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How Will 2023 Pan Out? PriceLabs’ Pacing Reports Let Short-Term Rental Operators Research Their...
PriceLabs' pacing report
Screenshot of one of the revenue management pacing reports from dynamic pricing solution provider PriceLabs
CHICAGO, March 1, 2023 (Newswire.com) - Navigating the uncertain short-term rental market of 2023 can be intimidating - but it doesn't have to be. With its new pacing reports, PriceLabs provides hosts and managers with the insights and tools they need to stay ahead of the competition, optimize rates, and maximize revenue. With these innovative features, hospitality pros get up-to-date analysis on local markets and comparative insight into their performance versus last year -all included in each of PriceLabs' dynamic pricing and market report products at no extra cost to current users. The Portfolio Analytics product is worth trying for those not current users as it is free forever. This feature allows access to pacing data for their market without any cost. It's an excellent opportunity to see how pacing can benefit their business.
2023 Short-Term Rental Market Trends show the need to use Pacing reports.
Traditional vacation rental markets saw an incredible surge in 2021 and 2022, but 2023 differs. Sea, mountain, and rural locations still thrive, but travelers are more price sensitive. Lake Tahoe's winter tourism declined (-9%), but a slight increase (+6%) is expected for July 14-15. By contrast, Wisconsin Dells' summer bookings are pacing significantly ahead of 2022.
Cities are experiencing a resurgence in demand with varying recovery rates; Bordeaux, France, is an example, with a decline from January to March (-2.5%), followed by a surge around September 9 (+28%), potentially due to a Rugby World Cup match.
Moreover, the #Airbnbust trend on social media indicates that some Airbnb hosts might see fewer bookings per listing than before; therefore, measuring current performance against the same period last year can help them determine if they are affected.
Analyzing and Optimizing Listing Performance with PriceLabs' Pacing Tools.
Fortunately, PriceLabs' new Pacing feature allows hosts and managers to set reference points using pacing curves based on historical or current market data, eliminating uncertainty about their performance.
Hosts and managers can now easily identify whether their listings, local competitors, or an entire market are slowing down or accelerating compared to last year. In addition, they can keep track of rates, occupancy, and reservations on forthcoming dates straight from each of PriceLabs' industry-leading tools, Market Dashboards, Portfolio Analytics, and Neighborhood Data - all at no added cost for current users.
See how your listings are pacing today - for free.
Current PriceLabs users will immediately find the new pacing and historical tools available within Market Dashboards, Portfolio Analytics, and Neighborhood Data.
If you are a user yet, get a risk-free 30-day trial at Pricelabs.co with flat-fee pricing and no lock-in contract. Enjoy free access to Portfolio Analytics and pacing data beyond the trial period.
About PriceLabs
Established in 2014 and headquartered in Chicago, PriceLabs provides dynamic pricing and revenue management solutions for the hospitality industry. Its data-driven approach, automation rules, and customizations help accommodation owners and managers increase revenues efficiently and easily. With over 90 integrations and a growing list of channels and property management systems, PriceLabs' automated revenue management solution is built to serve the needs of everyone from large property managers to single-property owners. Learn more at www.pricelabs.co
Contact Information:Thibault Masson
Head of Product Marketing
[email protected]
Original Source: How Will 2023 Pan Out? PriceLabs' Pacing Reports Let Short-Term Rental Operators Research Their Markets in Minutes
New Report Examines Staffing Impact on Hospitality Industry Performance
SAN FRANCISCO, February 28, 2023 (Newswire.com) - Instawork, the leading flexible work platform that connects local workers with thousands of businesses, today releases its annual State of Hospitality Staffing report. This report sheds light on how businesses performed over the last year and what challenges they anticipate facing throughout 2023. The report comes at a time when hospitality job vacancies are still at a record high and staffing challenges continue to impact how businesses meet customer demand.
For the State of Hospitality Staffing report, Instawork surveyed over 180 hospitality businesses ranging from caterers to hotels to food service operators. Chefs and culinary staff, general managers and owners, presidents and COOs, and HR and staffing decision-makers shared their insights and evolving concerns.
The report's key findings found that in 2023:
- 63% of respondents say they expect revenue to rise by 10% or more
- 36% reported rising supplier costs as a major concern
- 52% of businesses will raise pay to attract and retain workers
- 73% of those who stated they'd increase pay, already did so by $2/hour or more in 2022
To view the entire report, please visit: https://info.instawork.com/state-of-hospitality-staffing
Almost half of respondents reported they lost 25% or more of their labor force to churn in 2022. This churn had financial consequences that impacted many businesses, resulting in revenue losses of 5% or more. As workers show increasing demand for flexibility, businesses say they are offering it as a new benefit to ease hiring challenges. In fact, 38% of hospitality businesses reported offering more flexible schedules in 2023 than they did 2022.
"Most businesses in hospitality are looking forward to higher revenue this year," said Daniel Altman, Chief Economist at Instawork. "Stabilizing pay rates and prices from suppliers may also help to boost profitability, despite potential headwinds in the economy. Hiring is still a challenge, though, with an increasing share of businesses planning to use flexible labor to fill gaps in staffing."
As the hospitality industry is projected to surpass 2019 levels and businesses are seeing revenue continue to climb, staffing to meet customer demand is still a challenge. Almost 75% of respondents stated they used more flexible workers in 2022 than they did in 2021. This increase in flexible work shows no signs of slowing down - the share of respondents saying they plan to use temporary or flexible workers rose from 66% to 73% since last year.
The Instawork Economic Research Division analyzes and offers insights into labor trends, particularly within the hourly workforce. The team's findings have been featured by CBS News, CNN International, The Wall Street Journal, Entrepreneur, Associated Press, and more.
Instawork was recently ranked as one of the country's top 10% of fastest-growing companies by Inc. 5000 and was included in the 2022 Forbes Next Billion Dollar Startup list. The platform received the 2022 ACE Award recipient for "Best Innovation" and was named one of the "Best Business Apps" by Business Insider.
About Instawork
Founded in 2016, Instawork is the leading flexible work app for local, hourly professionals. Its digital marketplace connects thousands of businesses and more than four million workers, filling a critical role in local economies. Instawork has been featured on CBS News, the Wall Street Journal, The Washington Post, Associated Press, and more. In 2022, Instawork was ranked as one of the top 10% of the country's fastest-growing private companies by Inc. 5000 and was included in the Forbes Next Billion Dollar Startup list. Instawork was also named the 2022 ACE Award recipient for "Best Innovation," one of the "Best Business Apps" by Business Insider. Instawork helps businesses in the food & beverage, hospitality, and warehouse/logistics industries fill temporary and permanent job opportunities in more than 30 markets across the U.S. and Canada. Follow us on Twitter, Instagram, LinkedIn, and Facebook.
Kira Caban
Head of Strategic Communications
[email protected]
Original Source: New Report Examines Staffing Impact on Hospitality Industry Performance
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