Events generate over $1 trillion worth of demand globally each year – are you missing out, though?

Imagine being able to see into the future. It might sound like an impossible superpower, but it’s exactly what Aggregate Intelligence is helping the travel and hospitality sector do daily.

If you speak to any revenue and pricing professional or hotel manager in the world, many will share the same sentiment about demand fluctuations. They are a real challenge to proactively and accurately respond to.

Through inaccurate forecasting, millions of dollars are lost annually, with pricing strategies ultimately coming down to guesswork for many. However, there is a solution to bypass the “hunch” or “best guess” approach.

Events are one of the biggest drivers of demand around the world. A perfect example of this is the recent World Cup in Qatar. With millions of fans flocking to the country, it delivered millions of dollars for local hotels, airlines, and rental car companies. A recent infographic by Aggregate Intelligence highlights the impact of the World Cup on Hotel prices during the tournament.

However, the World Cup is a globally recognized and hugely promoted event. What about other events? What about their impact? For example, what impact would a large tradeshow have on demand for local 4-star hotels? 

Often, many hotel owners are completely unaware of such events and reactively ride out the unexpected demand spike. But these smaller local events have a huge impact on demand.

Aggregate Intelligence’s event-based demand solution collates, analyzes, and enriches information from over 3 million historical events and 70,000 new events weekly. Through a cutting-edge machine learning approach, we can provide accurate insights into each event’s impact on local demand.

Why does this matter so much?

Firstly, it enables hotel owners, airlines, and rental car companies to proactively plan in order to optimize their revenue. Increasing or decreasing rates and fares accordingly and planning promotional campaigns around the event are critical factors in increasing competitiveness and profitability.

Secondly, it allows greater operational efficiencies. For example, a hotel owner would know when they should increase staff numbers or increase inventory to meet the increase in demand.

So being able to plan for the future confidently is undoubtedly a clear advantage over those who still maintain the reactive “knee-jerk” approach. It’s time you got your (events-based) crystal ball out!