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
Duetto is the leading revenue strategy platform for the hospitality industry, unlocking revenue for rooms and event spaces in more than 6,800 hotels, casinos, and resorts globally. The creators of Open Pricing, Duetto's RMS leverages real-time data, predictive analytics, and automation tools to optimize pricing and revenue strategies, driving increased profitability and operational efficiency. With comprehensive reporting and forecasting capabilities, Duetto empowers hospitality professionals with the insights needed to navigate the complexities of the modern travel landscape. Named the world's #1 revenue management system in the HotelTechAwards four years running, from 2022 to 2025, Duetto is on a mission to become the revenue and profit operating system for the hotel industry. For more information, please visit duettocloud.com.
Sarah McCay Tams
Director of Marketing Communications
