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Market Trends for Hotel Prices from 2022 to 2024

Updated: May 21

Edmond studied changes in lowest hotel price during the period from 2022 to 2024. Results were presented to our colleagues from the Association of Entrepreneurs in the Croatian Hotel Industry.

Statistics show that guests make most of their reservations outside of working hours: mainly during the evenings & weekends. Revenue managers therefore must take steps to ensure availability and appropriate price changes. Implementation of a Revenue Management software solution such as Edmond ensures automatic room availability and price changes every day. An alternative to an RMS can be hiring additional people or working in multiple shifts.

The study also found that prices should be changed frequently, i.e., adjusted to market conditions.  Prices should change as many times as the market conditions change. Finally, we emphasized the importance of realistically defining and setting initial prices in relation to quality, brand and many other factors that impact price formation. It is crucial to realize that we only set the price levels, while the market or customers actually define the prices when they make a room reservation (or don't make the room reservation).

Graph shows average price of the cheapest hotel room in 4* hotels for selected coastal destinations during the booking period from October to July for the stay period in July and August:

Edmond made almost 7.000.000 changes to prices and availability last year. 36% of changes were made during working hours (mon – frid, 7 am to 5 pm), and 64% of changes were made outside working hours.

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