Revenue Management

💸 In June 2024, inflation stood at 3.6% with a significant month-on-month rise of 1.3%, the largest increase in 12 months. The foodservice sector sees this as a return to levels seen five months prior. Shaun Allen of Prestige Purchasing and Reuben Pullan of CGA by NIQ acknowledge the volatility of the market, urging vigilance. Vegetables, particularly potatoes due to poor weather conditions impacting 2023 crops, face double-digit inflation, while two other categories show year-on-year deflation, bringing some relief amidst ongoing cost challenges.

```html 📰 Setting effective room rates in the hotel industry involves targeting key metrics such as RevPAR, occupancy, and ADR. Utilizing historical data from a property management system (PMS) helps hotels understand booking patterns and optimize distribution. Monitoring booking windows and market segments informs strategic discounting and promotions. RMS tools automate tracking of demand, pricing fluctuations, and market positioning. Regular reviews of pricing strategies are recommended, with frequency depending on property size and resources; larger hotels may require more frequent reviews, while smaller properties can rely on RMS for 3-4 strategic checks per month. Implementing RMS reduces manual workload and helps hotels stay competitive by adjusting prices in line with market demand. ```

🍺 Chidensee Watthanawongwat, Kitiya Mokkarat, and Supatta Banklouy formed Sawasdee Hospitality Management in April to introduce less familiar Thai dishes to the U.S. They operate Soothr in East Village and Sappe in West Village, New York City. Sawasdee plans to expand across the country, including Los Angeles and Miami. They aim for an upscale Thai dining experience, diverging from typical takeout menus. Sappe offers skewers from $20, dook fu salad at $29, and Crying Tiger for $22, while Soothr features dishes from $14 to $28, including dry Sukhothai noodles for $18 and massaman curry at $28. Sawasdee's next venture is introducing Thai barbecue hot pot in Manhattan.

📖 Dan Frommer collaborates with Coefficient Capital to release a 75-slide Consumer Trends Report, covering Gen. Z beauty, cannabis, nicotine habits, GLP-1 weight-loss drugs, and YouTube’s entertainment future. Surveying over 3,000 US consumers with Toluna, the report is freely accessible for New Consumer members, with deeper analysis in newsletters and podcasts. Membership options include an annual subscription for $200/year or a monthly subscription for $20/month.

🍹 Chefs Zachary Engel of Galit in Chicago and Satinder Vij of Ilili in Washington, D.C. reinterpret Kibbeh nayeh using tuna, mixing global flavors. Roman Andres presents a scallop tostada at Siempre J.B. in Las Vegas, while Gladstone’s in Pacific Palisades, Calif., serves scallops over green risotto. Balcón Rooftop in Midtown Manhattan introduces a purple gin cocktail with blueberries, passion fruit, and Champagne.

📊 In Q2 2024, the Guest Experience Benchmark Infographics included new data on review volume evolution over the past 3 years and average response times to reviews by star category. These exclusive insights aim to provide valuable information for the hospitality industry.

🍴 Spaghetti House, operating eight restaurants in London, saw turnover rise to £10m from £9.8m despite a challenging year. Profit margin increased from 75% to 77% due to efficient wastage control and a central distribution process. However, the group swung to a loss, contrasting with last year's profit of £334,681, which included £1m of one-off income. Adjusted EBITDA improved from -£545,321 to £52,483. A new brand, A Braccetto, launched earlier the year in Earl's Court, featuring a menu with classic regional dishes.

🏠 A 2023 Rackspace survey indicates 73% of hospitality IT decision-makers see AI as crucial to their business strategies. Marriott employs generative AI for personalized booking experiences. The Cosmopolitan's AI chatbot, Rose, enhances guest services in Las Vegas. Turtle Bay Resort's AI-powered CRM has led to a 70% email engagement rate and a 40% revenue increase. AI ensures consistent experiences across properties, with examples like standardized housekeeping and fast support through virtual concierges.

📈 The Economist's digital subscription pricing varies over 300% based on the subscriber's nationality. Two years after an initial review, the pricing inconsistency persists in 2024. Subscribers from poorer nations like Pakistan and Burundi pay double compared to richer ones like Canada and South Korea. Australia and New Zealand continue to face high rates despite currency weaknesses. Canada's subscription increased by 28%, while North and South America (excluding Canada) saw a 21% rise. The "Economad Index" contrasts The Economist's pricing with the Big Mac Index, revealing that most world currencies appear overvalued in the Economad Index. Disparities are evident, as a Cook Islander pays 31% more than a Brit for the same digital content, leading the author, Hal, to cancel his subscription costing over A$500.

📈 The Travel and Mobility Sector Attractiveness Report spans 2018-2023, analyzing investment priorities in aviation, ground transport, hospitality, and online travel. Highlighting startups that secured funding, it's a tool for industry professionals to strategize for future developments. Full report available for download.