Duetto, the hospitality industry’s #1 Revenue Management Software (RMS), has announced the results of its second annual Trends & Predictions Survey.
The Duetto Outlook & Trends 2023 Survey has shown that business and corporate are the two segments most revenue teams will focus on for the year ahead.
“We surveyed hoteliers and revenue professionals from around the world and talked with industry experts, to get their outlook on what 2023 may bring. Changes in guest behavior, staffing challenges, and new technological innovations are all shaping the hospitality industry – making it more agile, adaptable, and stronger,” said David Woolenberg, CEO, Duetto.
When asked how they planned to optimize business mix in 2023, the top five responses were:
- Group business – 59.5%
- Corporate business – 51.9%
- Channel management – 48.1%
- OTAs – 38%
- Tour operator, wholesale, FITs – 30.4%
Other respondents also cited growing revenue per guest, segmentation, and length of stay as important factors for revenue management in 2023.
While business travel is tipped to return in 2023, many are already stating that it probably won’t return to 2019 levels. This may explain why business travel also topped the list of biggest challenges for the hotel industry in 2023.
The top five challenges, as identified by those taking the survey, were:
- Business travel – 60.8%
- Staffing – 55.7%
- Increased costs – 53.2%
- Government restrictions – 45.6%
- Lead times – 43%
- Cancellations came in sixth place, with 36.7%.
The Duetto Outlook & Trends 2023 Survey also gauged market sentiment in terms of technology investment.
Of those surveyed, 82.3% were already using a revenue management system (RMS). Of those not using an RMS, 71.4% planned to invest in revenue management technology in 2023.
Looking back on tech investment in 2022, 72.2% said their hotel tech spend had either increased or stayed the same. Looking ahead, 60.8% expected their hotel tech spend to increase in the next three years.
The survey included input from revenue managers, property-level and corporate-level directors of revenue management, revenue consultants, revenue and distribution analysts, and property general managers.
Most respondents (51.9%) worked in leisure hotels, but there was also good representation from business hotels, casino resorts, and hostels.
Geographically, respondents came from North America (39.5%), Europe (21.1%), Latin America (21.1%), APAC (14.5), and the Middle East & Africa (3.9%).
Duetto conducted this survey among its software users and other hospitality industry professionals including revenue consultants and educators from across the globe from December 1, 2022, to January 16, 2023.
For more insight on industry trends & predictions for 2023 read Duetto’s latest eBook: Targeting Greater Profitability In 2023. Download your free copy today: https://www.duettocloud.com/special-reports/targeting-greater-profitability-2023-trends-predictions-to-boost-your-revenue-strategies
Duetto delivers a suite of SaaS cloud applications for hospitality businesses to optimize every booking opportunity for the greatest overall revenue impact. The solution dramatically increases organizational efficiency, revenue, and profitability by simplifying hospitality revenue decisions and allowing properties to work smarter. The unique combination of hospitality experience and technology leadership drives Duetto to look for innovative solutions to industry challenges. The software as a service platform allows hotels, casinos, and resorts to leverage real-time dynamic data sources and actionable insights into pricing and demand across the enterprise. More than 4,000 hotel and casino resort properties in more than 60 countries have partnered to use Duetto’s applications, which include GameChanger for pricing, ScoreBoard for intelligent reporting, and BlockBuster for contracted-business optimization. Duetto is backed by investors Warburg Pincus, Icon Ventures, Accel Partners, Battery Ventures, and Spectrum 28.
In 2022 and 2023, Duetto was named the world’s #1 revenue management system in the Hotel Tech Awards. The Awards rank and evaluate more than 200 of the top hotel technology products worldwide to deliver the ultimate list of best-in-class software products, based on customer feedback from more than 10,000 customer reviews, integration compatibility, organizational health, partner network strength, and customer support quality.
For more information, please visit https://www.duettocloud.com/.