RateGain, a provider of revenue management for the travel and hospitality industries, including all major car rental companies, has released a report analyzing rental rates in Europe.
RateGain analyzed car rental rate data from over 25 airport locations in Europe to track rates from January to July 2020 to compare to the same period in 2019.
Among the report's findings:
- The steepest rate decline occurred in April. July, the peak travel season in Europe, shows the first signs of recovery of rates.
- In France, rates in June and July are trending 40% lower than the same period in 2019. France is one of the few countries not seeing a rate recovery in the period examined.
- In Italy, Venice, Florence, Naples, and Catania airports are seeing an increase of almost 30% compared to June and July of 2019.
- The U.K.’s recovery started in June, with an almost 50% improvement in July month-on-month, while U.K. airports are seeing a year-on-year increase in rates of over 40% in June and July compared to 2019.
“In the absence of international tourists, recovery for rentals in Europe would not be immediate, however the opening of intra-country travel will help car rentals to stay in demand and charge a premium as per the data available at our end,” says report author Anup Dhiraj product head for car rentals.
The report also provides “coping strategies” for car rental operators in select countries.