by Li Jackson, Exhibit City News
This is for the savvy travelers and business enthusiasts! In recent findings from American Express Global Business Travel (Amex GBT), the Hotel Monitor 2023 report offers insights into the projected hotel rate trends across more than 80 cities for the upcoming year, 2024. While the report acknowledges an anticipated softening of leisure travel demand, it anticipates an ongoing uptick in business travel, meetings, and events. This analysis takes a closer look at the key findings and what they mean for the world of hospitality. Hold on to your luggage; it’s going to be a wild ride!
Rates on the Rise
First things first, let’s talk numbers. The Hotel Monitor 2023 takes a peek into more than 80 cities worldwide and predicts hotel price trends for the year ahead. Brace yourselves; rates are on the upswing! Despite what some may call a “softening of leisure travel demand,” business travel, meetings, and events are not slowing down.
In some cities, hotel rates might even spike up to a whopping 17.5 percent. Buenos Aires, we’re looking at you! A combination of tight supply and local conditions is pushing the average room cost to new heights. Hold on to your wallets!
Euro Extravaganza
If you’re planning a European escapade, you might want to check your piggy bank. According to Amex GBT, European cities are set to experience rate increases of up to 11 percent. Paris, the city of love and croissants, leads the pack. On average, rates are expected to rise by a cool 7 percent across 32 cities. Nothing will stop me from going back to Paris. How about you?
Negotiate Like a Pro
Now, let’s get down to business (travel). Amex GBT suggests that all you road warriors out there should dust off your negotiation skills. It’s time to secure those better rates, folks! Concentrating your spending on a select few providers can do wonders for your budget. Even smaller businesses can snag sweet deals with this approach.
Simon Fishman, VP of Global Hotels at Amex GBT, has some sage advice: “It’s about presenting travelers with relevant and personalized options. One might want the best rate, while another will prioritize amenities and experience.” So, go ahead and be picky; your business travel experience is your canvas!
More Insights
Here are some extra nuggets from the Hotel Monitor 2023 report:
- Most cities are expected to see rate increases in line with local inflation, following the wild price jumps of 2022 and 2023 due to “revenge tourism.”
- The way we work is changing, and it’s impacting business travel. Flexibility, remote work, and hybrid models are shaking things up.
- Weekend business travel is on the rise, and longer business trips are in vogue. The “bleisure” trend is here to stay!
- Business travelers are looking beyond traditional hotels. Extended stays and remote work-friendly accommodations are having a moment.
- Sustainability is in the spotlight. Meeting sustainability commitments is now part of the travel buying game.
In conclusion, the Hotel Monitor 2023 report provides a comprehensive snapshot of the hotel industry’s trajectory in 2024. While rates are anticipated to rise in numerous destinations, travelers can navigate these changes strategically through negotiations and a personalized approach. The evolving landscape of business travel, with a focus on flexibility and sustainability, calls for adaptability and informed decision-making by both travelers and corporations alike. As we look ahead to 2024, the hotel industry continues to evolve in response to shifting travel preferences and global dynamics.
Keep your eye on those rising rates, negotiate like a pro, and don’t forget to add a dash of bleisure to your trips. Happy travels!
Source: Business Travel News Europe
