Frozen Guests - Lodging Newsletter August 31, 2024
By Wm. May
Published: 08/31/24
Topics: Education, Investment, Lodging Management, Profit, Selling, Vacation Rental Management, Yield Management
Comments: 0
Short, medium, and sometimes long-term trends have slowed the industry. The dot com boom, 9-1-1, of course, and the 2008 real-estate depression. These large scale events squeezed bookings, rates and sales.
But there is good news. Every time, eventually, the vacation rental industry rebounded and the upward creep continued. All because vacation rentals are a better "product" for certain travelers, at certain times, who have certain goals.
Then an upward event further revealed good volatility, when there was a revenue surge never seen before. To escape "cabin fever", consumers flocked to private vacation rentals to get some enjoyment, while avoiding other people. (Hotels suffered.)
Even long-time lodging advertising experts were astonished. Never had there been a splurge of buyer (guests) frenzy as big and as fast. Beginning in late 2022, 2023, and now in 2024, as vacation rental demand returned to what might be called "normal seasonal" levels.
In 2024, the softening nationally has continued for many reasons. But most pundits fail to voice a trend which has returned every four years, since our first office opened in 1964 and, of course, that would be the presidential elections.
The downturn affects many industries, not just travel, as each candidate and each party screams at consumers that the end of the world is near unless they vote for one candidate over the other.
And when people feel fear they "freeze", stop making decisions, put off purchases, travel less and become enamored with the battle. It may be sacrilegious to say, but the sky is never falling as fast or as much as presidential candidates want to make consumers believe.
In this month’s newsletter, let’s explore why humans are so easily manipulated.
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Even with a degree in advertising, a first career in an advertising agency, and decades of ad management, the study of advertising still confounds me because it is directly tied to consumer psychology.
First my excuse - In business, we are only trying to get guests to buy our products instead of something else. We are only asking them rent our houses instead of the other houses.
We aren’t hurting anybody but the same cannot be said for politicians, who have always used proven advertising techniques to scare the hell out of people.
Exaggeration - It is not enough to say "my opponent is wrong", but instead "Voting for that other clown will be the end of the world." But a biologist once said. "Humans are so self-centered. After an atomic war the cockroaches will be celebrating the feast they find." Humans are laughably self-centered.
Superlatives - It is not enough to be a good person, smart, well meaning, and hoping to represent voters well. Instead, the words are "Very motivated because (fill in the blank)", "Extremely intelligent" and "First in the class, the professional, the community."
Tribalism - People all want to be part of something bigger - a country, a state, a town, a club. They feel, "the other people are fools if they do not look like them, talk like them, dress like them.
Personality - Strange to say, but no one likes everyone else. Mostly we appreciate people like ourselves. Or the opposite - the beautiful people, athletes, celebrities and people who have what we do not. We are fan boys and fan girls and seldom understand why.
Contemptibility - Contrary to feigned sincerity, politicians have always found their opponents foolish, knavish, and devoid of intelligence. Some say it softly, but they all say it.
Voters fall into this trap because, as the comedian George Carlin said, "Think of how stupid the average person is, and realize half of them are stupider than that."
Loyalty - In wars, every soldiers wants their fellow soldiers to be loyal to their cause. In politics, it is the rare voter who can separate their intellect from their loyalty. Once you join the team, you seldom switch teams out of loyalty.
Scarcity - Every party says, without us you won’t do as well. Then they paint a picture of utter doom should you be stupid enough to vote for the other person. There will be no jobs, no money, no stability, and even your friends will desert you. It’s not true, but it sells well to voters.
You Too - If you believe it is only the "Other party" using manipulation to woo voters, sorry to say you have been wooed and manipulated. From the modest to the momentous, getting elected has always required despicable adverting techniques. Students of advertising recognize it. Should you?
Prediction - If politicians and parties would stop using despicable methods, then consumers would thaw out and get traveling again. I predict they will never drop the methods.
But the good news is - it will be over in a few weeks and then consumers can get back to life as usual. For lodging there will be an upturn. No one knows when but there always is. Let’s call that optimism.
Author: Wm. May – Administrator, Vortex VIP
Blog #: 0999 – 08/31/24Sponsor: Vortex VIP – – VortexVIP.com
Comments: 0
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