2024

Leisure Travel Agencies

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Foreword

Introduction

01 Investment Plans

02 Investment Priorities

03 Sustainability

Conclusion

Methodology

Conclusion

Travel Technology Investment Trends 2024 has revealed a strong desire for evolution in the hospitality industry, with just 6% of respondents satisfied with the status quo. In response, many are preparing to ramp up investment by an average of 16% over the next year to enhance revenue, drive efficiency and create the personalized, end-to-end experiences guests expect.

Many hoteliers are aware of the benefits of established technologies but to date have had limited success in implementing them. That is no longer an option as the market becomes ever more competitive.

Strategic digital campaigns

Strategic digital campaigns are on the radar for every hotelier questioned as part of the study, but budgets vary significantly. Effectively deployed, such campaigns can have a quantifiable impact on revenue and are likely to be a priority for any investment in 2024. At the same time, effective distribution strategies, focused on the appropriate channels and deployed successfully, can help hotels to reach the right groups of guests at the right moment.

Business intelligence

Business intelligence will continue to grow in 2024, offering hoteliers a competitive edge by leveraging analytics and recommendations. Currently, only around a fifth of hotels use this technology, with tremendous potential for growth over the coming 12 months.

Personalized experiences

Finally, the creation of personalized experiences, long a holy grail for the hospitality sector, is high on the agenda. More than nine-in-ten hoteliers recognize that personalization is important in elevating guest experiences, with the offering of specific room attributes during the booking process, differentiated experiences for returning guests and the upselling of products all key.

What will make these new technologies possible?

Much is currently changing across the industry, but there is a belief that AI will fundamentally alter the landscape in both the short- and long-term. Hoteliers are hoping the technology will allow for more efficient data management, automatically generating content for websites, drive loyalty and much more. Digital payments, cloud computing, robotics and self-service technology are also areas to watch.

In terms of sustainability, hoteliers are looking to technology to help drive guests to less popular destinations or to balance the load when visitors arrive in more popular locations, while also offering visibility over the environmental impact of a trip. Many are confident they can show material progress in several sustainability areas, but it’s clear there’s still much to be achieved in this area.

Methodology

This report is informed by a survey of 100 senior leaders from hospitality businesses.

The research was carried out in ten countries to provide a globally representative view. Respondents were drawn from the following countries: Brazil, China, France, Germany, India, Mexico, South Korea, UAE, UK and USA.