AI Gaining Ground in Consumer Travel Preferences

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Aug 19, 2024, 08:00 ET

New data from revenue management leader Beyond reveals today's travel must-haves: personalized amenities, eco-aware options and separate sleeping quarters

SAN FRANCISCO, Aug. 19, 2024 /PRNewswire/ -- 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.

"One thing remains true in our post-pandemic world: people want to travel - and now more than ever, travelers want to curate their trips in order to create unforgettable stays," said Julie Brinkman, CEO at Beyond. "Our insights provide a roadmap for hospitality businesses of all kinds to enhance their revenue management, distribution and marketing strategies. By harnessing consumer preferences and trends, they'll create the personalized, engaging experiences that modern travelers are demanding."

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.

Learn more about how Beyond's Revenue Management System can help you leverage real-time data insights and automations to maximize your revenue and transform your business.

About Beyond

Beyond is fueling the Stays Industry by championing and innovating the discipline of Revenue Management for hospitality businesses around the world. Since pioneering dynamic pricing for the short-term rental market in 2013, Beyond has helped thousands of users price millions of listings and make billions of dollars. Beyond's unparalleled access to and analysis of real-time, advanced global short-term rental data powers our ability to unlock, inform, and automate action for every kind of hospitality business. Learn more about how Beyond is powering the business of Stays.

SOURCE Beyond