World Youth Day (WYD) is causing “a significant impact” on local accommodation, “with price increases of around 100%,” according to a GuestReady analysis released this Friday.
“In addition to music festivals, another special event is already planned for the summer of 2023: the World Youth Day in Lisbon (August 1-6). 100% price increase in the first week of August,” reads a statement from that local accommodation management company. .
In its 2023 projections, the company highlights the religious event scheduled for the week of August 1 to 6 in Lisbon, which could boost the hosts’ income.
The general manager emphasized the importance of organizing the calendar according to cultural, festivals and even religious events of GuestReady in Portugal, Rui Silva, explained in the statement that “owners in cities with more events, such as Porto and Lisbon, can increase their annual income by more than 10% on average, just with good calendar management”.
“In certain years, such as 2023 with WYD in Lisbon, an even greater increase in income is possible. We estimate that Lisbon hosts will see an increase in income of more than 15% this year,” he added.
For 2022, the technology summit Web Summit, in the capital, was the event with the greatest impact on Portuguese local accommodation, with “price increases of more than 80%”, followed by the festivals Primavera Sound, in Porto, and Rock in Rio, in Lisbon, points to the same source.
GuestReady predicts that this year’s Primavera Sound, scheduled for June 7-10, will have a similar impact to last year.
The festivals Alive, Kalorama, Super Rock and Marés Vivas should also have “a similar impact on accommodation demand and occupancy,” the company added.
The statement also mentions that “the month of August and New Year’s Eve are the events that always generate the highest demand” for local accommodation in Portugal, as well as Easter.
During the long Easter weekend, there was “so much demand that prices were twice as high as usual in April,” he explains.
Source: DN
