This 12 months’s Rock in Rio competition is seeing extraordinarily robust demand alerts, serving to to set file costs within the metropolis.
Carnival and Rock in Rio – these are the unequalled kings of the Rio de Janeiro occasions calendar. The latter returns in 2024 and it’s as massive, if not larger, than ever.
In response to Lighthouse’s forward-looking demand indicators, there’s a vital degree of curiosity in lodging, which presents a wonderful alternative for native hoteliers to optimize their pricing methods effectively upfront of the occasion.
Whereas room charges could have already peaked, there’s nonetheless a chance for accommodations to generate extra income through the durations between and across the competition’s key headliner dates.
Demand indicators bode effectively for Rock in Rio 2024
our demand indicators, all the things is screaming heightened demand for the competition, which usually attracts over 700,000 cumulative attendees.
Based mostly on our proprietary market demand degree measurement, the times of the competition, which this 12 months happen from thirteenth September to Twenty second, tower over another interval within the subsequent three hundred and sixty five days.
Curiosity in Rio lodging peaks when artists occupy the primary stage on 14th and Nineteenth-Twenty second. Right here, our market demand indicator is displaying curiosity at round 3x the everyday degree we’d count on for a median day.
A big a part of this excessive degree is that customers are chasing a quickly dwindling provide, even earlier than the entire line-up has been introduced and tickets launched to the general public.
Already throughout these two major durations for the competition, 41% of accommodations in our database are listed as unavailable, which means they aren’t posting stock for these key dates on the time of writing. That is largely a results of promoting out or withholding remaining stock.
Searches for the important thing dates are comparatively excessive, particularly inside these key peak durations the place the present search quantity is round 4 to 5 instances increased than the encircling dates.
Room costs for Rock in Rio are at present surpassing the charges seen throughout Rio Carnival 2024
Lodge competition pricing surpasses the 2022 competition and Rio Carnival 2024
Naturally, that is taking lodge room costs to exceptionally excessive ranges, notably through the excessive demand peaks talked about above. These demand peaks correlate completely with Rio’s highest marketed room charges.
In native Brazilian reais, rooms are priced highest through the second major interval for the competition at BRL1776 on twentieth September, barely forward of the prior peak through the opening weekend of BRL1735.
This vital improve in lodge room costs is in stark distinction to the steadiness noticed throughout different durations. Sometimes, room costs within the metropolis vary between BRL 650-750. Subsequently, the present surge in costs represents an nearly three-fold improve from the standard charges.
Marketed room costs for Rock in Rio are at present surpassing the charges seen throughout Rio Carnival 2024 (which ran from 9-17 February) the place common room costs throughout all star scores peaked at BRL 1132.
However this is perhaps the ceiling for lodge room pricing
Nevertheless, we could also be seeing the height potential for lodge pricing at present.
Let’s evaluate these charges to these seen within the 2022 Rock in Rio occasion.
Within the earlier iteration common costs through the two weeks of the occasion got here in at BRL1208 and BRL1175, in comparison with BRL1349 and BRL1192 in a like-for-like timeframe.
That places 2024 costs within the first week 12% above the final time the competition was held and a mere 1% above within the second week, in nominal phrases. Think about inflation, and 2024 costs are increased within the first week in actual phrases, however much less within the second week.
Moreover, common costs posted 90 days in the past for the competition interval deviate little or no from at present posted charges and, when in comparison with 14 days in the past, have actually declined barely.
These charges subsequently could also be close to the highest of the potential pricing curve.
This doesn’t imply there isn’t extra income potential for hoteliers to be discovered inside and surrounding the Rock in Rio competition although.
As we will see within the demand, availability and pricing charts, there’s a appreciable drop in between the 2 peaks. This represents an area for hoteliers to profit from and encourage extra bookings at premium charges.
Already the share of accommodations in Rio with two-day size of keep reductions has greater than doubled since September 2023 to simply underneath 9%. This can be an indication of the market recognising the potential and it might be smart to comply with swimsuit.
Abstract
General, Rock in Rio represents a wonderful alternative for hoteliers, with increased peak costs than its earlier iteration and intensely robust demand indicators. Whereas present charges could also be close to the utmost potential, there may be loads of curiosity amongst vacationers and there seems to be excessive worth in attempting to push customers to elongate their stays in and across the competition.
Evidently, there are loads of elements to think about when deciding on the perfect room price at your lodge – which is amplified when massive occasions roll into city and it’s time to capitalize on inflated demand.
Having to watch persistent market adjustments when setting your value, takes big quantities of guide evaluation and stays considerably of a guessing sport, which means that you just threat leaving cash on the desk.
That is the place a pricing suggestion device comes into play.
Lighthouse’s Pricing Assistant is designed particularly for impartial lodge operators, effortlessly offering automated dynamic room pricing at your property.
Remove the necessity for guide changes and guessing video games together with your room charges – releasing up your time to give attention to what really counts, your visitors.
With tailor-made and clear AI-driven room value suggestions you’ll be able to faucet into further income streams, reminiscent of maximizing income round key occasions with optimum pricing, whereas saving valuable time within the course of.
About Lighthouse
Lighthouse (previously OTA Perception) is the main business platform for the journey & hospitality trade. We rework complexity into confidence by offering actionable market insights, enterprise intelligence, and pricing instruments that maximize income development. We regularly innovate to ship the perfect platform for hospitality professionals to cost extra successfully, measure efficiency extra effectively, and perceive the market in new methods.
Trusted by over 65,000 accommodations in 185 international locations, Lighthouse is the one answer that gives real-time lodge and short-term rental information in a single platform. We attempt to ship the absolute best expertise with unmatched customer support. We take into account our purchasers as true companions—their success is our success.
