Economic Impact and Adaptive Responses in the Global Hotel Industry During the COVID-19 Pandemic: A Comparative Analysis

Abstract

Abstract The COVID-19 pandemic has become a challenge of unprecedented scale for various industries, and the hotel industry has not escaped the waves of economic uncertainty. Economic indicators in the hotel industry, which once reflected growth and prosperity, abruptly turned into indicators of crisis and the need for adaptation. The main aim of the presented article is the evaluation, categorization, and comparison of hotel-type accommodation facilities in selected countries based on their economic indicators in the pandemic period. Comparison and categorization of countries will be carried out using a multivariate statistical method – cluster analysis. All investigated indicators were obtained by the method of sociological inquiry in the form of a questionnaire. The application of cluster analysis identified the economic importance and potential in the countries in question using the investigated economic indicators in the hotel industry. The results showed a significant economic difference between the countries. The analysis divided the requested countries into five clusters – categories from the lowest (Turkey) to the highest impact of the COVID-19 pandemic on the economic situation in the hotel industry (Slovak Republic). Since the prevention of crises in the hotel industry is a key aspect that can minimize negative consequences and ensure the sustainability of operations, at the end of the presented article we have outlined the measures that accommodation establishments should apply in their normal practice.