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OTA Insight Unveils the Impact of ‘Taylor Swift Effect’ on Global Hotel Markets
Monthly 2022 versus 2023 change in hotel pricing (%) for tour dates in North America
Taylor Swift Tour YoY comparison in North America
DENVER, August 3, 2023 (Newswire.com) - OTA Insight, the global leader in cloud-based hospitality business intelligence, today released a comprehensive analysis highlighting the influence of Taylor Swift's Eras Tour on hotel demand and pricing, both domestically and internationally.
The Eras Tour, consisting of over 130 concerts, is already 2023's highest-grossing musical tour, and it's only halfway through. The tour's emphasis on multi-date, arena-filling stops in major cities during weekends is creating substantial shifts in the hospitality market, even in major cities with deep hotel inventory.
"Our recent analysis has spotlighted an unprecedented hospitality phenomenon: the Taylor Swift effect," said Dave Collier, Chief Revenue Officer at OTA Insight. "This tour's influence extends far beyond the music world, sending ripples throughout the hospitality industry."
In the U.S., Taylor Swift's tour dates coincide with a 7.7% year-over-year (YoY) uptick in hotel prices in the month leading up to her concerts. Even in larger markets, a two or three-night stay of Swift's can significantly influence average pricing for the entire month. The effect is particularly distinct in cities like Minneapolis, where hotel prices surged by 80% from May to June 2023, concurrent with her concert dates.
This trend isn't just a phenomenon in the United States. OTA Insight's report illustrates the extension of "Taylor Swift Effect'' to global markets, creating material boosts in hotel demand and pricing. For example, Mexico City, Mexico, has seen hotel OTA and metasearch volume shoot up 2.5 times the number of searches made at the start of 2023, following the Eras Tour announcement.
"The momentum continues to build as the tour dates approach," Collier adds. "For example, hotel prices in Los Angeles during the peak demand on August 5th are priced, on average, $70 higher than the same day the previous week, illustrating the exceptional demand this event generates."
OTA Insight predicts that this effect will be even more pronounced in 2024, as the tour continues across the Asia-Pacific region and Europe. Early data in Australia shows red-hot demand. In both Melbourne and Sydney, the majority of inventory is already booked in these cities, with On The Books (OTB) reservations sitting at 71% and 63% of hotel inventory at their respective peaks.
OTA Insight's comprehensive data analysis reveals the undeniable influence of the Taylor Swift phenomenon on the hospitality industry - a force driving significant demand. Swift's tour, proven to command the highest room rates for the year in its visited cities, will continue to have a ripple effect that reaches far beyond concert venues. To access the full report, click here.
The power of real-time insights and leading demand data can't be overstated. It enables hoteliers to formulate strategic pricing for these pivotal dates, capturing demand and maximizing revenue in a competitive market. Swift's tour isn't just a musical journey - it's a catalyst for economic opportunity across the hospitality sector.
Contact Information:Adam Swart
Global Head of Brand
[email protected]
917-359-8969
Original Source: OTA Insight Unveils the Impact of 'Taylor Swift Effect' on Global Hotel Markets
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Table Needs Now Offering Digital Menu Boards for Drive-Thru and Counter-Service Restaurants
Table Needs + Stream
A cutting-edge Digital Menu Board from Stream revolutionizes restaurant operations. Seamlessly integrated with Table Needs' advanced Point of Sale system, it boosts efficiency and sales.\n\nLearn more at tableneeds.com
MOBILE, Ala., July 31, 2023 (Newswire.com) - Table Needs, Inc., a leading provider of restaurant technology and business services for food trucks, cafes, and quick service restaurants, announced today the launch of digital menu boards to its growing suite of services.
In alignment with Table Needs' commitment to providing comprehensive technology built to enhance restaurant operations, the addition of digital menu boards offers a simple, cost-effective way for quick-service restaurants, coffee shops, and drive-thru restaurants to increase sales, improve customer satisfaction, and streamline menu management.
"With the addition of digital menu boards, Table Needs offers an even more comprehensive restaurant POS solution that's intentionally designed to help restaurants increase profits and streamline their operations," said Ben Simmons, CEO of Table Needs. "This is an important part of our mission to be the complete profitability solution to restaurants."
TABLE NEEDS DIGITAL MENU BOARDS INCREASE PROFITS FOR COUNTER-SERVICE RESTAURANTS AND DRIVE-THRU RESTAURANTS
100% ROI within six weeks plus an increase in average ticket sales. That's just a glimpse into the power of digital menu boards.
Between the cost savings of not having to continuously replace plastic or paper menus and the increase in average tickets, restaurants using digital menu boards see a return on their investment within 2-3 months.
Average tickets skyrocket after the installation of digital menu boards because people buy with their eyes. Restaurants using digital menu boards are able to showcase their most profitable menu items in vivid color, making them irresistible to customers.
In addition to higher average tickets, digital menu boards also encourage a higher volume of tickets. Digital menu boards make it easier and faster for customers to place orders and greatly reduce miscommunication - saving your staff a tremendous amount of time per order.
TABLE NEEDS DIGITAL MENU BOARDS INCREASE EFFICIENCY & CUSTOMER SATISFACTION
With Table Needs, restaurant owners can manage all digital menus - online menus, QR code menus, digital menu boards - from a single platform. Menu modifications, pricing changes, and availability can be adjusted and reflected on all or just one digital menu in real time with just a few clicks. This eliminates the need to painstakingly update static, plastic signs or have to redesign and reprint paper menus, saving restaurant owners thousands of dollars.
Because digital menu boards integrate seamlessly with the Table Needs Point of Sale system, all orders, no matter where they originate, are processed, routed, and reported through a single platform.
