Hotels rethink rate strategies

Consumers are no longer buying on impulse when it comes to booking travel and are willing to shop around more

May 2, 2023

After a period when consumers were prioritizing spending on travel and experiences regardless of the expense, hotels in some markets are now beginning to see that trend slow down as inflation persists.

Key takeaways

  • Consumers were prioritizing travel above many other things, and they weren’t really concerned about the cost - even if the nightly rate at a mid-range hotel in Miami was $600;
  • Even corporate travelers are now looking for a deal and how they can show their companies they are saving on cost;
  • Hotels should use future pricing strategies and group bookings to build base, then optimize rates to blend in transient business.

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