Technology

Expedia study reveals technology investment priorities for hotels

Oct 01, 2019 / Expedia
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Shutterstock

Chain hotels 77% more likely to increase technology investments, while independent counterparts prioritize room renovation.

According to a new survey of more than 1,200 hoteliers by Expedia Group, the world's travel platform, chain hotels are nearly twice as likely as small independent properties to prioritize technology investment. Alternatively, small independent properties are 1.5 times as likely as chain hotels to prioritize room renovations – indicating a gap in technology investment strategies among different hotelier segments.

Reliance on technology is becoming increasingly important in the lodging industry as hotels begin to recognize how they can gain a key competitive advantage with strategic technology investments. According to the latest report by Hospitality Technology, 54% of hotels plan to increase their technology budgets for 2019, while only 8% plan to decrease.

Market Data

Global hotel pipeline soars to new heights

Oct 01, 2019 / Market Data
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Shutterstock

Lodging Econometrics has compiled construction pipeline counts for every country and market, revealing a record high of rooms around the world.

The in-depth report, which includes 176 countries, states that the total global construction pipeline rose to a record high of 14,051 projects / 2,327,923 rooms - a 9% increase in projects and an 8% increase in rooms year-over-year.

The top countries by project count are the United States with 5,653 projects / 693,207 rooms (just 230 projects shy of its all-time high of 5,883 projects set in the second quarter of 2008), and China with a current pipeline of 2,991 projects/592,884 rooms, which is a new high.

The US accounts for 40% of projects in the total global pipeline while China has 21%, resulting in 61% of all global projects being concentrated in just these two countries. Following the two are Indonesia with 378 projects/63,196 rooms, Germany with 320 projects/57,689 rooms, and the United Kingdom with 280 projects/40,970 rooms.

Market Data

Global travel industry sales to reach near USD3 trillion by 2024

Oct 01, 2019 / Euromonitor
Euromonitor
Euromonitor

The global travel industry is expected to reach close to USD3 trillion and grow by 3.3% by 2024, according to new research released by the global market research company Euromonitor International.

Online travel sales will account for the largest share at 52%, with mobile sales representing a quarter of all travel bookings as the travel industry continues its digital transformation.

“The travel industry is riding this wave that has an impact across the consumer spectrum, as consumers increasingly value experiences such as travel.” Comments Caroline Bremner, travel industry manager at Euromonitor International.”

Euromonitor International’s latest lifestyle survey shows that 43% of global consumers prioritize experiences over material possessions, while 78% value real-world experiences in 2019.”

Euromonitor: Megatrends Shaping the Future of Travel: 2019 Edition

Technology

Booking.com opens nominations for its 2020 Technology Playmaker Awards

Oct 01, 2019 / Booking.com
Booking.com
Booking.com

Introduced in 2017, the awards recognize women who are pushing the boundaries of excellence, leadership and innovation in technology, and inspiring future generations of female tech leaders.

The awards are part of Booking.com's wider commitment to bring down barriers to inclusivity, championing emerging female tech talent, and inspiring the next generation.

Nominations can be submitted at http://techplaymakerawards.com, in any language, before December 21st, 2019.

Winners will be selected by a renowned judging panel of industry leaders, entrepreneurs, and academics in nine award categories, which recognize the contributions that women are making in Technology, IT, and digital-related fields. The awards are open to women at all levels in any technology-related field who are disrupting or transforming business, industry or communities using technology.

Digital Marketing

Hotelier’s guide to 2020 digital marketing & technology budget planning

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Shutterstock

Budgeting season is a time to analyze your hotel’s marketing and technology initiatives from the previous year and set a new plan in action to start off 2020 on the right foot.

When putting together your budget, think about upgrades your property needs to make regarding your digital technology and marketing strategy.

It’s important to have an idea of where the industry is heading and keep forecasted trends for the upcoming year in mind when deciding how you want to allocate your marketing dollars.

Budgeting should be looked at as more of an action plan to give your hotel a clear picture of where your money will be going each month and throughout the year. Ultimately, it will help you achieve the goals that your business is working toward and can help you realize success.