Global Executives Survey: Advance Booking Trends and Online Booking Channel Overview

  • ID: 3621000
  • Report
  • Region: Global
  • 68 pages
  • GlobalData
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FEATURED COMPANIES

  • advance booking
  • business traveler
  • deluxe room
  • hotel
  • junior suite
  • luxury
  • MORE
Summary:

The availability of attractive offers extensive range of options and associated cost effectiveness are influencing travelers towards online booking channels. Online bookings will increase over the next two years and constitute a significant share of overall revenues. The majority of advanced bookings for business travelers are expected to happen one month prior primarily between January and June. During the last 12 months the majority of business travelers who opted for advance bookings were aged between 31-45 years. Business travelers from the US the UK and Germany opted more for advanced booking during the last 12 months. Additionally mid-scale hotels were preferred for advance bookings by business travelers over the last 12 months. Over the next 12 months an increase in the number of advance bookings will be recorded for international travelers from January to June whereas for domestic business travelers an increase in the number of advance bookings will be recorded during April to June.

Key Findings:

- Business travelers mostly use online travel agents for booking business trips

- Better offers and discounts along with cost effectiveness are driving online booking for hotels and airlines

- The majority of advance bookings happen between January and June

- The majority of executives across regions expect more of advanced bookings for international travelers during the next 12 months

- Business travelers from the US the UK and Germany opted for advanced booking during the last 12 months

- Mid-scale hotels were more preferred by business travelers for advance bookings over the last 12 months

- 50% of business travelers who opted for executive suite during advance hotel bookings over the last 12 months were aged more than 50 years

Global Executives Survey: Advance Booking Trends and Online Booking Channel Overview examines executives' perspective about online channels for booking viewpoint on advance booking and highlights key drivers of online booking. Organizations can know about revenue share projection and forecasted change in online booking over the next two years. Moreover organizations can examines trends in advance bookings such as demographics distribution revenue share contribution preferred hotel and room categories average length of stay and preferred time for advance bookings during the year.

What else does this report offer?

- Frequently used channels by travelers for booking business trips: identify preferred channels for booking business trips by travelers

- Key drivers of online bookings for hotels and airlines: examine significant factors boosting online bookings for hotels and airlines

- Revenue share projections for online bookings during the next two years: examine expected revenue share of online bookings in terms of overall revenues over the next two years

- Online booking outlook for the next two years: analyze online booking projections over the next two years

- Time period for advance hotel reservations/airline tickets by business travelers: determine advance booking duration for hotel reservations/airline tickets by business travelers

- Quarterly advance bookings trend: examine quarterly advanced booking distribution

- Average Length of stay for advance bookings: know about time duration of stay for advance bookings

- Advanced booking trends for domestic and international travelers: determine destination wise advanced booking distribution

- Country wise advance booking distribution for the last 12 months: know about nation wise advance booking allocation for the last 12 months

- Advance booking distribution by age groups during the last 12 months: determine advance booking trends by business travelers age groups during the last 12 months

- Hotel categories favored for advance bookings during the last 12 months: know about preferred hotel categories for advance bookings over the last 12 months

- Preferred hotel room categories for advance bookings over the last 12 months: examine hotel room categories favored for advance bookings during the last 12 months

- Revenue share projections for advance bookings during the next two years: identify expected revenue share of advance bookings in terms of overall revenues over the next two years

Reasons To Buy:

- Organizations can improve their online platform for booking by knowing about key factors which are driving online booking for hotels and airlines

- Organizations can redesign their online booking strategy by knowing about projected change in online booking over the next two years

- Organizations can revamp their strategy to attract business travelers who opt for advance booking by knowing about the time of the year when majority of advance booking happens

