Automatic - 10 Minutes News for Hoteliers - Page 250

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The Inside Man | Security Awareness Training Series

💻 "The Inside Man" series showcases real-world security threats through drama, covering social engineering, phishing, and more in Season 1, virtual assistants and password issues in Season 2, international deepfakes in Season 3, ransomware attacks in Season 4, and exploring social media threats and password theft in Season 5.

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Forrester: Global travel spending ready for take-off

✈ Global travel spending is set to rebound to over US$2 trillion by the end of 2024, matching pre-pandemic levels. North America, Europe, and Asia-Pacific are key regions driving demand. By 2023, the top seven Online Travel Agencies (OTAs) captured nearly 46% of global online travel spending, up from 40% in 2022. Recovery is uneven as China and Japan have not yet reached pre-pandemic travel spending. The travel market's growth is projected at a 6.0% CAGR from 2024 to 2028, outpacing the global economy.

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China’s senior travelers a key growth area for Trip.com

🌿 By 2040, China expects 28% of its population to be over 60. Trip.com Group reports over $224.6 million spent by senior travelers on its platform. Catering to users aged 50+, the Old Friends Club was launched last quarter. Trip.com's "family cloud" feature assists elder trip planning. Senior Chinese tourists now favor mid to high-end travel, moving beyond just budget trips. Article date: Aug 28, 2024.

Competition for experiential travelers intensifies

🏕 Hotels now vie with various lodging services to offer the unique experiences valued by travelers, influenced by social media, wellness, and entertainment. As of Aug 28, 2024, despite a dip in the camping craze, glamping still attracts many. Kampgrounds of America, with over 500 locations, blends camping with comforts like kitchens and TVs. Hotels are urged to innovate their outdoor spaces to provide engaging, on-site experiences.

The golden age for online travel product managers

📍 TripGenie AI tool users at Trip.com are 30-40% more likely to return and have double the order conversion rate. They spend 20 minutes more on the app. Trip.com's AI focuses on itinerary, flight, and hotel bookings, plus post-booking support. TripGenie uses large language models and user-generated content. A new Hotel Compare feature aids in selecting accommodations based on various preferences. Data from Aug 28, 2024.

Trip.com reports strong Chinese travel trends

📍 Trip.com, China's leading online travel service, reported a revenue surge on August 28, 2024, due to high demand for holiday and cross-border travel. Revenue increased across lodging reservations, transportation tickets, package tours, and corporate travel, with accommodation booking alone seeing a 20% rise to RMB 5.1 billion in the second quarter. The growth is attributed to the strong resilience of travel consumption in China.

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Demystifying PMax for hotels

📊 PMax, introduced in response to reduced cookie-based tracking, targets users by interests and behaviors using Google's data. Hotels using PMax leverage machine learning for cost-effective ad placements and improve precision with Google Floodlight parameters like ADR, booking windows, and ABV. However, attribution poses a challenge with potential revenue double counting (Aug 27, 2024). Get insights on enhancing marketing strategies with PMax at Cendyn.

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How Amex GBT blends AI with agents

💸 Amex GBT, the world's largest TMC by revenue, is utilizing AI to handle trip requests via email, enhancing efficiency. In 2023, the company facilitated $6.3 billion in travel bookings for 20,000 companies. A merger with CWT worth $570 million, announced in March, is under review by the U.K. authority, delaying the merger till next year. Amex GBT is transitioning from a service-focused company to a software-service hybrid and aims to integrate travel, payment, and expense management systems.

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Soft branding emerges as third alternative

🏨 Urban soft-branded hotels spend 12.6% of total revenue on sales and marketing, versus 7.3% for independent hotels. Despite higher gross operating profit (GOP) margins in independent hotels due to no franchise fees, soft-branded hotels boast higher EBITDA margins, benefiting from collective purchasing power for costs like insurance. Key trends were observed by August 27, 2024, highlighting the blend of brand benefits and operational flexibility in soft-branded hotels.

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Warning of Booking.com holiday home ‘scams’

🏨 On August 27, 2024, numerous Booking.com customers reported paying for accommodations that were actually non-existent, with many struggling to get refunds. Issues were attributed to outdated listings and potentially fake properties, underscored by negative reviews despite some suspicious perfect ratings. Booking.com, as an intermediary, does not verify the properties, placing responsibility on the accommodation provider.

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