With the peak travel rush behind them, accommodation owners are eyeing 2025 and beyond, setting their sights on strategic investments they believe will help drive and sustain positive industry growth and provide a sharp competitive edge. Where do they see they’ll get the most bang for their buck?
According to the 2024 European Accommodation Barometer*, published by Booking.com in partnership with Statista, positive growth (now stable following 2023’s frenzy of revenge travel) is fueling an optimistic outlook for the industry. In turn, industry professionals have a boost of confidence to invest in key areas to sustain the metrics they’re seeing – metrics that not long ago hit rock bottom as a result of the pandemic.
Over all, investments in style and aesthetics were identified as the biggest opportunity (69%), with stylish interiors, trendy designs and ‘Instagrammable’ spaces helping attract more guests and differentiate from competitors. This was closely followed by investments in comfort and incentivizing repeat visits (both 67%). These top opportunity areas differ from the 2023 barometer, which saw offering local experiences (62%) and attracting more families (56%) as things to focus on.
Other opportunities exist within how hoteliers market themselves, but don’t expect to see an influx of billboards or TV ads in the coming year. Modern marketing strategies will take priority: 66% saw an opportunity in improving their social media marketing, while traditional media was only seen as an opportunity by one-quarter of European hoteliers at 26% – the lowest opportunity area scored.
Beyond sleek designs and viral moments that can bring positive short-term returns, other opportunity areas require a longer-term outlook, as industry professionals prioritize investing in a sustainable future.
The majority of businesses have declared their intention to invest in this area to some degree in the next year, driven by the desire to improve guest perceptions (62%), attain long-term cost savings (67%), and attract sustainability-conscious travelers (56%). Coupling this with energy costs being the aspect that poses the most significant risk to hoteliers (78%), we should expect to see more businesses leaning into sustainable and eco-friendly investments.
With travel largely normalized and industry confidence high, there are plenty of investment opportunities for accommodation owners to explore. The investments revealed in this year’s barometer can help European hotel and vacation rentals stand apart, while helping ensure they sustain the positive economic growth they’ve seen following the busy peak travel periods. Peter Lochbihler, Senior Director of Public Affairs, Booking.com
To download the full 2024 European Accommodation Barometer report and corresponding country-specific editions visit: https://www.statista.com/study/168004/2024-european-accommodation-barometer/
*This fourth edition of the European Accommodation Barometer is based on a survey of 940 executives and managers across the European accommodation sector. It is jointly produced by Booking.com and Statista
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