Best Times to Find Last-Minute Hotel Deals for Spontaneous Travelers
Best Times to Find Last-Minute Hotel Deals for Spontaneous Travelers - Optimal Days of the Week for Last-Minute Hotel Bookings
Booking on a Tuesday or Wednesday can save you up to 16% compared to booking on a Friday for hotel stays.
This is because these mid-week days tend to have lower demand and less competition for rooms.
Checking out on a Thursday rather than a Sunday can lead to hotel rates that are 17% cheaper on average.
Weekday checkouts are generally less in-demand than weekends.
September is the best month to book hotel rooms in the U.S., as it's considered the "shoulder season" between peak summer and holiday travel.
Rates are typically 6% lower compared to other times of the year.
Internationally, July and December are the cheapest months on average to book hotels, with rates around 6% lower than other times.
This aligns with offseason travel in many popular destinations.
Last-minute bookings, defined as 15 days or less before arrival, can save travelers an average of 13% compared to booking 4 months in advance, according to a 2022 study.
However, this depends heavily on the destination and time of year.
What else is in this post?
- Best Times to Find Last-Minute Hotel Deals for Spontaneous Travelers - Optimal Days of the Week for Last-Minute Hotel Bookings
- Best Times to Find Last-Minute Hotel Deals for Spontaneous Travelers - Avoiding the Friday Check-In Trap
- Best Times to Find Last-Minute Hotel Deals for Spontaneous Travelers - Flexible Cancellation Policies: Your Backup Plan for Last-Minute Deals
- Best Times to Find Last-Minute Hotel Deals for Spontaneous Travelers - Understanding Pricing Patterns: How Hoteliers Manage Inventory
Best Times to Find Last-Minute Hotel Deals for Spontaneous Travelers - Avoiding the Friday Check-In Trap
The "Friday Check-In Trap" is a phenomenon where hotel prices tend to spike on Fridays, as business travelers and weekend vacationers create high demand.
To avoid this, consider checking in on Tuesdays or Wednesdays, when hotel occupancy and prices are typically lower.
According to a study by Kayak, Tuesday check-ins typically have rates 16% below Friday check-ins, while Thursday checkout dates lead to rates 17% below those with Sunday checkouts.
This is due to the lower demand during the mid-week period.
The concept of "dynamic pricing" in the hotel industry means that room rates can fluctuate constantly based on factors like occupancy, event schedules, and competitor pricing.
This can create opportunities for last-minute deals, but also makes it challenging to predict the best time to book.
Neuroscience research suggests that the fear of missing out (FOMO) can lead travelers to book hotel rooms too early, before fully considering all their options.
Avoiding this cognitive bias can help you find better last-minute deals.
The ideal last-minute booking window varies by destination.
For some popular leisure destinations, booking a few weeks in advance may still offer the best rates, while in business-heavy cities, the best deals can often be found just days before arrival.
Artificial intelligence and machine learning algorithms used by hotel booking platforms are constantly analyzing data to predict demand and adjust prices accordingly.
Understanding these algorithms can help you time your bookings to take advantage of dips in demand.
The rise of "opaque" booking sites, where the hotel brand is not revealed until after purchase, can provide significant savings for spontaneous travelers willing to forgo some control over their accommodations.
However, it's essential to read the fine print and understand the cancellation policies.
Best Times to Find Last-Minute Hotel Deals for Spontaneous Travelers - Flexible Cancellation Policies: Your Backup Plan for Last-Minute Deals
Some airlines, like Blue, charge a $100 change or cancel fee per person for flights entirely within the US, Caribbean, and Central America, and a $200 fee for all other routes.
Flexible flight tickets allow changes or even cancellations without additional fees.
Most airlines offer refunds or the option to change travel dates for free if you need to cancel due to COVID-19.
Blue's Main Cabin has "Travel on your terms with flexible flights," but specific policies and fees may vary.
Skyscanner defines a flexible flight ticket as one you can change or cancel without paying an additional fee, with policies differing between airlines.
When canceling a hotel reservation, you may receive up to 75% of the trip cost if you cancel at least 48 hours before departure time and have insured 100% of your trip costs.
Hotel cancellation policies generally apply 24 to 48 hours before arrival or days before.
Each accommodation facility has its own cancellation policy, with early cancelations allowing full refunds when canceling about 7 days before reservation.
Marriott International and Hilton have developed more flexible reservation policies in the wake of the coronavirus pandemic, allowing guests to change or cancel without a charge up to 24 hours prior to arrival.
Airbnb's flexible cancellations allow guests to cancel with no penalty up to 24 hours before the check-in time, with a charge for the first night and service fee for cancellations within 24 hours before check-in.
Best Times to Find Last-Minute Hotel Deals for Spontaneous Travelers - Understanding Pricing Patterns: How Hoteliers Manage Inventory
Demand-based pricing: Hotel room rates are set based on travel demand, which is analyzed using historical data to review past occupancy, revenue, room rates, and average guest spend.
Variable pricing: Hoteliers use variable pricing to adjust room rates according to demand, which helps maximize profitability.
Dynamic pricing: Dynamic pricing involves adjusting room rates in real-time based on demand, similar to how airlines price their seats.
Yield management: Yield management is a pricing strategy that aims to maximize revenue by optimizing room rates and availability.
Data-driven decision-making: Effective hotel inventory management relies on data analysis to make informed decisions about pricing, promotions, and other pertinent matters.
Forecasting models: Hoteliers use forecasting models to estimate future demand, which helps them make informed decisions about pricing and inventory management.
Open pricing: Open pricing involves setting rates for distribution channels, room types, and dates that are independent of each other, allowing hotels to forecast more accurately.
Last-minute bookings: Last-minute bookings can result in an average of 13% savings compared to booking four months in advance, according to a 2022 NerdWallet study.