Why Events Are Shaking Up the World of Travel – and What This Means for Hotel Revenue Management
Below is an excerpt taken from SiteMinder’s blog.
Event-driven travel is undeniably booming, with its influence seen in hotel occupancy and room rates. As Allied Market Research reports, the global events industry is projected to reach US$2 trillion by 2032 – nearly doubling its 2019 size of US$1.1 trillion – suggesting that events are set to become an even more important revenue source for the hospitality industry.
Why Events Are Shaking Up the World of Travel
Photo by SiteMinder
While events have long been a reliable driver of hotel bookings, their growing importance in the hospitality industry is now being driven by shifting dynamics of supply and demand. As Fabian Bartnick, Founder of revenue management solutions Infinito and PerfectCheck, points out: ‘Everybody is now looking to monetise events … and someone is controlling their supply.’ In other words, key players – be it governments, airlines or event organisers – now play a crucial role in deciding when, where and how events happen and are made available, often creating scarcity amid growing demand.
About SiteMinder
SiteMinder Limited (ASX:SDR) is the name behind SiteMinder, the world’s leading hotel commerce platform, and Little Hotelier, an all-in-one hotel management software that makes the lives of small accommodation providers easier. The global company is headquartered in Sydney with offices in Bangkok, Barcelona, Berlin, Dallas, Galway, London, Manila, Mexico City and Pune. Through its technology and the largest partner ecosystem in the global hotel industry, SiteMinder generates more than 135 million reservations worth over A$85 billion in revenue for its hotel customers each year. For more information, visit siteminder.com.