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In recent years, wellness tourism has emerged as a powerhouse in the global travel industry, with the market expected to reach a staggering USD 2.1 trillion by 2030. In response to the experiences during the pandemic that stressed the value of wellness, travel habits have now led towards seeking destinations that support physical and psychological health. Around the globe, renowned hotel brands now consider wellness as a key element in their offerings. Insights shared by Skift about the Wellness Real Estate Report 2023, released by RLA Global, claim that multiple brands, including Hilton and IHG, are expanding their services into the realm of wellness.
Typically, the demand for tourism to a particular destination is a function of a myriad of factors, including general state of the economy in originating country and destination, levels of income of tourists, the cost of travel and time to travel from the tourists homes to the destination, trends in price levels - increasing or decreasing, competition from other destinations, currency exchange rates, etc.
The OTAs have been trying to enter the leisure group booking market for decades now. Traditionally, hoteliers have been reluctant to allow the OTAs to enter the lucrative group market, limiting their OTA exposure to the transient leisure and unmanaged business market.
As most of us have already heard, 90% of the world s data was created in the last ten years, and the amount of data created grows at a faster rate every year. The hotel industry is far from immune, with the various sources of business intelligence available today having exploded from the days when a few large Excel files and a weekly STR report was enough to get every Revenue Manager labeled a nerd.