wallet with money and cards reflecting the importance for hotels to identify ways they can ease traveler budget concerns

Budget concerns driven by rising inflation can affect leisure traveler’s plans – but the right strategy can help to ease those concerns.

NB: This is an article from Travelboom

What can the hotelier do to help soothe those pain points? Make sure you know what’s important to today’s traveler and tap into those things that your guests are looking for.

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Our recent survey identified the key things that influence travelers when making vacation decisions and how price plays into it.

In this article, we will use insights from the survey to identify ways hoteliers can make a positive impact in easing traveler budget concerns.

Tip 1: Competitive Pricing & Promotions

Our 2023 Leisure Travel Trends study found that price AND location are the top influencers when guests are choosing their accommodations.

While you can’t change your location, understanding the local pricing landscape is crucial. Hoteliers must set their rates in ways that appeal to the budget-conscious traveler.

Using a hotel revenue management tool is a great way to stay abreast of the local landscape. These tools enable your hotel to look at local competitors and optimize pricing strategies, maximize revenue, and make data-driven decisions to stay competitive in a dynamic market.

Additionally, you can use the intel provided by the revenue management tool to create promotions such as early bird booking discount and extended stay discounts that not only match the local landscape but give you a competitive edge.

Tip 2: Flexible Room Options

To cater to travelers with different budget constraints, hotels can provide flexible room types. Consider the location and views of each room. Rates should be based on the most desirable attributes your hotel offers.

Rooms with a view garner a premium rate, allowing you to set lower rates for rooms that do not offer such an amenity. If your rooms on higher floors tend to be more in demand, set those lower level rooms at discounted rates.

The bottom line here is to establish those rooms that are in demand and set those rates higher, providing the discount shopper with options that are more wallet friendly.

Read rest of the article at Travelboom