At Beyond, we take pride in getting to know each market we're in. Recently, we took a look at what’s been happening on and around the New England Coast so far this year, and what to expect for the rest of 2021.
Key Takeaways:
- In most coastal New England markets, average booking lead time is still shorter compared to previous years and property managers and owners should review their pricing strategies in the short term to take advantage of this.
- Booking pace in Cape Cod for the Summer is behind the same time period in 2019, a sign that last-minute bookings will likely drive most of the occupancy pickup over the next few weeks.
- Summer trends on the Maine and Connecticut coasts look to be in line with 2019, so there is no concern of Summer pacing behind a more “normal” year like 2019 at this time.
In the New Haven, Cape Cod, and Maine Coast markets, for example, the charts below display all bookings that have been made over the past 21 days by their check-in week. Additionally, the same values for 2019 are included to provide pacing context for each market.
In the New Haven, CT market, last-minute booking pace for the last few weeks has surpassed the same time period in 2019. The market has experienced shorter booking lead times since the start of the pandemic, a trend that is likely to continue through the summer as travelers book last-minute more than ever.
For Summer bookings, 2021 is right in line with 2019 pace over the last three weeks. This means that property owners and managers shouldn’t worry about a lack of bookings or slow booking pace for mid to late Summer, as that was a regular trend even for a more “normal” year like 2019.
With a decreased average booking lead time compared to previous years in the Cape Cod market, booking pace in the short term is in line with a more “normal” year like 2019.
For this summer, however, this chart clearly shows that there were more Summer bookings being made in Cape Cod as of early June 2019 compared to this year. Property managers should keep an eye on their latest booking lead time data as the market heads into Summer and last-minute bookings drive occupancy through July and August.
Be sure to review your last-minute discounts and adjust them accordingly with more guests booking closer to arrival.
Along the coast of Maine, last-minute bookings for this past Memorial Day weekend made up the majority of pickup for the market over the past 3 weeks.
Lower booking lead times have also been a trend in this market over the past year as more and more guests decided to book stays closer to their desired arrival date.
Compared to the same time period in 2019, this Summer is pacing in line with 2019 booking pace for most weeks. There are a few differences week to week, but in general, the Summer is shaping up to be similar to how 2019 finished at this point. Property managers and owners should not be concerned about slow booking pace for the Summer as this trend looks to be in line with a more normal year.
For a more detailed look of your properties against the market, check out our Insights tool today.
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