San Diego, Calif., July 05, 2024 (GLOBE NEWSWIRE) — Cloudbeds, the hotel management platform that empowers independent accommodation businesses worldwide to drive more bookings and happier guests, has shed light on key developments that are poised to reshape the travel industry this year.
The findings, presented in Cloudbeds’ 2024 State of Independent Lodging Report, include new approaches to experiential travel, the growing popularity of travel hacks to combat inflation, and a growing demand for new skills among next-generation hoteliers.
Adam Harris, Co-Founder and CEO of Cloudbeds, said: “The economy appears poised to escape another recession this year, but that doesn’t mean all will be well for hotels. Travel habits are changing, travelers are more price sensitive, and demand could weaken. Regardless of market conditions, it’s the hoteliers who closely monitor trends and data, react quickly to seize opportunities, and deliver a distinctive guest experience that will outperform the market.”
Here are some of the emerging trends that will shape the travel and hospitality landscape in 2024, as identified by Cloudbeds:
- Travelers trade. Travelers are finding creative ways to enhance their travel experiences amid high inflation, taking advantage of money-saving hacks, swapping popular destinations for more affordable “dupes” (Expedia), and leveraging “buy now, pay later” options (Atmosphere Research). Despite rising costs of living, Skyscanner found that 81% of travelers plan to travel the same or more in 2024 compared to 2023.
- The experience IS the destination. After years of post-pandemic shopping frenzy, consumers are shifting from collecting things to collecting experiences. Nearly 70% of travelers say they are more likely than ever to attend a concert outside of their hometown (Expedia), while 47% of U.S. travelers have booked a destination solely to visit a specific restaurant (Skyscanner). Meanwhile, Booking.com found that more than half of travelers are eager to book a surprise trip where everything, down to the destination, is unknown until arrival.
- Next-generation hoteliers are improving their skills. As technology transforms the hospitality industry, next-generation hoteliers must adapt by acquiring a mix of technical, analytical and strategic skills to effectively leverage new tools and maintain a balance between automation and human interaction. The World Economic Forum estimates that 42% of business tasks will be automated by 2027. In the hospitality industry, 91% of hotels worldwide use a PMS, 64% have a booking engine and 33% have a channel manager (Skift).
The new trends complement last year’s five key shifts that are expected to continue this year: value-driven decision-making, the shift to virtual hospitality, the intersection of travel and hybrid hospitality, new technologies to disrupt travel research and inspiration, and the shift from a focus on amenities to a focus on the customer experience.
For more comprehensive global trends and 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.
ENDS
About Cloudbeds
Cloudbeds is the platform that powers the hospitality industry, enabling tens of thousands of accommodation businesses in over 150 countries around the world to grow and thrive. The award-winning Cloudbeds platform brings together technology solutions to increase revenue, delight guests, and streamline operations into a single, unified system, enhanced by a curated marketplace of third-party integrations.
Founded in 2012, Cloudbeds was named the #1 PMS, #1 Hotel Management System, and #1 Guest Messaging Software by Hotel Tech Report in 2023 and was recognized as a Major Player in the IDC Marketscape 2022 report. For more information, visit www.cloudbeds.com.
