Domestic leisure appetite grow

Appetite for serviced apartments has remained strong over the past year, according to the latest travel survey from Cheval Collection.

The group reported that the increased cost of living meant that more people were looking for deals as well as avoiding peak travel periods to cut costs.

The study found that, when booking a stay, 77% would consider booking a serviced apartment.

Looking at traveller behaviour, 51.5% of respondents said that they waited for sales periods or special promotions before booking. This was followed by 37.7% of travellers who would book the cheapest rate even if it’s non refundable.

Rising interest rates and other costs mean that travellers - both business and leisure - are watching their outgoings.
Serviced apartments have moved into the mainstream when guests are considering where to stay, providing flexible accommodation where they can live as part of the local community. Doug Greenwood, director of sales & marketing, Cheval Collection

A consideration around sustainability when booking had also risen during the period. In 2022, fewer than 25% of guests considered sustainability as part of their booking process. For the 2023 results, this had increased to more than 70% who considered issues of sustainability as moderately or very important.

Greenwood said: Sustainability is the issue of our time and travellers want to ensure that their activities are responsible. Partnering with likeminded owners and teams is critical for success in our environment goals, as this issue becomes ever-more pressing..

Cheval Collection surveyed over 2,000 people for its annual report. A copy of the full report is available here and the image used above available here.

About Cheval Collection

Cheval Collection is an award-winning hospitality company specialising in high quality serviced apartments worldwide. The collection includes the Cheval Residences, Cheval Maison and MY Locanda brands. Cheval Collection has extensive expertise and resource available to take on new projects, from inception to opening alongside support functions across the business, from technical services, operations and facilities management to revenue and reservations, human resources and sales and marketing. www.chevalcollection.com