During these unprecedented times, we want to give you a helping hand on the road to recovery. The actions vacation rental managers take now can set the foundation for sustained growth and performance long after the pandemic is over. Getting Bookings in 2020- The Advanced Guide is our new ebook that we created to help you navigate through the recovery period.
You’ll find out:
Our goal at Rentals United is always to help property managers grow their businesses, and we hope we can do that by sharing this information with you.
To give you a taste, here is our Traveller Segment chapter featured in our new eBook. You can find the other chapters and exclusive stats, segments, pricing and distribution advice in your free copy of Getting Bookings in 2020- The Advanced Guide. Download it now!
After months of lockdown and separation from loved ones and family members, travellers will be focused on reuniting with those they have been separated from. The desire to come together will inspire travellers to seek out accommodation in close proximity to their homes inciting domestic tourism immediately post lockdown.
Family travel will create the demand for larger dwellings with full amenities that accommodate children and teens. Property managers should make clear their offerings and amenities to attract these groups.
The global lockdown has created social, economic and emotional/mental challenges for people around the world – the longer-term effects of which remain to be seen. Many people find themselves yearning for mental and emotional clarity.
This will drive travellers towards transformational travel. The Transformational Travel Council, founded in 2016, defines transformational travel as “intentionally travelling to stretch, learn and grow into new ways of being and engaging with the world.” Prior to the pandemic, transformational travel had already started to overtake experiential travel as the forefront travel trend.
Transformational travel can take many forms. It could mean going on a wellness retreat to seek internal transformation, taking a trip to immerse oneself in nature (particularly after being quarantined in an urban centre), seeking a restorative experience to relieve stress, reconnecting with self or family outside areas of confinement, or seeking to deeply explore a destination down to its flora and fauna.
If your listings fit transformational travel, it will be critical to clearly delineate the offering to guests with full descriptions and photos.
The pandemic is also driving many people out of cities, away from the crowds. There has been an upsurge in bookings at remote, off-season locations – especially for luxury rentals.
Families are looking for 30-day rural hideaways to isolate themselves while also being close to nature. For example, Tahoe Luxury Properties which specializes in luxury accommodation in the US has seen an increase of 20% or more in bookings for July and August with rental prices up 15% compared to last year. This shows that there is confidence that travel may resume (domestically at least) and that there’s an appetite to travel especially to rural areas.
And this trend isn’t going anywhere. As Moriya Rockman, CEO, CMO and Founder at Smiling House Luxury property management told us, “Getaway destinations close to nature and luxury properties niche will grow and will be much more desired after recovering from the lock-down in the cities.”
Pet-friendly accommodation where a variety of pets are welcome will be quite attractive as travellers seek longer stay mid-term accommodation as well as family reunion type travel. The rise of domestic tourism initially will draw travellers who wish to drive their whole family including pets to their destination.
With so much uncertainty around when lockdown eases and confusion around what all the new mobility rules are, travellers will be waiting last-minute to book trips. The booking window will be short.
Rentals United has found that 15% of all travellers book on the same day and 45% book between 1- 30 days of booking. With domestic travel only, we found above 70% book within the first 30 days. This statistic combined with the coming upsurge of demand to travel post-lockdown anticipates that bookings will spike and immediately impact revenue. With such a short booking window, it is imperative that property managers are prepared for the onslaught of travellers in the coming months.
As recovery gets underway, millennials will be an important target market for property owners. Millennials have always valued experiences like travel over consumption and acquiring things. As familiar as they are with the likes of Airbnb and Uber, it is not surprising that they are the generation that has been driving the growth in the travel industry, as they also take more vacation days than any other generation (according to Travelport).
Millennials are always looking for better deals as they want to maximize their travels throughout the year and often travel in small groups so they likely use short-term rentals and sharing economies such as Airbnb. This desire coupled with the popularity of social media, drive these 1.8 billion strong millennials to consciously travel all year long.
Being the most adventurous generation, millennials will likely be the first group of travellers to tackle travel post-pandemic. It behoves property managers, then, to specifically target them prior to the lessening of worldwide travel restrictions as they are likely already plotting their post-pandemic travels.
By this year, millennials will have made up 50% of the global workforce, and they are not necessarily interested in traditional travel experiences. Here are some insights into how they travel:
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