Travellers are finding creative ways to upgrade their travel experiences amid high inflation, says Cloudbeds
Hospitality management platform Cloudbeds has highlighted the key developments poised to reshape the travel industry this year.
According to the findings, featured in Cloudbeds’ 2024 State of Independent Lodging Report, new spins on experiential travel, the rising popularity of inflation-busting travel hacks, and a growing demand for new skills among next-generation hoteliers.
Adam Harris
“The economy seems poised to dodge a recession again this year, but that doesn’t mean it is smooth sailing for hotels. Travel patterns are changing, travellers are more price-sensitive, and demand may soften. Under any market conditions, it is the hoteliers who monitor the trends and data closely, act quickly to seize opportunities, and offer a distinctive guest experience that will outperform the market,” says Adam Harris, Co-Founder and CEO of Cloudbeds.
The statement says that travellers are finding creative ways to upgrade their travel experiences amid high inflation, by leveraging money-saving hacks, swapping popular destinations for more affordable ‘dupes’ and relying on ‘Buy Now, Pay Later’ options.
Despite the rising cost of living, Skyscanner found 81 pc of travellers planned to travel the same or more in 2024 compared to 2023.
The study says that after years of post-pandemic binge-buying, consumers are moving on from collecting stuff to collecting experiences. Almost 70 pc of travellers say they are more likely than ever to travel to a concert outside their hometown, while 47 pc of US travellers have booked a destination purely to visit a specific restaurant.
The statement adds that more than half of travellers are keen to book a surprise trip where everything down to the destination is unknown until arrival.
The statement adds that as technology transforms the hospitality industry, next-gen hoteliers must adapt by acquiring a blend of technical, analytical, and strategic skills to effectively leverage new tools and maintain a balance between automation and human interaction.
The World Economic Forum says an estimated 42 pc of business tasks will be automated by 2027. In the hospitality sector, 91 pc of hotels globally use a PMS, 64 pc have a booking engine, and 33 pc have a channel manager.
The new trends complement last year’s five key developments, which are set to continue this year including value-driven decision-making, the shift to virtual front desks, blended travel meeting hybrid hospitality, new technologies to disrupt travel search and inspiration and a shift from focusing on amenities to guest experiences.
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