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Automatic

2871 posts

Euromonitor’s consumer trends and their impact on travel

📊 Euromonitor International, in a report released on November 19, 2024, identifies 'Filtered Focus' as a top global consumer trend for 2025, highlighting the challenge consumers face with information overload. Brands that offer clear communication and simplify the search process for consumers will excel. Personalized recommendations and efficient customer service are key strategies for companies to assist consumers in managing the excess of choices and information.
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One in-person meeting equals three virtual ones

🗒 Accor's research, released on Nov 19, 2024, reveals professionals forecast a 36% revenue increase with face-to-face meetings. The study underscores the strategic importance of in-person interactions over virtual ones for successful business outcomes, despite the prevalence of digital alternatives. Face-to-face meetings continue to be a competitive advantage for relationship-building and revenue generation in various industries. Read more at Accor's website.
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Generative AI’s Potential to Improve Customer Experience

🛒 Bain surveyed 700+ U.S. online shoppers, finding 71% unaware of using generative AI despite its prevalence in online retail. Customers are optimistic about AI, with half recognizing its transformative potential. Key design principles for integrating AI into retail include enhancing traditional shopping experiences, extending interaction types beyond chatbots, rethinking data exchange, ensuring transparency and trust in data handling, and reimagining customer service. Errors and inaccurate info were top concerns for 57% and 56% of customers, respectively. Strategic adoption can improve personalization, efficiency, and customer relationships. – Source: Bain Generative AI Usage Survey, July 2024 (n=714)
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Marriott starts to lay off corporate employees

🛒 Marriott International, on November 15, 2024, is undergoing a global restructuring impacting corporate-level positions amid a quest to save $80-$90 million annually. Revealed in third-quarter results on November 4, this shift offers early retirement to some, while others may reapply for roles within the company. The overhaul spans Marriott's global operations, aiming to enhance efficiencies and promote growth.
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Hotrec claims Booking.com fails to comply with DMA

🔔 HOTREC, the European hotel association, on Nov 15, 2024, challenges Booking.com's parity clause changes for lack of significant improvement and transparency, particularly the mandatory prepayment system. Marie Audren, Director General of HOTREC, urges full compliance with the Digital Markets Act (DMA) to ensure market fairness and has called for a European Commission investigation into Booking.com's potential non-compliance, citing the need for affordable, transparent options for European travelers and fair practices for hotels, especially SMEs.
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CBRE cuts 2024 hotel forecast, but sees recovery ahead

🏨 CBRE Hotels Research lowers 2024 U.S. hotel forecast: RevPAR growth cut to 0.5% (from 1.2%), occupancy to decrease by 0.3% (from 0.3% rise), ADR growth at 0.7% (down from 1.1%). Q3 underperformed due to weak leisure demand, though group and business travel grew. Economic outlook with strong GDP growth, moderating inflation, and limited hotel supply could improve ADR and RevPAR. CBRE expects better market fundamentals and accelerated RevPAR growth into 2025.
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Q3 strongest quarter for group business this year

📈 On Nov 15, 2024, Cendyn and Amadeus reported that their Hospitality Index reached a four-quarter high with a 1% increase in room nights and a 5% rise in ADR, marking continuous growth for the eighth quarter. The overall health metric peaked at 107.9% year-over-year. Houston, New Orleans, and Chicago saw the highest growth rates of 120%, 118%, and 114.8%, respectively, with all but San Francisco scoring above 100%. Meetings and group business are highlighted as future growth areas.
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Cvent’s trends shaping the future of meetings and events

🏆 On Nov 15, 2024, at Cvent CONNECT Europe, CEO Reggie Aggarwal highlighted the transformative recovery of the events industry. AI is advancing event planning with over 20 initiatives and 200 experts. Organizations now prioritize ROI, leveraging Cvent's platform for data-driven decisions. The experience economy thrives as demand for in-person experiences grows, driven by hybrid work trends. Reggie Aggarwal affirms the lasting impact of events for connection and community.
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Hoteliers too ambitious about the future of direct bookings?

🏨 Skift's Hotel Distribution Outlook 2024 forecasts direct digital channels outpacing OTAs in hotel bookings by 2030. On Nov 14, 2024, the report suggests a rise in digital direct bookings from 25% to 42% by 2024, while cutting OTA dependence from 25% to 13%. Hotels invest 2.5%-2.75% of net room revenue in technology, starkly lower than Expedia's and Booking's 15%-17%. Marketing budgets for hotels also trail at under 2.5% versus Booking's 36% and Expedia's 54%.
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