Cloudbeds, the hospitality management platform powering more reservations and happier guests for independent lodging businesses around the globe, today released its 2024 State of Independent Lodging Report.
The second annual edition of the report offers a unique and data-rich perspective on the global independent lodging segment, shedding light on insights and trends from property types and segments often overlooked in industry reporting.
Adam Harris, Co-Founder and CEO of Cloudbeds, said: “The outlook for the travel industry in 2024 looks rather encouraging, with economic forecasts shifting from fears of a global recession to expectations of a soft landing and moderate growth.
“Advanced technologies are likely to usher in a shift in how owners, operators, and hoteliers do business as they chase demand. Unplanned overbookings, front desks staffed 24/7, and marketing or finance degrees to optimize revenue will soon be a thing of the past. So are siloed and disparate legacy systems.
“Today, we’re pleased to unveil our findings from thousands of independent properties worldwide, empowering lodging businesses to benchmark their performance against industry peers.”
Key findings from the report include:
- Occupancy patterns are projected to remain consistent in 2024. With demand relatively flat, hotels will need to focus efforts on growing market share and RevPAR.
- With travelers expected to be more price-sensitive this year, hoteliers may struggle to raise their average daily rates (ADR) and should explore new ways to hedge inflation.
- Online travel agencies (OTAs) have returned stronger than ever. In 2023, OTAs generated 60.5% of global bookings, a higher proportion than in any of the previous three years and much higher than the 39.5% of bookings generated on direct channels.
By leveraging a wealth of aggregated and anonymized data from across the globe, Cloudbeds has also identified six new trends poised to reshape the travel landscape in 2024. These include a resurgence in lagging market segments, an uptick in inflation-busting travel hacks, and new spins on experiential travel. In addition, Cloudbeds anticipates continued growth in the short-term rental sector (despite rumors to the contrary), new efficiencies driven by generative AI, and growing demand for new skills among next-generation hoteliers.
The new trends complement last year’s five key developments, which are set to continue this year: value-driven decision-making, the shift to virtual front desks, blended travel meeting hybrid hospitality, new technologies to disrupt travel search and inspiration, and a shift from focusing on amenities to guest experiences.
Cloudbeds’ findings are grounded in data from 10,000+ independent properties, encompassing boutique hotels and guest houses, B&Bs, and hotel groups in over 100 countries. The results are divided into four regions: North America, Latin America (including Mexico), Europe, and Asia Pacific (including Australia and New Zealand).
To download a free copy of Cloudbeds’ 2024 State of Independent Lodging Report, visit https://www.cloudbeds.com/hospitality-industry-report.
