For the December Stakeholder eNewsletter, we normally share Visit Grand Junction team accomplishments; however, we decided to wait until January 2023 when most of this year's data is complete and we can share a more accurate year-end wrap-up report with you. So tune in next month!
In the meantime, as this year comes to a close and we reflect on Grand Junction's accomplishments as a city and a community, we wanted to thank you for...
- Reading and forwarding our three monthly eNewsletters, where we share PR articles, tourism data, and things to do in the Grand Junction area.
- Responding to our communications with examples and encouragement that our message is resonating.
- Learning with us as we navigate the constantly evolving and challenging marketing industry.
- Trusting us with a data-based approach to strategic marketing, guiding actionable insights with verifiable results.
- Supporting our destination branding efforts as we celebrate all that the Grand Junction area has to offer including history, art, outdoor recreation, agriculture, wildlife, theater, culinary, craft beverages, CMU, and more.
- Participating in our image and video content so that we can represent the destination in an authentic way through locals' and guests' lenses.
- Smiling with one another! One of the most frequent comments guests share after they visit Grand Junction is how friendly locals are and that they look you in the eye, smile and say hello! Let's continue spreading smiles in 2023 with one another!
Cheers to everyone as you celebrate 2022's finale and ringing in 2023 with renewed excitement for what the future will bring.
Happy New Year!
Elizabeth
Director, Visit Grand Junction
ElizabethF@GJcity.org or 970-256-4052
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Lodging Tax Revenue Report
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October 2022
From the 4.25% lodging tax collections that Visit GJ received (short-term rental lodging tax revenue is collected quarterly), October 2022’s business was 2.4% percent higher compared to October 2021 (adjusted for late and missing payments).
Of the Grand Junction lodging properties that reported metrics to STR, LLC., occupancy for October 2022 was 70.4%, ADR was $107.31, and RevPAR was $75.50. October 2022's ADR of $107.31 was the highest for any October in Grand Junction's lodging history. Congratulations! Despite October's record, Grand Junction experienced a decrease in all hotel metrics compared to the previous month of September, primarily due to seasonality. October 2022’s business experienced a 9.9% decrease in occupancy, a 10.7% decrease in ADR, and a 19.5% decrease in RevPAR compared to September 2022.
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Total lodging tax collections received for October 2022 year-to-date, for the business month, is 8.2% higher compared to last year's ten-month YTD period.
Grand Junction's October 2022 year-to-date occupancy of 68.1% is 6.6% higher than the U.S. year-to-date occupancy rate of 63.9%.
Grand Junction's October 2022 year-to-date ADR of $110.19 continues to trend lower than the U.S. year-to-date ADR of $148.29.
Grand Junction's October 2022 year-to-date occupancy of 68.1% is 2.0% higher than Colorado's year-to-date occupancy rate of 66.8%.
Grand Junction's October 2022 year-to-date ADR of $110.19 continues to trend lower than the Colorado year-to-date ADR of $166.66.
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It is very tempting to significantly drop rates during the winter season, with the "gut feeling" that consumers will not pay higher prices. Remember, significantly reducing rates can hurt your brand image, while also dramatically decreasing your revenue. Discounting rates is rarely the right answer - insights from recent and reliable data sources show that people are traveling during the winter months and are willing to pay more for lodging.
In addition, check out the Skift article, 4 Insights Every Hotel Revenue Manager Needs to Know in 2023. Crowley, with Duetto, shares that “Historic data is no longer sufficient to build a hotel revenue strategy, demand will continue to be variable because we will experience multiple overlapping market crises — pandemics, wars, and recession — on a recurring basis."
If you would like additional assistance with your revenue management strategies in the coming months, please don’t hesitate to contact Elizabeth at ElizabethF@GJCity.org.
Click here for the latest sales, use, and lodging tax collection reports from the City of Grand Junction.
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For the month of October 2022 national metrics, Grand Junction was 4.8% higher than U.S. hotels in average occupancy, 31.0% lower in ADR (proof there is room to raise rates), and 27.8% lower in RevPAR, due to Grand Junction's lower ADR.
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For the month of October 2022 state metrics, Grand Junction was 4.3% higher than Colorado hotels in average occupancy, 29.2% lower in ADR, and 26.1% lower in RevPAR, due to Grand Junction's lower ADR.
When excluding Colorado ski towns (Breckenridge, Frisco, Silverthorne, Vail, Avon, Beaver Creek, Winter Park, Steamboat Springs, Snowmass, Aspen, Crested Butte, and Telluride), Grand Junction was 1.6% higher than the rest of the state in average occupancy for October, 22.2% lower in ADR (again, proof there is room to raise rates), and 25.5% lower in RevPAR, due to Grand Junction's lower ADR.
*Source: STR, LLC. - REPUBLICATION OR OTHER RE-USE OF STR’s DATA WITHOUT THE EXPRESS WRITTEN PERMISSION OF STR IS STRICTLY PROHIBITED.
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2023 Consumer Marketing Strategies & Trends
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To help you plan for 2023's digital marketing landscape, check out this blog from HubSpot "2023 Marketing Strategy & Trends Report: Data from 1,200+ Global Marketers". Hubspot shares that "If the last few years taught us anything, the real test of a marketer’s skill is how well they adapt to change. Nearly 80% of marketers say their industry changed more in the past three years than in the last 50." Below are a few of the key takeaways from the blog.
- Go beyond demographic data as part of your actionable insights strategy.
- Focusing on customer experiences bridges the gap between service and marketing.
- Social media DM strategies are growing in popularity and are being used for customer service interactions.
- Short-form video will see the most growth of any trend in 2023, with marketers planning to invest more in it than any other trend.
- Influencer marketing is a trusted source for consumers. Gen Z shares that influencer recommendations are more important than recommendations from their family and friends.
- Website SEO, particularly through leveraging blogs, will be the third most heavily invested strategy for 2023, after short-form video and influencer marketing.
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Love'n GJ on Social Media
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@marinabeans_ commented "Absolutely gorgeous!"
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Kim said, "Love this view, sat there several times just to take in the beauty"
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Trina wrote, "So crazy to think this is in our backyard 😍😍😍"
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