Tips to Respond to Changing Consumer Demands & Markets in the Hotel Industry
Predictability makes business much more straightforward. The key is to be agile in order to respond to market shifts well. The pandemic witnessed a lot of hotels going out of business or experiencing a massive downturn in customers, as a result of a failure to adapt to the shift from international to local and national tourism.
The pandemic illustrated exactly how vulnerable hotels are to factors outside of their control. With this in mind, a way of generating greater business resilience and business continuity is to focus on local customs. This could be the local area or further afield to neighbouring towns and cities with experiential staycations, whether for individuals, couples, or families. Between 2020 and 2021, staycation bookings rose 18%.
Getting the experience right leads to a 14% price premium in the hotel industry, according to PwC. Additionally, in the off-season, hotels can drive occupancy rates by delivering an outstanding experience to the local market.
Some tips to The key is to be agile in order to respond to market shifts well. The pandemic witnessed a lot of hotels going out of business or experiencing a massive downturn in customers, as a result of a failure to adapt to the shift from international to local and national tourism.
Tips to respond to changing consumer demands and markets include:
- Designing a resilient and updated hotel business plan
- Analyzing the entire business to improve business agility and future-proofing it against potential downside risk
- Optimizing for different guest buyer personas and reimagining hotel spaces for different uses, such as turning your underused hotel space into a coworking area
Excerpt from Article originally published on Xotels
Related Posts
Furaveri – A portrait of a resort as a youngster
[vc_row][vc_column][vc_column_text]We’re at Furaveri’s capacious reception after brief introductions to the General Manager Nicholas Mason and Marketing Executive Yvonne Gehrmann, who welcomed us at the jetty. The building is somewhat austere; its interior harks back to the Maldivian past. Chandeliers with glass lamps, the sort you might still find on some islands, hang above us. We’re […]
Cocoon Maldives’ Kite Festival to feature Italian Fly Kite Champion
[vc_row][vc_column][vc_column_text]Cocoon Maldives has opened its doors for travellers to experience the best of tropical sunshine and joyous holidays at Cocoon, this September. This September, Italian Fly Kite Champion Eddy Angelino of Free Sport Kite, will be bringing a whole new added value for stay vacationers, says Cocoon Maldives in a statement. This humongous event is […]
Antifire Maldives: protecting lives for over two decades
[vc_row][vc_column][vc_column_text]Originating in 1995 under the ownership of general trading company SHIMAI Maldives – a family company led by Colonel (Retired) Shoukath Ibrahim with five family members on its Board of Directors, Antifire Company Pvt. Ltd. was founded by late Ismail ‘Riku’ Rikzan. The team led by Managing Director, Hassan ‘Simbe’ Simhan, has since matured into […]
