As another successful year draws to a close, there’s a lot to look forward to in 2024. Curious about our key insights from the Booking Holdings Q3 2023 earnings call on 2 November 2023? We’ve seen sustained resiliency in demand for global leisure travel, continued growth in connected trips, encouraging growth in home accommodation bookings and unprecedented levels of mobile bookings.
There are plenty of reasons to be excited about a strong start to 2024. Take advantage of our many tools and services to enhance your listings and increase your bookings!
The Booking Holdings Q3 2023 earnings call highlighted another record-breaking quarter
In Q3 2023, customers booked 276 million room nights, an impressive 15% increase year-over-year (YOY). We also had gross bookings of $40 billion, an increase of 24% YOY. Both of these were record quarterly amounts, exceeding our expectations, and are clear indicators of continued strong demand for leisure travel.
The Q3 2023 international mix of total room nights was over 50%, up from around 45% in Q3 2022. Travellers are booking further in advance, and as we look at current trends, we expect travellers will continue to make travel a priority over other discretionary spend in the new year.
Continued increase in connected trips and flights
The Connected Trip is our long-term vision to make booking and experiencing travel easier, more enjoyable and more personal, while delivering better value to travellers and suppliers. In Q3 2023, we saw an increase in the percentage of transactions we count as connected trips – two or more travel components within a trip.
Other than accommodation, flights are one of the most important elements of travel, and our focus on developing our flight offering on Booking.com is also having a positive effect. In the third quarter, air ticket bookings increased 57% YOY. This represents encouraging growth – the 9 million air tickets booked during Q3 2023 were more than five times the amount booked through us in Q3 2019. The more flights that travellers are booking on Booking.com, the more opportunities they have to discover your properties on the same platform.
Tip: Make sure that your listing is up to date and stand out with your latest photography and details of the amenities you offer, so you don’t miss out on potential bookings.
Alternative accommodation is growing faster than hotels
Our continued focus on strengthening our alternative accommodations offering by increasing supply and raising awareness among travellers is beginning to pay off. In Q3 2023, alternative accommodation room nights grew at about 24% YOY, which was faster than our hotel category.
Alternative accommodations made up 33% of total room nights, which is 3 percentage points higher than in Q3 2022. There are clear signs of continued momentum, with alternative accommodations supply growth both globally and in the US. Global listings reached about 7.2 million by the end of the third quarter, an increase of 9% year-on-year.
Take advantage of record levels of mobile bookings
We experienced a very high level of direct bookings in various Booking Holdings mobile apps in the third quarter. For the first time ever, over 50% of room nights were booked through these apps, which is about 6 percentage points higher than in Q3 2022. It’s a remarkable achievement considering that in Q3 2019, our mix of mobile app room nights was around 18 percentage points lower than it is now.
This presents a great opportunity to take advantage of this record level of mobile bookings by offering an exclusive discount for people who book your property using the app.
Tip: If you offer a mobile discount of 10% or more, a special badge will be displayed next to your property in the search results and on your property page, making you stand out to travellers who like to book via the app.
Looking ahead with confidence
We expect Q4 2023 room night growth to be up about 9% year-over-year, and up about 20% compared against 2019. Taking a very early look ahead to 2024, the signs are very positive, with strong growth on the books for travel that will take place in the first quarter of next year.
We hope these Q3 2023 earnings call insights will help you to use our tools and services to enhance your listings on Booking.com, so you can make the strongest possible start to 2024!
- Q3 2023 room nights were 276 million and gross bookings were $40 billion, both exceeding last quarter’s records
- Travellers are booking further in advance, with travel continuing to be a priority in the new year
- Connected trips and flight bookings are on the increase, providing you with more opportunities to attract travellers to your property
- For the first time ever, over 50% of room nights were booked through the various Booking Holdings mobile apps
- Looking ahead to 2024, we see strong growth for travel in the first quarter – make sure your listings are up to date for the new year