Taylor Swift is in Europe for “The Eras Tour”– and Swifties, tourism boards, and venues are already preparing some cities in the UK.
After overwhelming the ticketing platform Ticketmaster in July 2023 when the tickets went on sale and making headlines in the U.S. and Mexico for outstanding attendance, the Taylor Swift phenomenon continues in Europe with eight concerts in Edinburgh, Liverpool, Cardiff, and London.
As an Airbnb host, Vrbo host, or holiday rental host in a competitive market, adopting advanced dynamic pricing strategies and leveraging real-time market insights are crucial to remain competitive when an event like this one is announced in your region.
Let’s analyse how this success is impacting the holiday let industry in the UK and how to be proactive with your pricing strategy!
The loudest woman these towns have ever seen: occupancy rates reaching 80%
Edinburgh
The three concerts in Edinburgh have sent holiday rental occupancy rates skyrocketing to over 80%, which is a whopping 20% above the monthly average.
Here's how the industry in Edinburgh is looking during "The Eras Tour":
- 7 June: 80% occupancy rate
- 8 June: 81% occupancy rate
- 9 June: 84% occupancy rate
Liverpool
Anfield Stadium is set to dance with The Eras Tour from 13 to 15 June. And guess what? The excitement isn't just in the air—it's also in the numbers! During these dates, occupancy pacing rates are soaring, hitting 30 percentage points above the monthly average
Here's the breakdown:
- 13 June: 51% occupancy rate
- 14 June: 63% occupancy rate
- 15 June: 53% occupancy rate
Cardiff
Cardiff is gearing up for Taylor Swift on 18 June, and it's also causing a buzz. Holiday rental occupancy rates are soaring, hitting 44%—that's 20 percentage points above the monthly average.
London
Taylor Swift will light up Wembley Stadium for a total of eight nights, wrapping up "The Eras Tour" on 20 August. London, one of the most visited cities in Europe year-round, has seen a 24% increase in short-term rental supply over the last six months. As a result, occupancy rates haven't felt the full impact of the Swifties phenomenon, making them a bit less impressive:
- 21 June: 39% occupancy rate
- 21 June: 43% occupancy rate
- 23 June: 45% occupancy rate
Occupancy pacing rates are still low for August. Considering the booking lead time in London is 17 days, property managers and hosts should be gearing up for a last-minute rush. Don't miss out on the influx of fans looking for a place to stay!
By incorporating search data into the hosting strategies and keeping a keen eye on occupancy pacing, hosts and property managers can make intelligent decisions that align with the ebb and flow of the “The Eras Tour” demand. Armed with this information, you can be proactive in your revenue management strategy and gain a competitive advantage.
⚡Pro Tip ⚡: When a new event is announced in your market, incorporating search data allows you to identify periods of increased and decreased consumer demand before they occur – meaning you can adjust your strategy in advance to maximise bookings and revenue. Moreover, finding a revenue management solution that integrates search data on your behalf into your dynamic pricing means you can save time instead of doing it yourself.
One for the money, two for the show: ADRs Increasing
During the concert days in the UK, holiday rentals observe a significant average increase in average daily rates (ADRs) compared to the monthly averages. This aligns with occupancy rates and the increasing supply in the market:
- Edinburgh: +83% increase
- Liverpool: +52% increase
- Cardiff + 72% increase
- London +13% increase in June
The Eras Tour” presents a unique opportunity for hosts and property managers in this market to capitalise on the heightened demand and enhance their profit margins by setting higher rates for their listings. Many travelers are eager to invest more to secure the right location and enjoy a distinctive experience in the city, making it essential for property managers to align their pricing strategies accordingly
⚡Pro Tip ⚡: Identify new events happening in your area and keep an eye on your market to ensure that you are not underpricing your rentals.
Look what Swift made you do
Pricing unique events is no simple challenge, and the stellar performance of Beyond users can be attributed to Beyond’s sophisticated algorithm, which determines when to hold out for a higher nightly rate and when to adjust rates to increase the number of bookings. Beyond uses the most robust dataset in the industry to match demand to price, ensuring that listings are automatically positioned to be booked at the right price at the right time.
Furthermore, we have an entire team of seasoned experts with the knowledge and expertise to price these events accordingly. At a high level, it boils down to:
- At Beyond, we spend a large amount of time tracking and monitoring events – meaning our customers could have their calendars open longer, increasing the chance to book (years and years).
- We were aggressive with prices but not greedy. We didn’t quote unrealistic rates which would discourage lookers during peak booking periods, resulting in fire sales towards the end to get someone in the door.
- Our algorithm follows real-time consumer demand data and market trends.
- For unique properties, our team of revenue consultants works with partners on custom data-driven strategies using a wide array of features.
“The Eras Tour” serves as a valuable lesson for industry players, emphasising the importance of being proactive and staying on top of data. The players gonna play, play, play… So, in the competitive landscape of the British short-term rentals, Beyond has showcased that success is about playing strategically.
Ready to see how Beyond can grow your holiday rental business and unlock new ways to make more profit? Sign up today!
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