Hotel Revenue Teams to Focus on Group Bookings in 2024
Duetto’s latest Trends & Predictions Survey reveals a welcomed recovery for groups business, continued tech investment and efforts to push own brand channels.
Duetto, the hospitality industry’s #1 Revenue Management Software (RMS), has announced the results of its third annual Trends & 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%) of respondents said that their primary objective when managing groups business in 2024 is increasing revenue by optimizing their pricing strategies across group and transient business.
Nearly 40% said they intend to look for pipeline insights and complete a comprehensive analysis of their business mix, 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 fore, with 60.7% 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%) of respondents said they had spent more in 2023 compared to 2022, and 71.4% predicted that hotel tech spend will continue to increase over the next three years, up from 60.8% 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. David Woolenberg, CEO, Duetto.
Download the full report, Trends & Predictions to Advance Your Hotel Revenue Strategy in 2024, here.
About Duetto
At Duetto, we create cloud-based software to unlock revenue and profit potential for hoteliers, leveraging our years of hospitality and technology experience. Built with an Open Pricing methodology, we bring all your data together so you can capture dynamic demand, make optimal inventory decisions, and increase efficiency in real-time. Globally trusted, more than 6,300 properties in 60+ countries are using our products. These include GameChanger for yielding and distribution, ScoreBoard for reporting and forecasting, BlockBuster for group business, Advance for 24x7 revenue management, and OpenSpace for function space optimization. Named the world's #1 revenue management system in 2022, 2023, and 2024 in the HotelTechAwards, we're dedicated to becoming the revenue and profit operating system for the hotel industry. Duetto — greater in every way. For more information, please visit duettocloud.com.
Sarah McCay Tams
Director of Marketing Communications
