Revenue strategy experts to get their advice on how the market is adapting to the new era of group demand, from internal nagging to external trials
Jun 11, 2024
After a significant spike in hotel bookings for groups, meetings and events in 2022 and 2023 – driven by corporations, couples and social groups cramming two years’ worth of events into one – business levels are now stabilizing. This transition brings its own set of challenges to the industry. Understanding these challenges and identifying potential solutions is critical to navigating this new landscape.
Key Takeaways
- Traditionally, transient bookings have had short lead times, but now even group bookings have similarly short lead times. This shift requires hotels to adapt their planning and resource allocation processes to better accommodate last-minute group bookings.
- While transient bookings have been strong, some markets are experiencing a slowdown. This is coupled with an uneven recovery in corporate travel, resulting in unpredictable peaks and valleys in demand. Hotels need strategies to manage these fluctuations and maintain consistent occupancy rates.
- The volume of group bookings has rebounded, but there is a noticeable trend toward alternative meeting formats, including hybrid and online events. Hotels must evolve to support these new meeting formats, which may require investments in technology and flexible space to accommodate both in-person and virtual attendees.
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