- Organizations will improve their understanding about the patterns in advance booking of business travelers by knowing about advance booking demographic trends
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Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • advance booking
  • business traveler
  • deluxe room
  • hotel
  • junior suite
  • luxury
  • MORE
1 Introduction
1.1 Definitions
1.2 Methodology and sample size
1.3 Respondent profile
1.4 Views
1.4.1 Contribution of advance bookings and booking through online channels towards overall revenues will be significant over the next two years
2 Online booking: Key drivers, revenue share projections and growth outlook
2.1 Frequently used channels by travelers for booking business trips
2.1.1 Business travelers mostly use online travel agents for booking business trips
2.1.2 The majority of executives operating in Europe and the Rest of the World highlighted the use of online travel agents by travelers for booking business trips
2.1.3 Use of online price comparison websites by business travelers is indicated more by small companies as compared to large companies
2.2 Key drivers of online bookings for hotels and airlines
2.2.1 Better offers and discounts along with cost effectiveness is driving online booking for hotels and airlines
2.2.2 Regardless of regional classification, better offers and discounts is the most significant factor boosting online bookings for hotels and airlines
2.2.3 Persuading consumers about product safety is rated more difficult by medium-sized companies than small companies
2.3 Revenue share projections for online bookings during the next two years
2.3.1 On average, online booking is projected to contribute 27.7% of overall revenues during the next two years
2.3.2 48% of executives with business operations in Europe expect online bookings to constitute more than 40% of overall revenues over the next two years
2.3.3 Over one-third of respondents from large companies project online bookings to contribute between 10-29.99% of overall revenues during the next two years
2.4 Online booking outlook for the next two years
2.4.1 In total, 40% of executives expect an increase of more than 20% in online bookings during the next two years
2.4.2 Over one-third of respondents operating in Europe and the Rest of the World foresee an increase of more than 25% in online bookings over the next two years
2.4.3 The highest percentage of industry executives from large companies anticipate an increase of 5-9.99% in online bookings during the next two years
3 Advance booking: Staying duration, destination wise trends and quarterly distribution
3.1 Time period for advance hotel reservations/airline tickets by business travelers
3.1.1 When opting for advance bookings, the majority of business travelers book hotel reservations and airline tickets within 1 month
3.1.2 The majority of executives who operate in Europe state that business travelers book their hotel reservations and airline tickets less than 1 month in advance
3.1.3 75% of respondents from large companies express that business travelers book their hotel reservations and airline tickets less than 1 month in advance
3.2 Quarterly advance bookings trend
3.2.1 The majority of advance bookings happen between January and June
3.2.2 The majority of executives who operate in Europe state that business travelers book their hotel reservations and airline tickets less than 1 month in advance
3.3 Average length of stay for advance bookings
3.3.1 On average, length of stay for advance bookings is 7.2 days
3.3.2 On average, over one-third of respondents who operate in Europe highlight less than 5 days of stay for advance bookings
3.3.3 Regardless of classification on the basis of size of business, executives note that on average, length of stay is less than 5 days for advance bookings
3.3.4 The majority of advance bookings for less than 5 days of stay happens between January to June
3.4 Advance booking trends for domestic and international travelers
3.4.1 Over the next 12 months, more no of advance bookings will be recorded for international travelers
3.4.2 The majority of executives across regions expect more no of advance bookings for international travelers during the next 12 months
3.4.3 Medium-sized companies expect more no of advance bookings for international travelers as compared to small companies
3.4.4 For domestic business travelers, more no of advance bookings will be recorded during April to June over the next 12 months
3.4.5 For the majority of domestic and international business travelers, length of stay for advance booking will be less than 5 days over the next 12 months
4 Advance booking: Demographic Trends
4.1 Country wise advance booking distribution for the last 12 months
4.1.1 Business travelers from the US, the UK and Germany opted more for advance booking during the last 12 months
4.1.2 The majority of respondents operating in Europe and the Rest of the World indicated that business travelers from the UK opted more for advance bookings
4.1.3 Three-quarter of respondents from large companies highlight more no business travelers from the US opting for advance bookings during the last 12 months
4.2 Advance booking distribution by age groups during the last 12 months
4.2.1 55% of business travelers who opted more for advance bookings during the last 12 months were aged between 31-45 years
4.2.2 Over one-third of respondents from small companies state that business travelers aged between 36-45 years opted more for advance bookings
4.2.3 Regardless of age groups, the length of stay during advance bookings for majority of business travelers was less than 5 days over the last 12 months
4.2.4 For over one-third of business travelers aged less than 30 years and between 41-50 years, advance bookings were recorded during April-June over the last year
4.2.5 During the last 12 months, the majority of advance bookings for business travelers aged between 36-40 and 46-50 years happened before 1 month
5 Advance booking: Hotel preferences, favored hotel room categories and revenue share projections
5.1 Hotel categories favored for advance bookings during the last 12 months
5.1.1 Mid-scale hotels were more preferred by business travelers for advance bookings over the last 12 months
5.1.2 The highest percentage of executives operating in North America and Europe state that mid-scale hotels were more favored for advance bookings
5.1.3 Preference for upscale hotels over the last 12 months is indicated more by medium-sized companies as compared to small and large companies
5.1.4 The majority of advance booking by business travelers for budget, mid-scale and luxury hotels during the last 12 months happened between January to June
5.1.5 Irrespective of hotel type which was preferred for advance booking over the last 12 months, in the majority of cases the length of stay was less than 5 days
5.1.6 The majority of business travelers who booked luxury hotels while making advance bookings over the last 12 months, were aged between 36-45 years
5.2 Preferred hotel room categories for advance bookings over the last 12 months
5.2.1 Standard rooms were more preferred by business travelers for advance bookings over the last 12 months
5.2.2 Overall, 63% of executives who operate in Europe stated that standard room was preferred while making advance bookings over the last 12 months
5.2.3 Preference for standard room during the last 12 months is expressed more by medium-sized companies as compared to small and large companies
5.2.4 Overall, 55% of advance booking by business travelers for standard rooms during the last 12 months occurred between January to June
5.2.5 During the last 12 months, over three-quarter of business travelers who opted for standard rooms as advance booking stayed for less 5 days
5.2.6 50% of business travelers who opted for executive suite during advance hotel bookings over the last 12 months were aged more than 50 years
5.3 Revenue share projections for advance bookings during the next two years
5.3.1 On average, advance booking is projected to contribute 21% of overall revenues during the next two years
5.3.2 56% of executives with business operations in Europe expect advance bookings to constitute less than 21% of overall revenues over the next two years
5.3.3 36% of respondents from medium-sized companies project advance bookings to contribute between 11-20% of overall revenues during the next two years
6 Appendix
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- Online booking channel
- revenue share
- key factors
- quarter
- advance booking
- length of stay
- domestic
- international
- business traveler
- region
- country
- age group
- hotel
- hotel room
- budget
- mid-scale
- upscale
- luxury
- standard room
- deluxe room
- club room
- junior suite
- executive suite
Note: Product cover images may vary from those shown
5 of 4
Note: Product cover images may vary from those shown
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