Stay Stay Stay: 6 ways to capitalize on Taylor Swift-driven booking demand
When Taylor Swift announced “The Eras Tour” in early November of 2022, the internet went wild. Amid the frenzy were stories of hotel rates jumping from $169 a night prior to the concert announcement to $1,000 per night after it was announced – ruining already-booked wedding plans.
The tour is projected to make $590M, which reflects ticket sales alone, which doesn’t take into account the accommodation, transportation, and retail and other spending in the tour’s host cities leading up to, during, and after the show.
When major headliners come to town, local hotels, restaurants, and transportation providers see spikes in demand that are difficult to meet without adequate preparation. For example, for the Era Tour’s Inglewood, California stop on August 9 with HAIM and Gayle, the show is expected to draw in a whopping $5,564,608:
$1,286,182 for accommodation
$1,026,152 for ground-based transportation
$3,252,274 for restaurants
Accommodation is a clear winner between these three categories which is the case for most of the stops along the tour. The 52-show concert tour runs from March through August 2023, making stops at several high-capacity stadiums along the way. What does this mean for hotels and accommodation providers like Airbnb in these cities? Let’s explore steps that accommodation companies can take to make the most of the incoming demand caused by Taylor Swift’s Eras Tour.
How to make the most of concert-driven demand for your hotel
Concerts, conferences, and other large events significantly impact demand for accommodation providers in the area where the event is taking place – especially for popular events like Taylor Swift.
Hotels, Airbnbs, VRBOs and other housing options often experience an increase in bookings as people look for places to stay while they attend the event, which when prepared for with accurate demand forecasting and the ability to dynamically price based on these forecasts – leads to higher occupancy rates and higher room rates.
Here are six ways accommodation providers can capitalize on the increased demand caused by a concert like The Eras tour taking place within close proximity of their hotel locations:
Leverage digital marketing channels: Promote the show on your website and social media channels to attract concert-goers looking for accommodations.
Create partnerships with event organizers: Partner with the concert venue or promoter to offer special package deals for attendees. This could include tickets to the show and a discounted rate on a room at the hotel.
Provide value-add amenities: Add a touch of care and extra convenience with services such as shuttles to and from the event venue for guests staying at the hotel. This can be an attractive amenity for ticket holders who want to enjoy the show without worrying about transportation to and from the venue.
Join the celebration with your guests: Create a festive atmosphere at the hotel during the concert. This could include live music in the lobby, special themed drinks and food at your on-site restaurants and bars, and other events or activities that are likely to appeal to Swifties – aka Taylor Swift’s fan base. For example, easy Taylor Swift-inspired menu items could include a “Look What You Made Me Brew” coffee or beer, or red velvet cupcakes as a nod to her album "Red".
Optimize your online booking system: Make sure your hotel's reservation system is up to date and easy to use. This will help to make it easier for guests to book rooms, for your operations team to manage occupancy and to price effectively, and to ensure a smooth and memorable experience with your brand.
Offer event-based discounts: Consider offering discounted rates for ticket holders who book rooms well in advance. This can help the hotel to fill rooms and generate revenue early on, while also encouraging attendees to plan their trip well in advance. For example, an ad that says something like "No more 'Blank Space' for you - book a cozy room with us to make sure your Taylor Swift concert experience is perfect!"
It’s essential for hotels to be prepared for concerts and other major demand drivers. By being proactive, accommodation providers can take advantage of the opportunity presented by nearby shows such as each of the stops along Taylor Swift’s upcoming tour.
Discover demand-driving events impacting your business locations
The concert and event promotion industry is currently worth $51.3 billion as of 2022, but this figure is expected to increase each year, and is anticipated to surpass $65 billion in 2023.
PredictHQ aggregates, cleans, and enriches data on concerts and 18 other categories of events to give you insights on impactful performances and demand-driving events before they happen.
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