Duetto’s latest Trends & Predictions Survey reveals a welcomed recovery for groups business, continued tech investment and efforts to push own brand channels.
San Francisco, February 2, 2023 – Duetto, the hospitality industry’s #1 Revenue Management Software (RMS), has announced the results of its third annual Trends & Predictions Survey.
The Duetto Outlook & Trends 2024 Survey has shown that:
- Group bookings look set to recover
- More focus is being put on direct booking channels
- Tech investment levels continue to rise
Groups Business Optimization
More than half (51.8%) of respondents said that their primary objective when managing groups business in 2024 is increasing revenue by optimizing their pricing strategies across group and transient business.
Nearly 40% said they intend to look for pipeline insights and complete a comprehensive analysis of their business mix, to deliver more accurate forecasts and rate recommendations.
Channel Management
Managing cost per booking, per channel, will continue to be an area of focus for revenue leaders in 2024, with survey respondents marking it 4.3 out of 5. This has come to the fore, with 60.7% saying this is more important now than before.
The top five ways in which revenue leaders intend to optimize their business mix in 2024 are:
- Channel management
- Groups business
- OTAs
- Corporate business
- Tour operator, wholesale, FITs.
Revenue teams plan to focus more on driving direct business this year. In 2024 investments in channel management will be in:
- Own website
- Metasearch
- Loyalty
- OTAs
- GDS
Increased Hotel Tech Spend
Nearly two-thirds (60.7%) of respondents said they had spent more in 2023 compared to 2022, and 71.4% predicted that hotel tech spend will continue to increase over the next three years, up from 60.8% in 2023.
Top 5 Revenue Management Trends of 2024
Revenue strategy and revenue technology are the two main threads of focus for revenue professionals looking ahead.
The top five trends identified by our survey respondents are:
- Profitability
- Automation
- Integrated Systems
- TrevPAR
- Ancillary revenue
“We’re seeing improved expectations for meetings and group business, a renewed focus on direct channels, and continued investment in technology solutions to help drive operational efficiencies and optimize revenue. All of this points to an exciting year ahead for the hotel industry,” said David Woolenberg, CEO, Duetto.
Download the full report, Trends & Predictions to Advance Your Hotel Revenue Strategy in 2024, here.
Notes for editors:
The Duetto survey sample was made up of corporate-level directors of revenue management (33.9%), revenue managers (25%), property-level directors of revenue management (16.1%), revenue consultants (8.9%), hotel owners/investors (3.6%), and revenue/distribution analysts (3.6%).
Of those surveyed, 33.9% came from business hotels, 30.4% worked for leisure hotels, 12.5% came from resorts, 8.9% from casino resorts, and 1.8% came from hostels.
Most of the respondents surveyed had revenue responsibility for more than one property, with 46.4% working for a hotel company or hotel cluster, 28.6% working for independent hotels, and 17.9% working for a hotel brand.
More than half (51.8%) had 1-10 properties in their portfolio, with 7.2% having revenue responsibility for more than 200 properties.
Geographies represented included:
- Europe: 60.7%
- America: 19.6%
- APAC: 8.9%
- Global: 8.9%
- LATAM: 1.8%
About Duetto
Duetto delivers a suite of SaaS cloud-native applications for hospitality businesses to optimize every booking opportunity for greater revenue impact. The unique combination of hospitality experience and technology leadership drives Duetto to look for innovative solutions to industry challenges. The software as a service platform allows hotels, casinos, and resorts to leverage real-time dynamic data sources and actionable insights into pricing and demand across the enterprise.
More than 4,000 hotel and casino resort properties in more than 60 countries have partnered to use Duetto’s applications, which include GameChanger for pricing, ScoreBoard for intelligent reporting, and BlockBuster for contracted-business optimization.
In 2022, 2023, and 2024 Duetto was named the world's #1 revenue management system in the HotelTechAwards.
For more information, please visit https://www.duettocloud.com/.