Average daily rates (ADRs) for private rooms have grown in all regions, while LATAM saw a decline in dorm room ADRs as private rooms became more affordable for North American and European travelers.
Globally, revenue per available bed (RevPAB) has outpaced revenue per available room (RevPAR) in terms of growth, indicating the value of shared spaces and their growing popularity among travelers.
Leveraging a wealth of aggregated and anonymized data from around the world, Cloudbeds has also identified six emerging trends poised to reshape the travel landscape for hoteliers and the lodging industry at large in 2024.
These include the resurgence of lagging market segments, an uptick in inflation-busting travel gimmicks and new twists on experiential travel. In addition, Cloudbeds forecasts continued growth in the rental sector in the near term (despite rumors to the contrary), new efficiencies driven by generative AI, and a growing demand for new skills among next-generation hoteliers.
Cloudbeds' insights are based on data from 3,000 properties in more than 95 countries, across four regions - North America, Latin America (including Mexico), Europe and Asia-Pacific. The company has tracked key performance metrics over a five-year period from 2019 to 2023.