"Creating simple, effective systems that improve a restaurant's efficiency and profits is what we're about here at Table Needs," said David Frahm, COO of Table Needs. "We make it possible for restaurant owners to manage everything, from menus and ordering to expediting, reporting, and beyond, from a single platform."
Digital menu boards also increase order accuracy. Customers can see their orders appear on the digital menu board's screen in real time, allowing them to confirm or make changes before firing.
TABLE NEEDS PARTNERS WITH STREAM TO PROVIDE DIGITAL MENU BOARDS
"We decided to partner with Stream, LLC to provide digital menu boards to our restaurant partners because they offer a great product but also because they're outstanding people," said Simmons. "The team at Stream truly cares about their customers and their customers' businesses."
Stream is a cutting-edge provider of digital signage products based in Salt Lake City, Utah. In addition to digital signage products, the team at Stream offers graphic design, video design, and photography services. https://explorestream.com
TO LEARN MORE ABOUT TABLE NEEDS PRODUCTS AND SERVICES
Products
- Point of Sale: https://tableneeds.com/point-of-sale/
- Online Ordering: https://tableneeds.com/online-ordering/
- Order and Pay: https://tableneeds.com/order-and-pay/
- Menu Management: https://tableneeds.com/menu-management/
- Kitchen Display System: https://tableneeds.com/kds/
- Point of Sale Mobile App: https://hubs.ly/Q01R3bRV0
Services
- Legal: https://tableneeds.com/filer/
- Marketing: https://tableneeds.com/marketer/
- Bookkeeping: https://tableneeds.com/bookkeeper/
Resources
ABOUT TABLE NEEDS
Table Needs, Inc. is a fast-growing provider of restaurant technology and business services for quick-service restaurants, coffee shops, and food trucks. Built to grow with your business without requiring disruptive updates or hardware overhauls, restaurants can start where they are and add on features, like commission-free online ordering, sales tax automation, cash discount program, staff management, digital marketing, bookkeeping, and more, as goals and growth develop. For more information about Table Needs Needs, visit https://tableneeds.com/.
Contact Information:Robby Trione
Marketing Director
[email protected]
3348681891
Original Source: Table Needs Now Offering Digital Menu Boards for Drive-Thru and Counter-Service Restaurants
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Cameron’s Seafood Takes the Lead in Sustainability Efforts by Investing in I-Hemp Katalyst
CAPITOL HEIGHTS, Md., July 25, 2023 (Newswire.com) - I-Hemp Katalyst, a recognized leader in the growing, processing, and promoting of the industrial hemp supply chain in the United States, announces an investment by Cameron's Seafood, a leading provider of high-quality seafood. This groundbreaking collaboration signifies Cameron's Seafood's commitment to promoting a cleaner environment by investing in renewable materials.
Recognizing the urgent need to address environmental concerns associated with plastic waste, Cameron's Seafood has taken a proactive step towards a sustainable future. By aligning with I-Hemp Katalyst, the company has become the first major consumer of plastics to invest in the industrial hemp sector, a move that holds immense potential for reducing its environmental footprint.
The cultivation and processing of industrial hemp offers tremendous advantages when compared to traditional materials such as plastics, which have a detrimental impact on our air, soil, and water resources. Hemp is a highly renewable resource and has the potential to replace a wide range of products derived from fossil fuels. It offers biodegradable alternatives to single-use plastics, reducing the amount of waste entering our ecosystems.
"Our decision to invest in I-Hemp Katalyst was motivated by our commitment to making a positive impact on the environment," said Peymon Manesh at Cameron's Seafood. "By partnering with a leader in industrial hemp production, we are proud to contribute to the growth of a sustainable supply chain and promote a cleaner future."
I-Hemp Katalyst brings a wealth of expertise and experience in hemp cultivation and processing, ensuring a consistent and high-quality supply of hemp-based materials to meet Cameron Seafood's requirements. I-Hemp Katalyst's focus on sustainable practices and dedication to environmental stewardship align perfectly with Cameron Seafood's vision and commitment to sustainability.
"We are thrilled to welcome Cameron Seafood as our valued investor in promoting the adoption of industrial hemp," stated Duane Shugars, CEO at I-Hemp Katalyst. "Together, we aim to demonstrate the immense potential of hemp-based materials in reducing our reliance on plastics while also minimizing the negative environmental impacts associated with their usage of to-go containers."
Cameron's Seafood's investment in I-Hemp Katalyst represents a significant step forward in its sustainability journey. By choosing to embrace renewable materials, the company is not only reducing its environmental impact but also setting an example for other industry players to follow suit.
For more information about Cameron's Seafood's sustainability initiatives and its partnership with I-Hemp Katalyst, please visit HempKatalyst.com or contact [email protected].
About Cameron's Seafood:
Cameron's Seafood is a renowned provider of high-quality seafood with a commitment to sustainability. Known for their exceptional taste and freshness, Cameron Seafood's products have delighted seafood enthusiasts for 33 years. By investing in renewable materials, the company aims to promote a cleaner future for generations to come.
About I-Hemp Katalyst:
I-Hemp Katalyst is a recognized leader in the growing, processing, and promoting of the industrial hemp supply chain in the United States. We are dedicated to sustainable practices and empowering businesses with high-quality hemp-based materials that have a reduced environmental impact. I-Hemp Katalyst's mission is to drive the growth of the industrial hemp industry and spearhead a shift towards sustainable alternatives.
Contact Information:Marcela Denniston
CMO
[email protected]
650-393-9023
Original Source: Cameron's Seafood Takes the Lead in Sustainability Efforts by Investing in I-Hemp Katalyst
