New data from revenue management leader Beyond reveals today’s travel must-haves: personalized amenities, eco-aware options and separate sleeping quarters.
Beyond, the pioneering leader in revenue management for the short-term rental (STR) sector, today released findings from its latest consumer travel survey. The study reveals critical insights into evolving traveler preferences, which highlight the growing need for real-time data capabilities for property managers, hosts and other hospitality professionals to re-think how they’re making data-driven decisions about their business as summer travel winds down and fall and winter bookings are on the rise.
“With travelers taking a more and more hands-on approach to booking, understanding consumer behavior is more crucial than ever,” said Julie Brinkman, CEO at Beyond. “These insights provide a roadmap for hospitality businesses to enhance their offerings and marketing strategies. By harnessing consumer data, they can create more personalized, engaging experiences that resonate with modern travelers.”
Key findings from the survey include:
Emerging Trends and Technology:
- AI Adoption Gaining Ground: While 56.1% of respondents are hesitant to use AI for trip planning, 43.9% are open to it, suggesting a gradual acceptance of AI in travel.
- Emerging Eco-Trends: Younger generations show increasing interest in intimate travel (smaller group experiences) and eco-friendly accommodations, with 48.1% of 18 – 24 year-olds favoring intimate travel.
Booking and Trust:
- Transparency is Key: The survey also revealed that 50.3% of respondents would lose significant trust in vacation rentals if “catfished” by a property, emphasizing the importance of accurate listings and quality assurance in the STR industry.
- Privacy Concerns Linger: 24.9% of guests have searched for hidden cameras in short-term rentals, highlighting the need for transparency and trust-building in the industry.
Personal Preferences and Amenities:
- Partner Dynamics: 63.8% of respondents express a desire for separate bedrooms when traveling with partners, indicating a shift in traditional vacation arrangements.
- Amenities Reign Supreme: 53.2% of travelers would require poolside cocktails to brave the summer heat in Italy, emphasizing the importance of tailored amenities.
Beyond’s commitment to enriching revenue management systems with real-time consumer data is evident in its innovative Search-Powered Pricing solution, now used in over 40 markets globally. This innovative capability enables STR operators to utilize real-time consumer search data in their revenue management strategies, allowing them to optimize pricing and distribution channels more effectively. This is especially critical during the current economic climate when consumers are cutting their travel spending, so booking windows are shortening and travel companies are struggling to predict future revenue.
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