The Booking Window Evolution and its Impact on Hotel Revenue Management Forecasting

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Date
2018-01-05
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Publisher
Virginia Tech
Abstract

Travel booking behavior has changed substantially over the past two decades. The emergence of new technology and online intermediaries has provided travelers with the flexibility to book up until the date of stay. This has created a fast-paced, dynamic booking environment that disrupts traditional revenue management strategies focused on pricing and allocating rooms based on the time of purchase. The study explores the joint effects of technology and the economy on booking window lead times. It also evaluates a range of forecasting techniques and the importance of utilizing the booking curve for forecasting in dynamic booking environments.

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Keywords
Revenue Management, Booking Behavior, Forecasting, OTAs
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