SAN DIEGO, Calif., July 05, 2024 (GLOBE NEWSWIRE) — Cloudbeds, a hospitality management platform that helps independent accommodation providers around the world increase bookings and improve guest satisfaction, has identified key trends that will be game-changing for the travel industry this year.
Findings published in Cloudbeds’ 2024 State of Independent Lodging Report include new developments in experiential travel, the growing popularity of inflation-beating travel hacks and a growing demand for new skills among the next generation of hoteliers.
“Cloudbeds is a game changer,” said Adam Harris, co-founder and CEO of Cloudbeds. “While the economy is likely to avoid a recession again this year, that doesn’t mean it will be all smooth sailing for hotels. Travel patterns will change, travelers will become more price sensitive and demand may weaken. In any market condition, it will be up to hoteliers to closely monitor trends and data, act quickly to seize opportunities and deliver unique guest experiences that outperform the market.”
Here are some of the emerging trends identified by Cloudbeds that will shape the travel and hospitality industry in 2024:
- Travelers upgrade. As inflation remains high, travelers are finding creative ways to upgrade their travel experiences by leveraging savings tactics, swapping popular destinations for more affordable “extras” (Expedia), or relying on “buy now, pay later” options (Atmosphere Research). Despite the rising cost of living, Skyscanner found that 81% of travelers are planning to travel the same or more in 2024 compared to 2023.
- The experience is the destination. After years of post-pandemic bulk buying, consumers are shifting from collecting things to collecting experiences: Nearly 70% of travelers say they are more likely than ever to travel to a concert outside of their hometown (Expedia), while 47% of U.S. travelers have booked a destination just to visit a specific restaurant (Skyscanner). Meanwhile, Booking.com found that more than half of travelers are keen to book surprise trips where they don’t know anything about the destination until they arrive.
- The next generation of hoteliers is upskilling. As technology transforms the hospitality industry, the next generation of hoteliers will need to adapt with a combination of technical, analytical and strategic skills to effectively leverage new tools and maintain a balance between automation and human interaction. The World Economic Forum predicts that 42% of business tasks will be automated by 2027. In the hospitality industry, 91% of hotels globally use a PMS, 64% have a booking engine and 33% have a channel manager (Skift).
The new trends complement five key trends from last year that are likely to continue into this year: value-driven decision-making, the shift to virtual front desks, the convergence of blended travel and hybrid hospitality, new technologies disrupting travel search and inspiration, and a shift from a focus on amenities to a focus on guest experience.
For additional trends and comprehensive global insights into the independent lodging landscape in 2024, download a complimentary copy of Cloudbeds’ annual “State of Independent Lodging Report” at https://www.cloudbeds.com/hospitality-industry-report .
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About Cloudbed
Cloudbeds is the platform that powers the hospitality industry, helping tens of thousands of lodging businesses grow and thrive in over 150 countries around the world. The award-winning Cloudbeds platform brings together technology solutions that increase revenue, improve guest satisfaction and streamline operations into one unified system, powered by a marketplace of curated third-party integrations.
Founded in 2012, Cloudbeds was ranked #1 in PMS, Hotel Management Systems and Guest Messaging Software by Hotel Tech Report in 2023 and recognized as a Major Player in the IDC Marketscape Report in 2022. For more information, please visit www.cloudbeds.com.
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