SAN FRANCISCO—Duetto announced the results of its third annual trends and predictions survey. The Duetto Outlook & Trends 2024 Survey has shown that:
- Group bookings look set to recover.
- More focus is being put on direct booking channels.
- Tech investment levels continue to rise.
Groups Business Optimization
More than half (51.8 percent) of respondents said their primary objective when managing group business in 2024 is increasing revenue by optimizing their pricing strategies across group and transient business.
Nearly 40 percent said they intend to look for pipeline insights and complete a comprehensive business mix analysis to deliver more accurate forecasts and rate recommendations.
Channel Management
Managing cost per booking, per channel, will continue to be an area of focus for revenue leaders in 2024, with survey respondents marking it 4.3 out of 5. This has come to the forefront, with 60.7 percent saying this is more important now than before.
The top five ways in which revenue leaders intend to optimize their business mix in 2024 are:
- Channel management.
- Groups business.
- OTAs.
- Corporate business.
- Tour operator, wholesale, FITs.
Revenue teams plan to focus more on driving direct business this year. In 2024, investments in channel management will be in:
- Own website.
- Metasearch.
- Loyalty.
- OTAs.
- GDS.
Increased Hotel Tech Spend
Nearly two-thirds (60.7 percent) of respondents said they had spent more in 2023 compared to 2022, and 71.4 percent predicted that hotel tech spend would continue to increase over the next three years, up from 60.8 percent in 2023.
Top 5 Revenue Management Trends of 2024
Revenue strategy and revenue technology are the two main threads of focus for revenue professionals looking ahead.
The top five trends identified by our survey respondents are:
- Profitability
- Automation
- Integrated Systems
- TrevPAR
- Ancillary revenue
“We’re seeing improved expectations for meetings and group business, a renewed focus on direct channels, and continued investment in technology solutions to help drive operational efficiencies and optimize revenue. All of this points to an exciting year ahead for the hotel industry,” said David Woolenberg, CEO, Duetto.
