2021 comes with a hope of recovery for the hospitality industry, and accommodation providers need to be prepared for this recovery phase. The old strategies have today become obsolete as market sentiments have changed completely.
The revenue managers have seemed to be changing their hotel KPIs to adapt to this “New Normal”. Rather than focusing on the past pricing metrics, the future of revenue management is based on the new approach to demand forecasting.
Our Recent webinar The Big Forecast Pricing Strategy for 21-22 was broadcasted in Feb 2021, where the panel was graced by revenue heads of top hospitality chains like the Sarovar Hotels & Resorts, Lemon Tree hotels, Concept Hospitality, and Lords Hotels and resorts. They shared their viewpoints on what’s in store for the industry as far as demand and pricing are concerned.
Here are few takeaways from the event.
- Leisure Travel is a key driver of the recovery phase. And this trend will continue to sustain for the long term.
- Apart from staycations and workcation, MICE and wedding will also play a significant role in the revival phase.
- Corporate demand or business travel will see a slow rise as most of the corporates now rely on virtual meetings, events, and webinars to stay connected to the stakeholders. We will see corporate bookings making a comeback once vaccines are rolled out.
- Price Reduction won’t be an ideal solution to win back the business. Diluting the price will certainly not lead to business recovery.
- In the long term, we need to look at dynamic pricing for corporate bookings as well.
The complete webinar is now available to watch on-demand at your leisure.