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Out of the Frying Pan and Into the Fire - Sales Development in the Saxon Hospitality Industry in 2020

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  • Remo Nitschke

Abstract

For more than a year, the Corona pandemic has been leaving deep scars on the economy. In some cases, it paralyzed entire economic sectors. The hospitality industry is particularly affected. An analysis of the development of sales in 2020 in Saxony's hospitality industry shows that companies suffered significant sales losses compared to the previous year, particularly during the lockdown months from March to April and from November onwards. Even in the summer months, sales often remained below the previous year’s level. Overall, 2020 sales in the accommodation sector were around 40% below the previous year's level, while food service activities recorded a 30% drop in sales. Beverage serving activities, as well as hotels, inns and guesthouses, were particularly affected subgroups. Campsites, on the other hand, actually benefited slightly from the situation.

Suggested Citation

  • Remo Nitschke, 2021. "Out of the Frying Pan and Into the Fire - Sales Development in the Saxon Hospitality Industry in 2020," ifo Dresden berichtet, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 28(03), pages 24-27, June.
    • Handle: RePEc:ces:ifodre:v:28:y:2021:i:03:p:24-27
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    File URL: https://www.ifo.de/DocDL/ifoDD_21-03_24-27_Nitschke.pdf
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    1. Katharina Heisig, 2020. "Where the Germans want to spend their summer holiday after the shutdown," ifo Dresden berichtet, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 27(04), pages 21-23, August.
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