Solonis Releases its 2024 State of the Hospitality Industry Report

Solonis, a leading hospitality provider of cloud-based property management systems powered by RMS Cloud, has released its annual State of the Industry Report for 2024.

As the year charges ahead and we move closer to the busy summer season, the data paints a conflicting picture of travel for 2024. Ongoing inflation, along with rising consumer prices, continues to increase expenses across the board, not just for travel. This has had an impact on guests’ desire to travel.

Solonis set out to better understand how these factors will impact the future of travel, conducting independent research and surveying travelers about their outlook on leisure travel, plans for future trips, and what they are expecting during their stay. These findings were compiled alongside consumer and business data from the travel industry to glean further insight into guest expectations, travel sentiment, and how hotels can adapt to cater to guests in 2024 and beyond.

“When we released our first report in 2022, our key finding was that the hospitality space is extremely nuanced. Two years later, we see that as a longstanding truth for the industry. For Solonis, our goal remains to help arm properties with the tools to streamline operations, create elevated guest experiences, and succeed in a highly individualized industry,” says Frederic Dominioni, Chief Revenue Officer at Solonis.

Beyond examining guest expectations, the Solonis 2024 State of the Industry Report details the trends shaping the industry, major pain points in the trip planning process, and how hotels can best optimize operations.

Key Takeaways

• 39% of traveler’s desire or willingness to travel is impacted by the current economic landscape.
• Guests will be even more critical of their experience in the face of rising prices. They are willing to cut costs to maintain the same level of travel.
• 38% of guests report making a reservation as the top challenge when planning a trip.
• Tech options should be mobile-friendly since this is the primary way guests use them.
• 26% of open responses said finding pet-friendly accommodations was their biggest challenge.

“One thing this data does tell us is that while people may not be able to travel more, they certainly aren’t willing to travel less despite ongoing inflation and rising consumer costs. For hoteliers, it all comes down to perceived value,” continued Dominioni. “Property owners and operators need to keep in mind; however, that guest’s relationships to technology still reflect a desire for convenience while having access to a real person when needed. At Solonis, we’re eager to work alongside more hoteliers and guide them in technology best practices while delivering value for guests.”

Solonis is hosting a live webinar to discuss this report in depth Thursday, June 20th at 10:00 am PDT / 1:00 pm EDT. Register to reserve your spot.

The full 2024 report can be accessed here.

About Solonis

Solonis, powered by RMS, is an intuitive property management system powered by business intelligence that offers the hospitality industry a single, robust solution for managing hotels, resorts, vacation rentals and corporate housing. Its ease of use, streamlined onboarding, and 24/7 support make it the preferred PMS solution. For more information, visit solonis.com.

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