Traveling is the activity of going from one place to another, often to enjoy different cultures or sights. It is a popular hobby and a major source of income for many people, and it can be achieved by walking or using transport such as cars, trains, buses, taxis, ships, and planes. Travel can also involve staying in hotels or other accommodations for long periods of time, and it is an important part of the tourism industry.
As the economy continues to improve, hotel room rates have begun to rise again. This trend is expected to continue into 2024. However, if travelers are more concerned about their pocketbooks than the cost of hotels, they may be inclined to book stays at lower-priced properties.
Hoteliers should take note of trends in traveler demographics and desires to optimize their marketing and revenue strategies. For example, millennials are increasingly planning solo trips, while generation X is leveraging credit card miles to travel internationally. Meanwhile, baby boomers are adding leisure days to business trips or taking multigenerational vacations with family members and friends.
In addition, rising interest in experiential travel is driving a boom in sports tourism. For example, hotels are offering loyalty program members exclusive fan experiences at major sporting events. In fact, Marriott Bonvoy recently partnered with Minor League Baseball to offer its loyalty program members tickets and perks for select games. In the future, this could lead to more partnerships between hotels and professional sports teams.