'Strong' Forecast for Global Leisure Market in 2014

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Global leisure rates are forecast to grow by approximately four percent through the holidays and remain strong in 2014, according to Pegasus Solutions.

The world's largest electronic hotel transactions processor reported the overall leisure market performed better in November compared to last year.

"Many hotels look to the holiday season as a windfall that will make up for any slow periods from the rest of the year," David Millili, chief executive officer of Pegasus Solutions, said in the report. "November opened the 2013 season with a solid start, including leisure gains globally, and relatively solid corporate performance. What's significant is that the increases we saw came on top of increases we saw in 2012, which were increases over 2011, and so on."

Consumers made 1.9 percent more bookings in November compared to last year, at an average of 3.3 percent higher rates globally.

All regions, except Europe, reported single- and double-digit growth, with rates remaining within one percent of last year, the firm reports. In North America, rates increases by five percent with the Thanksgiving holiday.

Corporate reservations in November fell 1.5 percent globally. However, the bookings were made at rates 1.7 percent higher overall compared to last year. During the first quarter of 2014, occupancy volumes are expected to hold steady or increase slightly. However, rates are forecast to continue growing, even surpassing 2013 levels at the first of the year, according to Pegasus.