MyDigitalOffice has released a report uncovering hotel forecasting trends that gives owners and operators a better understanding of the dynamic demand environment in 2023. By gathering input from leading operators, MDO has created a free online resource that addresses emerging trends in the hotel industry that directly affect hotel forecasting, including changes in booking patterns, new types of travelers and a shift in focus to the bottom line.
What was once an annual process to determine the upcoming year’s budget, hoteliers today are updating their forecasts on a weekly and sometimes daily basis, plotting demand and financial goals more than a year in advance. Experts from Outrigger Hospitality Group, Remington Hotels, Sea Island Resort, Miraval Resorts, Mandarin Oriental Hotel Group and Dragonfly Strategists lent their expertise to identify data and trends that are likely to affect a hotel's future business outlook.
Topics in the report include:
- New booking patterns to shape a hotel forecast.
- Emerging segments of travelers that will affect your forecast.
- Shifting forecasting focus to the bottom line.
- Determining the most accurate data for your forecast.
- Aligning operational departments with uniform data.
“When you think of forward-looking data as only the competitor benchmarking tools, you’re missing your own internal dynamics,” MDO product head Mike Medsker said in a statement. “It’s great to see the market is up 5 percent, but you need to understand the trends behind the numbers and how they are going to impact your business internally.”