The travel industry may have taken a big hit during the pandemic, but that’s not stopping people from taking vacations now. Even with inflation causing recession fears, travelers are still choosing to move forward with their plans. The travel industry is projected to have a 20% increase in earnings this year.
Inflation is expected to have a large impact on hotels. Since many of them are still trying to make up for the loss of revenue during the pandemic, that means higher prices for guests. This is one of the reasons Travelbinger predicts that more travelers will choose AirBnb and vacation rentals over chain hotels this year.
Surveys show that travelers prefer rentals to hotels for a variety of reasons, such as more space, kitchens, plenty of outdoor space, privacy, and better deals.
This year, renters will have even more listings to choose from. AirDNA reported that listings were at an all time high in 2022 and predicts they will increase by 9% in 2023. For hosts, this means dropping rates to stay competitive or make due with less revenue, according to Insider. For renters, this means more options to choose from and a chance at getting a better rate.
Insider predicts that cities will see the biggest increase in listings due to the return of international visitors. However, plenty of others are still looking for that “off-grid” vacation. Surveyed travelers said they want a “back to basics” feel but still have access to phone and internet.
Whether you choose a hotel or vacation rental, make sure you have the most recently updated information about local attractions and travel requirements for your destination. You can do this by contacting your hotel, rental host, or airline for guidance.