Summer vacation has just ended, and travel is always exciting. But it has to be said that when you arrive at a new destination, the most important thing is not to immediately start enjoying the local food and scenery. Accommodation is always a problem, especially the seasonal fluctuations in hotel prices.
Why Adjust Hotel Prices?
Same with air ticket price changes. We often book flights that later become cheaper, or conversely, failing to catch the cheapest airfares. It’s not just about charging more during the peak season or lowering prices during the off-season to attract guests. They make adjustments to understand market dynamics, guest behavior, and utilize a variety of tools and strategies to ensure maximum occupancy and revenue. Adjusting hotel prices is not about raising or lowering prices arbitrarily. It’s a meticulous “money-making” strategy that requires understanding the market, analyzing competitors, and understanding guest behavior. With the right pricing strategy, hotels can not only ensure profitability but also maintain a loyal customer base who see value in every dollar spent. Let customers take their money out of their pockets willingly. Sometimes there is nothing they can do if they are unwilling. You can’t sleep on the streets in a strange place.
As a travel enthusiast, the more practical question is how to book at the best price. Booking a hotel room at the right time can significantly reduce costs. While there’s no one-size-fits-all answer because of the many factors involved (location, season, activities, etc.), there are some general guidelines and strategies you can follow to save on hotel bookings. Personal time is always difficult to allocate, and it is impossible to set an alarm clock to check hotel prices regularly, unless you are a hotel manager. But if we look at the statistics, we usually find the lowest prices for hotel rooms 15 days before your stay.
Know the peak seasons: you can save a lot of money by booking during the off-season. For example, book accommodation to a ski area during the summer half a year in advance. Hotels often offer early bird discounts as well. For popular destinations or peak tourist seasons, it’s wise to book months in advance. But, like said before, consider last minute deals. If your plans are flexible and you don’t travel during peak times, last-minute deals can be a good deal. There are several apps and websites dedicated to this type of booking.
Midweek Accommodation: A rule of thumb is that hotels in many cities, especially those that cater to business travelers, often offer higher prices during the week and lower prices on the weekends. Conversely, leisure destinations may be cheaper midweek and more expensive on the weekends.
Length of stay: Sometimes, staying an extra night may result in a better deal. For example, some hotels may offer a “stay a week, get a night free” promotion.
Memberships: If you travel frequently, consider joining a hotel loyalty program. They often offer members exclusive pricing, priority service, and other benefits.
Check for discounts: If you have a specific occupation or status, they may entitle you to certain discounts. For example, senior, student or military discounts.
Hidden Fees: While prices may seem cheap at first glance, be sure to check for hidden fees such as airport pickup, parking, and service fees.
Hospitality is both an art and a science. The art of ensuring guests have a memorable stay, and the science of revenue management that ensures the business remains profitable. Please remember that each destination and hotel has its own unique demands and characteristics, so searching is necessary and you cannot just rely on general recommendations.