands, etc.) recorded the smallest decrease in turnover, although it was still substantial at almost 25 percent.

Business confidence in accommodation and food services picks up slowly 

Entrepreneurs in the accommodation and food services sector are still very pessimistic. The sentiment indicator stood at -52.4 at the beginning of the third quarter. Historically, this is still very low, but it is considerably better than at the beginning of the previous quarter, when the indicator stood at -84.3.

No volume figures

Due to coronavirus-related government measures, the full extent of services was limited or unavailable in Q2. As a consequence, there were no transactions for many of these services for which prices could be measured. The volume figures could therefore not be calculated.