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Dynamic pricing has long been a cornerstone in industries that rely on demand-driven revenue strategies. Pros of Dynamic Pricing in Hotels Revenue Maximization : By adjusting rates in real-time, hotels can charge more when demand is high, boosting revenues during peak seasons or major events.
Among 25 European capitals, hotel prices have risen by 2.7%, while short-term rentals soared almost 8%- highlighting the growing demand for flexible, unique accommodation options this New Years Eve, according to a study by Almawave Group. Its not just about following trends; its about anticipating them and using data to lead the way.
Without understanding which guest segments are most profitable, hotels target the wrong audiences, misallocate their marketing budgets, and miss critical opportunities to boost revenue and profit. For example: Business Travelers: Prioritize efficiency and convenience, seeking amenities like high-speed internet and meeting spaces.
A new report by World Travel & Tourism Council (WTTC) and Trip.com Group, together with Deloitte, reveals a heightened appetite for sustainable tourism among consumers, with 69% of travelers actively seeking sustainable travel options. But 2023 is looking even better in terms of travelers’ spend.
Budget season is upon us, and around the world hotel owners and operators are buried deep in data trying to come up with 2024 performance numbers. NB: This is an article from Hotstats What unique challenges are hotels facing in the 2024 budgeting and planning process? Pricing: Have We Reached a Ceiling? percent in 2022 to 6.8
The market is becoming increasingly competitive for independent accommodation providers, with large hotel chains quickly adapting and OTAs investing to capture travellers. The advancement of self-booking tools means business travellers can easily browse options to make informed decisions that meet their requirements.
In this blog, well explore how hoteliers in India, especially in nearby cities like Varanasi, Gorakhpur, Chitrakoot, Lucknow, and Ayodhya, can prepare to accommodate the surge in travelers and capitalize on this once-in-a-lifetime event. billion) in economic activity, with a significant portion benefiting the hospitality and tourism sectors.
Big picture Humans are wired to travel. In recent years, time without its magic has only served to make it more valuable, meaning that while external forces may push us to adapt, travel can now never be compromised. Most (57%) intend to travel more. Only 9% intend to travel less.
Many parts of the world are excited about the prospect of travellers from mainland China returning to their shores but, while your hotel can certainly benefit from the opportunity, there are no simple answers when it comes to planning and preparing for this. It also allowed citizens to travel during the Lunar New Year celebrations.
Dynamic pricing strategies: Move beyond static pricing and adopt dynamic pricing for rooms. Utilize data analytics to forecast demand accurately and adjust prices in real-time. Read Also: What is Dynamic Pricing in Hotels? Offer tiered packages to cater to different budget levels.
Consider a platform that can easily align your budget with the entire tour, including accommodation and activities. Subscribe to our weekly newsletter and stay up to date Unfortunately, there are few travel industry players that have employed this approach. What is dynamic packaging in travel and tourism? Dynamic pricing.
While not without controversy, Qatar’s hosting of the 2022 FIFA World Cup is a significant milestone on its journey to becoming a premier league tourism destination. Berthold Trenkel, COO of Qatar Tourism, says: “2022 has been an extraordinary year in Qatar with so many major new hotel and tourism openings.
Marketing strategy: Highlight your key marketing initiatives, such as online advertising, social media engagement, or partnerships with travel agencies. Target market: Define your ideal guest profile, including their demographics, interests, and travel habits. Assess their pricing, services, marketing strategies, and customer reviews.
Explore the leading tourism companies in Dubai 1st August, 2024 In this article Dubai tourism companies What it’s like to work for a tourism company How to prepare for tourism jobs Known for its breathtaking skyline, luxurious lifestyle and lively culture, Dubai has become one of the world’s top travel destinations.
What are tourism trends? Tourism trends reflect evolving patterns and preferences in travel, influenced by factors such as technological advancements, socio-economic shifts, and changing consumer behaviours. Table of contents Why keep up with new trends in tourism?
UK: In the Spring Budget 2024, Chancellor Jeremy Hunt revealed the government will freeze alcohol duty and cut National Insurance, as well as raise the VAT threshold for small businesses to £90,000. In today’s Spring Budget, Hunt outlined plans to increase the VAT registration threshold from £85,000 to £90,000 for small businesses.
2) World-class Hospitality & Tourism Dubai’s hospitality is legendary, where luxury and warmth converge to create a memorable guest experience. Tourism in Dubai is a dynamic and thriving industry that attracts millions of visitors from around the world each year.
8) Affordable prices : Bali is an affordable destination for travelers, with accommodation, food, and activities available at a reasonable price. 9) Environmental conservation : Bali is committed to environmental conservation and sustainable tourism. Visitors can enjoy a luxurious experience without breaking the bank.
AltoVita powers the corporate accommodations sector with enterprise software layered with a human-centric approach, providing every traveller with exactly what they need. Find out more here didatravel is a holistic travel service provider through innovative technology. Rebahan is an Online Travel Agent (OTA) application created by PT.
On one side, you have OTAs (online travel agents) that are vital distribution partners to liquidate unsold inventory and put heads in beds. Wide reach: OTAs have a global presence and extensive marketing budgets, helping properties gain visibility to a broad audience. There are some distinct advantages of partnering with OTAs.
The staycation trend has seen an unprecedented surge in popularity, particularly in the wake of global events that have restricted international travel, particularly due to the covid-19 pandemic. The appeal lies in the convenience, reduced travel costs, and the opportunity to explore local attractions that might otherwise be overlooked.
