Join Jamie Lane as he sits down with Madeline List, Senior Research Analyst at Phocuswright, for a deep dive into the varied preferences and behaviors of guests at short-term rentals versus hotels. Leveraging Phocuswright's extensive market intelligence in the travel and tourism sector, Madeline offers a detailed comparison of these divergent guest experiences.
The conversation unveils that STR guests often don't commit to a single accommodation category, showing a marked difference from the typical hotel guest profile. STR guests tend to be younger and have a higher median income, usually between $75-99k, which contrasts with the $50-74k median income of hotel guests. They also travel more, averaging nearly four leisure trips annually, compared to three for hotel guests, and they are more likely to combine work with leisure, taking advantage of the ability to work remotely while on longer stays.
A notable point of the episode is the discussion of the challenges that STRs face in delivering consistent standards. While hotels are expected to provide a certain level of quality and reliability, STRs operate without the extensive checks and balances that enforce this consistency.
The importance of reviews in the STR selection process is also explored. Madeline and Jamie discuss how these reviews have become a crucial tool for guests seeking assurance about their stay—something that's less of an issue with the established reputation of hotel brands.
Looking towards the future, Madeline shares her insights on the potential impact of economic challenges on the industry, specifically how a recession might alter travel patterns and affect guest loyalty.
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