Demand for alternative accommodations, such as short-term rentals, remained strong on the Booking.com platform throughout the summer of 2024.
According to data presented on Booking Holdings’ Q3 2024 earnings call with analysts, overnight stays in alternative accommodations increased by 14% compared to the corresponding quarter of 2023. At the end of the quarter, listings had reached 7.9 million.
Short-term rental accommodations, as highlighted, can benefit from the increased demand by offering attractive additional amenities. These amenities not only increase revenue but also enhance the overall guest experience.
The most important extras for alternative accommodations according to Booking.com:
** Breakfast is the most popular add-on, as reported by 45% of travelers worldwide
** Guests renting vacation homes are also willing to pay extra for guided tours and organized activities
** Relaxation is a priority, and guests are willing to pay for spa services, massages, and beauty treatments during their vacation
** Transportation to and from the airport or city center is another lucrative additional service
** Flexibility is also valued, as nearly a quarter of travelers worldwide are willing to pay more for a later check-out and/or an earlier check-in.
Leveraging AI & value added services for Smarter Hospitality
Artificial Intelligence (AI) was a key topic of conversation on Booking Holdings’ Q3 2024 earnings call. Over the past year, creative AI has taken the world by storm and transformed many industries. The travel industry is no exception.
Since launching Booking.com’s AI Trip Planner tool last year, the platform has collected valuable insights from millions of interactions with people booking stays. “We’ve always invested in AI technology, and now we’re more focused than ever on ensuring these developments help you and your guests,” they said, highlighting the following:
“At Booking.com, we’re building a Smart Filter to provide personalised search results for customers. With Smart Filter, travelers use our free-text search feature, and we then select the right filters from 200+ possible options to help them find their dream accommodation. With this improved matching, we will improve the experience for both you and your guests.
Smart Filter is just one of many solutions we are exploring. Some partner-focused innovations include improved property descriptions and a reply tool to help you respond to travelers. This tool has increased response rates to guest messages.”
Seamless cross-booking across multiple platform products
Another key trend this year is cross-booking across multiple platform products, which continued to grow throughout Q3. Transactions grew by over 40% for completed trips, this is customers who have made a cross-booking of one or more travel products available on the platform.
Booking saw particular growth in on-platform flight bookings, infact, flight bookings on its platforms increased by 39% compared to Q3 last year, growth has steadily increased since Q2.
Travelers’ enthusiasm for cross-booking is helping to broaden hosts’ audiences and improve the overall travel booking experience. Booking expects this momentum to grow, thanks to its investments in creative AI and operational efficiencies.
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