Source: Booking.com

AMSTERDAM – Buoyed by continued industry resilience, European hoteliers and holiday rental operators have expressed the highest level of economic optimism since 2022 in the latest edition of the European Accommodation Barometer.

The research, published by Booking.com in partnership with Statista, has revealed that almost two-thirds (63%) of respondents believe that the economic situation of their business will develop positively or very positively in the coming six months – up 4 percentage points and marking the fourth consecutive rise since the first Barometer report in 2022. Another two-thirds (65%) reported positive business development in the past 6 months, and most notably those sharing negative expectations dropped to just 4% - in stark contrast to the 17% expressed in 2022.

With sights set on the summer peak season, attentions are focused on the needs and wants of potential guests, with 50% European accommodations reporting a trend in shorter stays being the preference among guests, up 6 percentage points since the last Barometer. Almost half of respondents (48%) indicate their guests are booking further in advance, while 45% share that their guests are now booking cheaper rooms. The latter corresponds to almost half of European accommodations reporting growth in average daily rates (48%) and an uptick in occupancy rates (49%). Perhaps most significant, 46% of respondents report guests opting for more restrictive cancellation policies, a shift from the previous trend towards flexibility and up 15 percentage points since the last survey.

There remain a range of macro and micro-economic challenges that hoteliers continue to navigate: the cost of staff (65%) and the shortage of skilled workers (61%) were top of mind for many, while other factors such as potential tax increase (58%), geopolitical uncertainties (55%), and bureaucracy (53%) were identified as potential economic risks for European hoteliers. Nevertheless, European accommodations are also embracing a multitude of opportunities to enhance the guest experience: investments in style/aesthetics (69%) and comfort (67%) ranked high in priorities, followed by incentivizing and encouraging repeat visits (67%), and improving social media marketing (66%).

Sustainability remains high on the agenda for many, with 41% of respondents indicating they are worried about climate change and the impact it will have on their business over the next three years, and 45% intending to allocate almost a quarter of planned investments on improvements in this area. Motivations vary: 67% will be investing with the hope of making long-term cost savings which likely correlates with the 78% who see energy costs as the number one risk to their business. Meanwhile, imminent legislation is likely on the minds of many given that 51% intend to invest to fulfill government requirements and 48% in order to attain a third-party certification - something that is also seen as a major opportunity by almost half (49%).

It’s incredibly encouraging to see the fourth edition of the European Accommodation Barometer reveal a continued growth in economic positivity, with European hoteliers sharing great optimism ahead of the summer peak season. However, it is critical that we continue to delve deeper into the potential hurdles they still face and consider how best, as an industry, we can collaborate to ensure the ongoing growth and success of Europe's hotel and vacation rental operators. Peter Lochbihler, Senior Director of Public Affairs, Booking.com

To download the full 2024 European Accommodation Barometer report and corresponding country-specific editions visit:

www.statista.com/study/168004/2024-european-accommodation-barometer/

www.statista.com/study/168036/2024-german-accommodation-barometer/

www.statista.com/study/168037/2024-italian-accommodation-barometer/

www.statista.com/study/168038/2024-netherlands-accommodation-barometer/

www.statista.com/study/168039/2024-spanish-accommodation-barometer/

www.statista.com/study/168077/2024-french-accommodation-barometer/

www.statista.com/study/168040/2024-swiss-accommodation-barometer/

www.statista.com/study/168041/2024-uk-accommodation-barometer/

Methodology: The survey was conducted by Statista and took place between February 6th and March 22nd, 2024 via telephone interviews. 920 executives and managers from the European travel accommodation sector participated in the survey. 80 respondents were interviewed from each country and region, which included Austria, Greece, Italy, the Netherlands, the Nordics (Sweden, Denmark, Norway, and Finland), Portugal, Spain, 90 respondents each from France and Germany*, as well as 200 from the rest of Europe (Poland, Romania, Belgium, Czechia, Hungary, Bulgaria, Slovenia, Slovakia, Ireland, and Croatia).

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