International travel restrictions stimulated ‘the great British staycation’, which caused hotels to experience buoyant trading performances across coast and country markets. During 2022, this was complemented by revenue growth across urban markets as consumers returned to cities and international travel recommenced.
This can range from global economic conditions, political stability, tourism trends, or even the weather! And it’s equally important to have an understanding of new hotel openings, refurbishments, and competitor pricing strategies! More and more travellers are looking to reduce their environmental impact.
The importance of the price of offering lowered from 78 percent to 50 percent. Prioritizing price amidst COVID-19 fell by almost half among those ages 60+, from 78 percent considering it a top-three factor prior to the outbreak to 41 percent now. consumers—falling 2.5 percent to an ACSI score of 79.
What are Chinese travellers? Chinese travellers are individuals residing in China who travel domestically within their country or internationally to various destinations around the world. Table of contents Why should you capture the attention of Chinese travellers?
In urban areas like London or Manchester, chain hotels are popular among business travellers and tourists who appreciate the convenience and predictability they offer amidst the hustle and bustle of city life.
Some of the most prominent organisations that determine hotel star ratings include: Australia – Quality Tourism Australia. The UN World Tourism Organisation also works to improve tourism competitiveness, promote sustainability and regulate standards. USA – American Automobile Association.
Z is for zero carbon Probably the biggest issue facing the real estate sector – and by extension travel and tourism – is reaching net zero carbon, both in construction and operationally. Having a period without travel has made people appreciate their holidays even more.”
With its rich cultural heritage, eco-friendly tourism, and renowned Ayurvedic practices, Kerala is often referred to as “God’s Own Country.” 8) Environmental Conservation Kerala has been at the forefront of eco-conservation efforts, with initiatives like responsible tourism, sustainable agriculture & wildlife protection.
Internet fees and telephone call surcharges While basic Wi-Fi might be complimentary, premium internet services or international calls can incur additional fees, catering to the needs of business travellers. Depending on where you’re operating, taxes may be included in the room price (e.g. Stay away!”.
Why Hourly Bookings Matter Hourly bookings appeal to multiple guest segments , i.e., companies, remote workers, travelers looking to relax between flights or before an event, locals, and road warriors (they can pull off the highway for a quick nap!). How to Attract Hourly Bookers Hourly bookers seek comfortable spaces and quality amenities.
NB: This is an article from Robert O’Halloran , Professor Director, School of Hospitality Leadership at East Carolina University A new hotel to some is just another place some travelers cannot afford to stay. Where was the value for the price paid? Customer demand: guests who are willing to pay different prices.
What challenges are you facing with both menu creation and sourcing the right suppliers at the right price? Having a Michelin star definitely draws a community of committed foodies, it almost like food tourism as people make their way across the country and continents picking off the Michelin starred establishments!
The surge in new hotels is driven by a combination of different factors; increase in travel demand, investor confidence and economic recovery. McCartan also stated that the rise in travel demand has also contributed to the rise in new hotel experiences.
Its natural beauty, cultural richness, outdoor adventures, and warm hospitality make it a remarkable destination for travellers seeking an unforgettable experience Looking for a place to stay? Jackie’s Personal Favourite: If you’ve heard of Sabah before then you already know that it’s the ultimate destination for nature and wildlife lovers.
When others have pulled back, we kept innovating by adding new menu items (a new Porterhouse steak, Wagyu New York Strip), half priced bottles of South American wine, To-Go experience packages and more. Raquel Rosenthal, CEO, Digilant. Lexi Sydow, Senior Insights Manager, App Annie.
Edinburgh has been one of the few markets to still achieve double-digit pricing growth year over year after experiencing robust growth in 2023. Limited supply-side pressures and its growth in popularity among international travellers have supported hotel performance. Aberdeen has been the outlier.
Table of contents Latest news in the hospitality industry A year of increased stability and growth At the beginning of 2023 the focus was firmly on growth, particularly given the effects of COVID on the travel sector over the preceding years. Almost one in five hotel rooms booked online are cancelled prior to travel.
People still tend to go to these destinations, for example places like Amsterdam have increased their taxes to control the number of tourists, but that hasn’t deterred people from traveling to the city, she says. Thompson explains that it is ultimately dependent on global economics and the willingness of people to travel and spend.
Understanding hotel management Managing a hotel or other tourism venue covers a broad range of roles and responsibilities, all of which are vital to the success of the business. Hospitality and tourism management fundamentals All hospitality education courses should include a comprehensive understanding of the key industry basics.
Events are a never-ending marketing opportunity and a major source of tourism. They must also manage budgets, negotiate with vendors, and handle any unforeseen challenges that arise during events. Budgeting A crucial aspect of managing hotel events is maintaining a comprehensive and realistic budget.
Examples of booking channels include your own website, online travel agents like Booking.com, metasearch sites like Google, traditional travel agencies, global distribution systems (GDS), and more. These booking channels are a ticket to accessing the millions of travellers around the world who could potentially be your guest.
Some notable options include: Hotel management: Executing administrative and operations duties, hotel management draws on many skills from customer service to budget management. The goal is to maximize income by strategically pricing and controlling inventory, finding a balance between rates, demand and occupancy.
The concept had a few caveats: consumers want the menu has to be the same as dine-in (not just a few menu items), food prices can't just be marked up to offset the costs, and they wouldn't want high order minimums. We also expect budget-constrained consumers will want lower price-point options."
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