PRICE + Value + (assumed) Quality is the most important equation
Here’s a quick breakdown of some of the more popular statistics that were shared at the most recent Vacation Rental Management Association (our industry) conference:
The big take-away: people are, and will remain, very price conscious. Yes, value and quality are important, but the combination of PRICE + value + assumed quality is the most important equation.
What are the major obstacles to traveling?
- 55 percent of travelers interested in vacation rentals cited household budget as a major obstacle.
- 41 percent cited airfare prices.
- 44 percent cited gas prices.
Many people were going on vacation to celebrate special life events. The three most popular were:
- Milestone birthdays
- Milestone Anniversaries
Children are having a big influence on the choice of where and how to vacation:
- 50 percent of people interested in vacation rentals said children had a significant effect on their decision of vacation destination.
How much lead time do people need in advance of a vacation? Many people are making last-minute travel plans.
- 38 percent said they have taken last-minute vacations (made arrangement six days or less prior to stay) in the last year.
Rate now trumps brand in hotels and resorts
- 89 percent indicated that room rate was very important (in fact, the most important consideration).
- Brand was much further down the list.
In terms of appeal for vacation rentals, the following were most important:
- 94 percent noted value.
- 91 percent listed privacy.
As price transparency rises, brand clarity becomes more urgent. This becomes even clearer when you look at the statistics behind what travelers are looking for in a website.
- 89 want to be able to check lowest fares.
- 85 percent want a lowest price guarantee.
- 84 percent want photos of rooms and facilities.
- Only 21 percent of active leisure travelers have visited a meta search site, like Kayak