Skift Take
Today’s podcast takes a look at Venice’s traveler cost, slower growth for hotels, and new markets for trip leasings.
Rashaad Jorden
Good morning from Skift. It’s Friday, June 7, 2024. Here’s what you need to know about the business of travel today.
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Episode Notes
Authorities in Venice believe the roughly $5 entry fee it charges visitors has benefited the city. And a leading tourist authorities told Skift Venice could raise the amount, composes Worldwide Tourism Reporter Dawit Habtemariam.
Simone Venturini, the city’s deputy mayor for tourist, said the fee becomes part of Venice’s method to protect its appeal and pivot far from being “an inexpensive tourist capital.” Venturini added that whatever has actually gone smoothly because the entry cost was carried out in April. He stated the city is considering treking it to approximately $10.
Venturini stated the entry cost generally targets local day-trippers. He also disputed the notion that most of Venetians object to it, specifying a demonstration that attracted 200 individuals didn’t represent the views of the majority of residents.
Next, U.S. hotel need development is forecasted to decrease– even in the luxury sector, reports Senior Hospitality Editor Sean O’Neill. Data companies STR and Tourist Economics task an approximately 2% boost in average day-to-day rates this year. That’s below a previous price quote of 3%. STR President Amanda Hite stated hotel industry figures think there isn’t as much weekend demand for leisure as anticipated.
Hite added she was surprised about the revised forecast in the luxury section. O’Neill notes the luxury sector faces higher dangers due to a shift in the visitor mix from leisure tourists toward more group reservations and company tourists.
Finally, population shifts throughout the U.S. might drive vacation rental development in specific markets, composes Reporter Elizabeth Casolo.
AirDNA Chief Financial expert Jamie Lane said at the Skift Short-Term Rental Summit this year that the “mass exodus” of people from specific places would impact where visitors remain. Lane stated that would result in individuals vacationing in completely different markets, with Casolo pointing out Texas and Florida as states that have actually seen population growth.
Lane added AirDNA had actually recognized up-and-coming hot sports for holiday leasings. The four highest-ranked locations AirDNA listed were all in Texas.
Presenter/Producer: Jose Marmolejos