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
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