US: Revenue management system Beyond has published its latest research on ‘The Future of Stays‘, detailing how the travel landscape is continuing to evolve, guided by emerging trends, advancing technology and changing consumer preferences.
The company’s latest consumer travel survey examines shifting traveller preferences, emphasising a pressing need for vacation rental property managers, hosts and hospitality professionals to rethink their data-driven strategies. With bookings in flux, having access to real-time data is more crucial than ever for staying ahead in the game.
Beyond has explored the following six key travel trends shaping 2024 and beyond, offering insights into how they can impact a traveller’s adventure or improve a vacation rental host’s strategy.
The rise of emerging travel trends and technology
- AI adoption is gaining ground
In an era where technology intertwines with every aspect of life, one major shift is the growing adoption of artificial intelligence [AI] for trip planning. Although 54 per cent of travellers remain hesitant about using AI, a significant 46 per cent are open to the idea, according to Beyond. This indicates a gradual acceptance and curiosity about how AI can streamline travel planning.
For guests, incorporating AI into their travel plans can simplify itinerary creation with personalised recommendations based on preferences. For hosts, leveraging AI technology can optimise property management, from dynamic pricing to guest communications.
- Emerging eco trends
Younger generations, particularly those aged 18-24, are increasingly seeking intimate travel experiences and eco-friendly accommodations. With 48.1 per cent of the demographic favouring smaller group experiences, there is a growing demand for sustainable travel options that prioritise environmental responsibility.
Travel enthusiasts can contribute to the movement by choosing eco-friendly accommodations that minimise their carbon footprint. Short-term rental hosts can tap into this trend by implementing sustainable practices, such as energy-efficient appliances, eco-friendly toiletries, and recycling programmes. By aligning with eco-travel values, hosts can attract environmentally conscious travellers and differentiate their properties.
- Transparency is key
In 2024, transparency plays a pivotal role in establishing and maintaining trust within the short-term rental industry. According to the Beyond survey, 52 per cent of respondents expressed a significant loss of trust when “catfished” by a property – a scenario where the listing misrepresented the actual condition of the accommodation.
For travellers, it underscores the importance of thorough research before booking. Reading reviews, verifying photos, and communicating directly with hosts can help ensure a seamless experience. Hosts, on the other hand, must prioritise accurate listings and quality assurance to build a trustworthy reputation. Providing detailed descriptions, honest photos, and prompt communication can instil confidence in potential guests.
- Privacy concerns linger
21 per cent of guests have admitted to searching for hidden cameras during their stays, reflecting the growing importance of privacy and security. To alleviate such concerns, hosts should clearly communicate their privacy policies and reassure guests about the absence of undisclosed surveillance devices.
Both travellers and hosts must be proactive in addressing privacy-related issues. Travellers should feel empowered to ask about privacy measures, while hosts can demonstrate transparency by highlighting security features and respecting guests’ privacy concerns. By fostering an environment of trust and openness, both parties can enjoy a worry-free experience.
- Partner dynamics
Travel preferences are becoming more individualised, prompting changes in traditional vacation arrangements. Partner dynamics, for instance, are shifting towards greater flexibility and comfort. 61 per cent of respondents expressed a desire for separate bedrooms when travelling with partners, signalling a move away from conventional accommodation setups.
For travellers, this preference highlights the importance of choosing accommodations that cater to varying sleeping arrangements. Opting for rentals with multiple bedrooms or booking adjoining rooms can enhance overall comfort and rest. Hosts can capitalise on this trend by offering diverse sleeping options and marketing their properties as versatile spaces suitable for couples, families, or groups of friends.
- Amenities reign supreme
Amenities continue to be a driving force behind travel decisions, with travellers prioritising features that enhance their experiences. 55 per cent of travellers indicated that poolside cocktails were essential to braving the summer heat in Italy, highlighting the significance of tailored amenities that align with travellers’ preferences and elevate their stay.
For travellers seeking memorable experiences, selecting accommodations with standout amenities can make a significant difference – whether it is a rooftop terrace, spa services, or gourmet dining options, these features can enhance relaxation and enjoyment. Hosts can curate unique amenities that resonate with their target audience, ultimately attracting more bookings and positive reviews.
Download Beyond’s free report on ‘The Rise of the Stays Industry’ at this link.
Watch back our STRz webinar in partnership with Beyond on ‘The Future of Stays: Must-Watch Travel Trends for 2024 and Beyond’ here.
