Make a strong start to 2024 with our Q3 2023 earnings call insights

Make a strong start to 2024 with our Q3 2023 earnings call insights

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Prepare to hit the ground running in 2024. Get key insights from the Booking Holdings Q3 2023 earnings call and use our tools to enhance your listings and boost your bookings.

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 from November 2, 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 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 about 45% in Q3 2022. Travelers are booking further in advance, and as we look at current trends, we expect travelers will continue to prioritize travel over other discretionary spend in the new year.

Tip: Make sure to implement early booker rates to help you fill rooms faster, and have cancellation policies in place in case travelers’ plans change.

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 travelers 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 accommodations, 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 nine million air tickets booked during Q3 2023 were more than five times the amount booked through us in Q3 2019. The more flights travelers book on Booking.com, the more opportunities they have to discover your properties on the same platform.

Tip: Make sure your listing is up to date – stand out with the most recent photos and amenity details you offer so you don’t miss out on potential bookings.

Make a strong start to 2024 with our Q3 2023 earnings call insights

Alternative accommodations are growing faster than hotels 

Our continued focus on strengthening our alternative accommodations offering by increasing supply and raising awareness among travelers is beginning to pay off. In Q3 2023, alternative accommodation room nights grew at about 24% YOY – faster than our hotel category.

Alternative accommodations made up 33% of total room nights, which is 3% 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.

Tip: Vacation rentals can benefit from this increased interest in alternative accommodations by implementing our trust and safety tips and automating property management.

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% higher than in Q3 2022. It’s a remarkable achievement considering that in Q3 2019, our mix of mobile app room nights was about 18% 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 travelers 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 to 2019. Taking a very early look ahead to 2024, the signs are 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 help you use our tools and services to enhance your listings on Booking.com, so you can make the strongest possible start to 2024!

 

Shawn Ritzenthaler
Get your listings in good shape for 2024

Now’s the time to keep your property details up to date. Visit the Extranet to identify opportunities for success in the new year.

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Takeaway
  • Q3 2023 room nights were 276 million and gross bookings were $40 billion, both exceeding last quarter’s records
  • Travelers are booking further in advance, with travel continuing to be a priority in the new year
  • Connected trips and flight bookings are on the rise, providing you with more opportunities to attract travelers 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