World - Seven Emerging Travel Trends To Expect in 2023
2022 was quite a year for travel. As the world adjusted to post Covid-19 travel, and the “new normal” went back to the old normal, travelers were hitting the road and taking to the skies again with great freedom and comfort – but also slimmer wallets, new demands, and plenty of changes in the travel and tourism, including changes with hotels, major shifts in loyalty programs, astronomical airfare and destinations that still feel like ghost towns.
Remote work has truly had an impact on the way people travel — they are checking into properties for longer periods — and vacation rentals are outshining traditional hotels as preferred places to stay. When we look at emerging travel trends for 2023, we’re seeing changes that may not be just trends, but permanent fixtures.
One thing that will affect travel trends for 2023 is the rising costs in pretty much anything related to travel: hotels, vacation rentals, airfare, restaurants, Ubers, attractions and more. Since the tourism industry took a massive hit through the pandemic, it only makes sense economically for travel businesses to make up for lost revenue. This means extremely steep prices. The good news is that it’s not stopping travelers from taking vacations. In fact, millions of travelers are already planning trips, which actually helps the travel industry with a projected 20% increase in earnings.
Take a look at our top emerging trends that will impact travel for 2023.
7 emerging travel trends to expect for 2023
1. Travelers will prefer short-term rentals and vacation rentals (such as Airbnb and Vrbo) over big chain hotels.
If you know us, we love vacation rentals. In fact, the benefits of vacation rentals are enormous compared to a hotel (cheaper, more space, kitchens, plenty of outdoor space, more intimacy, better bang for the buck, etc). We even predicted this would happen last year: more travelers will start booking Airbnbs and vacation rentals over chain hotels — and now the proof is in the pudding.
American Express Global Business Travel (Amex GBT) reported that chain hotel rates will significantly rise in 2023. This price surge has been predicted by CNBC as far back as June 2022, well after our prediction emerged. Not only are travelers seeing benefits, the inflation cost will have a bigger impact on hotels than it will independently owned properties.
The short-term rental market is offering more affordable properties in the same places as chain hotels, and we’re seeing major growth in independent accommodations, including Airbnbs, vacation rentals, inns, boutique hotels, B&Bs and unique privately owned properties such as castles and yurts. Even eviivo, a leading property management platform, named the number one PMS by Tech Times, has seen a significant rise and demand. Further, Expedia’s 2021 Q4 Travel Recovery Trend Report showed vacation rentals edged out hotels in popularity for bookings in 2023.
There will be endless options as well. More people are renting out their private spaces and buying second homes to turn into vacation rentals to supplement their income, according to The Wall Street Journal. Airbnb also released data that shows 2022’s rocketship increase in new listings, and new hosts in the US earned over $1.8 billion, up 34% from the previous year.
It’s crystal clear: short-term rental bookings will be hot for 2023.
