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2022 Cancellation Rate Trends: How can you maintain guest retention
Without a doubt, one of the most challenging things about running a hotel is the tendency for guests to make a reservation but then frustratingly cancel at the last minute.
Given the current climate we are all facing, there are multiple reasons why travellers and guests are cancelling their bookings and deciding to drop-out of their plans at the last minute. As rates rise year on year, forecasting and pricing decisions for hoteliers will continue to be undermined which magnifies inefficiencies, increases costs, and damages margins.
In 2019, we found that the share of direct booking revenue lost due to cancellations had jumped to 15%. Now in 2022, our latest research reveals this figure has skyrocketed with 20% of bookings cancelling – a 33% increase over 2019 for the same period.
So what can hoteliers do? Below, we delve into the state of cancellations in 2022, the patterns that hoteliers need to be aware of, and the tools that can help businesses deliver a proactive booking retention game plan.
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