{"id":22550,"date":"2020-04-08T10:53:49","date_gmt":"2020-04-08T10:53:49","guid":{"rendered":"https:\/\/www.xotels.com\/uncategorized\/forecast\/"},"modified":"2024-12-23T09:22:03","modified_gmt":"2024-12-23T09:22:03","slug":"forecast","status":"publish","type":"post","link":"https:\/\/www.xotels.com\/en\/glossary\/forecast","title":{"rendered":"Forecast"},"content":{"rendered":"

What is the meaning \/ definition of Forecast in the hospitality industry<\/a>?<\/p>\n

Any hotel<\/a> seeking to maximise profits, should look ahead and try to predict a future situation. One way to do this in an organised manner, is to create something called a Forecast. Forecasting can be done at any time of year, by any kind of establishment in the hospitality sector (not only large hotels but also small, independent hotels) across the world.<\/p>\n

The best way to Forecast future bookings and demand<\/a> is to use a calculation \u2013 to ask a relatively simple question: \u2018At our hotel<\/a>, what is the likely expected revenue in 2016, based on our revenue management team\u2019s analysis of figures from 2015 (occupancy<\/a> and average rate)?\u2019<\/p>\n

A Forecast need not only be based on a whole year, of course. Sometimes it can be useful to create a month-to-month, or even a week-to-week forecast!<\/p>\n

Forecasting is something that no hotel should ignore, as it can help monitoring and foreseeing trends in consumer behaviour and therefore accurately gauge the demand<\/a> of each season.<\/p>\n

You can find more detailed information on Forecasting on our Blog: click here<\/a><\/p>\n

See Also:<\/strong><\/p>\n