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In a positive development for the North Rhine-Westphalian hospitality industry, August 2022 saw a significant increase in turnover compared to previous years, marking a strong post-pandemic recovery.
According to the latest data, the industry's turnover increased nominally by 29.1% compared to the same month in 2021. This follows a 71.6% increase in turnover for the first eight months of 2022 compared to the same period in 2021, and a real increase of 62.1% in the same period when adjusted for inflation.
The sharp recovery can be attributed to the easing of COVID-19 restrictions and the rebound in consumer confidence and tourism demand after the pandemic-induced downturn. During the height of the pandemic, strict public health measures heavily limited hospitality activities. However, by 2022, many of these restrictions had been relaxed or lifted, allowing for a more normal operation of restaurants, hotels, and related services.
When compared to August 2019, which represents a pre-pandemic baseline, the turnover in August 2022 likely approached or even surpassed pre-pandemic levels due to several factors: pent-up demand from consumers eager to travel and dine out after prolonged restrictions, possible price adjustments reflecting inflationary pressures, and a return or increase of events, conferences, and tourism that had been cancelled or scaled back in previous years.
In the drink-oriented catering sector, turnover in August 2022 was 22.6% higher than in the same month in 2021, but still 24.3% lower compared to August 2019. On the other hand, hotel industry turnover in August 2022 was 44.3% higher in real terms compared to the same month in 2021, and accommodation turnover was 39.6% higher. Catering companies also recorded 14.0% higher turnover compared to the same month in 2021.
The number of employees in the North Rhine-Westphalian hospitality industry was 9.3% higher in August 2022 compared to the same month in 2021, signalling a return of workforce to the industry.
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Unfortunately, there is no information on how the first eight months of 2022 compare to the same period in 2019 for the North Rhine-Westphalian hospitality industry. However, the positive trends seen in August 2022 suggest a promising outlook for the industry's recovery.
The positive trends in the North Rhine-Westphalian hospitality industry extend beyond August 2022, as the first eight months of 2022 have shown a significant increase in turnover for both the industry and individual sectors like hotels, accommodations, and catering companies, compared to the same period in 2021. These increases in turnover have been observed across various sectors of the finance industry, indicating a robust recovery within the broader business community.
