Hotel Marketing Podcast Episode 217 – New Study Reveals Traveler Concern Over Rising Prices
Well, today we have somewhat of a somber edition. TravelBoom just wrapped up a customer sentiment study and received over 2,000 responses regarding how rising prices are, and will continue, to impact leisure travel. The data is a little bit concerning and we should first set the stage for the discussion:
- We are seeing higher inflation numbers
- We are getting more and more signals from the FED that they are going to be raising rates
- We’re seeing higher prices at the pumps, grocery stores, and all other consumer goods
- We’re not seeing the same optimism about the economy we did just 6 months ago
We are going to be looking at the top few takeaways from the study, and you can get the full study at https://www.TravelBoomMarketing.com/RisingPrices.
Also, it is worth noting that this is not just our data. Similar research and articles have been published by Forbes, The Wall Street Journal, Skift, and others. We have links to them in our show notes for your reference.
So, let’s get into it. There’s a lot of data in the study, but we’re going to boil it down to just three items each.
Leanne’s Top Takeaway:
Question #20: The top reasons preventing someone from staying at a hotel right now – general uneasiness for the economic outlook, cost of transportation, cost of lodging, budget concerns all outrank health-related fears
Pete’s Top Takeaway:
Question #10: Regarding the vacation you have already booked, Would rising gas prices cause you to cancel this trip?
Wow, 21.8% of people would consider canceling their vacation/trip
Leanne’s 2nd Takeaway:
Question #2: Nearly 2 out of 3 people said they will take fewer trips this year than 2021, obviously the 1 in 3 who will take more are Canadian! Over 50% of Canadians are stir crazy to get out of the great white north! Why hasn’t our area seen the huge Canadian swell?
Pete’s 2nd Takeaway:
Question #13: Which of the following would most likely persuade you to keep your current vacation plans?
The top answer for this question was a room discount, however right on the heels of this is “a free gas card”
Leanne’s Final Takeaway:
Question #7: Even though the study was mainly concerning rising cost of gas, more respondents realized the cost of accommodations has a bigger impact. Will hoteliers have no choice but to drop rate? Can they afford to with labor and supply chain woes?
Pete’s Final Takeaway:
Question #1: What is the first world that you think of when considering travel right now?
Whooo! The answer wasn’t anywhere close to “covid” This is great news and something we can be excited about.
Stop Wasting Money On OTAshttps://www.costar.com/article/1283313679/ceos-advice-to-hotel-owners-and-operators-stop-wasting-money-on-online-travel-agencies
60 Seconds To Success:
I’m assuming that all of your hotel’s operations systems are already in place, and you’ve got a website that was built by designers who specialize in Hotel websites, and it’s optimized for Search. And now it’s time for heads in beds…
- You’ll be overwhelmed trying to cast a wide net, so focus on your Target Guests, but Start Your Efforts Locally, you gotta Own Your Block
- Hit the streets, meet the neighbors and form partnerships with nearby businesses, services, attractions, places geared towards your target guests
- Don’t be afraid to ask them for website links and follows on social media
- Make friends with your hotel compset, consider them co-opetition
- Study their websites, follow their social media
- You’ll want to market your property attributes that travel reviewers rave about, and ways your hotel could solve issues in their negative reviews
- Train your guest services team to Always Ask What Brings The Guest to the Area, What Company they’re with, and Always Get Their Email
- Make documenting those details in your CRM a priority
- It doesn’t have to be salesforce, but it’s gotta be User Friendly and Capable of Sending Emails…for some, you may also want Texting Capabilities
- Make sure your Website’s also Capable of Gathering as Much Data as Possible about your Site Visitors
- Remember that Data is Golden and Locally Relevant Content is King
Submit your questions and topic ideas on Twitter to @_travelboom or firstname.lastname@example.org.
IN ADDITION TO THE PODCAST WE HAVE A STACK OF WHITEPAPERS AND STUDIES YOU CAN DOWNLOAD FOR FREE!