Industry NewsSolonis Releases State of the Industry Report for 2024

Solonis Releases State of the Industry Report for 2024

SAN DIEGO, California—Solonis released its annual State of the Industry Report for 2024. The data paints a conflicting picture of travel for 2024. Ongoing inflation and rising consumer prices continue to increase expenses across the board, not just for travel. This has had an impact on guests’ desire to travel.

Solonis set out to better understand how these factors will impact the future of travel, conducting independent research and surveying travelers about their outlook on leisure travel, plans for future trips, and what they are expecting during their stay. These findings were compiled alongside consumer and business data from the travel industry to glean further insight into guest expectations, travel sentiment, and how hotels can adapt to cater to guests in 2024 and beyond.

“When we released our first report in 2022, our key finding was that the hospitality space is extremely nuanced. Two years later, we see that as a longstanding truth for the industry. For Solonis, our goal remains to help arm properties with the tools to streamline operations, create elevated guest experiences, and succeed in a highly individualized industry,” says Frederic Dominioni, chief revenue officer, Solonis.

Beyond examining guest expectations, the Solonis 2024 State of the Industry Report details the trends shaping the industry, pain points in the trip planning process, and how hotels can best optimize operations.

Key Takeaways
  • Thirty-nine percent of traveler’s desire or willingness to travel is impacted by the current economic landscape.
  • Guests will be even more critical of their experience in the face of rising prices. They are willing to cut costs to maintain the same level of travel.
  • Thirty-eight percent of guests report making a reservation as the top challenge when planning a trip.
  • Tech options should be mobile-friendly since this is the primary way guests use them.
  • Twenty-six percent of open responses said finding pet-friendly accommodations was their biggest challenge.

“One thing this data does tell us is that while people may not be able to travel more, they certainly aren’t willing to travel less despite ongoing inflation and rising consumer costs. For hoteliers, it all comes down to perceived value,” said Dominioni. “Property owners and operators need to keep in mind; however, that guest’s relationships to technology still reflect a desire for convenience while having access to a real person when needed. At Solonis, we’re eager to work alongside more hoteliers and guide them in technology best practices while delivering value for guests.”