The review website’s biannual TripBarometer survey of over 10,000 hoteliers found that 59 per cent believe they will make more money next year, with 53 per cent set to ramp up prices. Of those, 30 per cent say the increased rates will come as a result of increased demand.
"Hoteliers are clearly encouraged by travellers' plans to take more trips, demonstrating rising confidence with plans to increase room rates and invest more in their businesses,” said Julio Bruno, the global vice president of sales for TripAdvisor for Business.
“The TripBarometer highlights how the travel economy and people's perception of travel can affect the industry in a big way - and the results all point to a very good year ahead."
Here's five key findings from the survey, including some developments which could affect the hotel sector over the coming year.
1) Hoteliers are confident about future profitability
The increase in UK travel budgets seems to defy consumer pessimism about the economy - only a fifth of UK travellers (21 per cent) are optimistic about finances, compared to a third of travellers globally. Yet, more UK travellers (32 per cent) expect to increase their travel budget in 2014 than expect to decrease it (24 per cent).
2) Hoteliers' optimism is driving investment
Last year's TripBarometer survey revealed that 95 per cent of hoteliers in the UK planned to either keep room rates the same or increase them in 2013. This time around, 53 per cent plan to increase their rates.
3) Travellers plan to lower their budgets
Only one in five Brits are 'optimistic' about the economy and, as such they plan to lower their budgets this coming year. However, a recent report by BigHospitality showed that the 'staycation' trend is bigger than ever, with 41 million Brits choosing to holiday at home this year.
As a result, the country’s top 20 favourite holiday locations will see an economic boost of more than £12bn between them.
4) Trips are shorter but more frequent
UK travellers’ holidays are becoming shorter but more frequent, as one in five Brits said they will cut back on longer holiday breaks in favour of more trips.
"Despite not being overly optimistic about the economy, people seem to have adapted,” added Bruno. “Many are planning to take more trips this year and they are willing to make sacrifices in other aspects of their lives in order to have a holiday.”
5) Long-distance travel is the long-term dream
Europe’s low economic confidence is likely to improve if eager global consumers follow through on their European travel plans. According to TripAdvisor’s TripBarometer survey, exploring the world is primarily just a dream for now, with Europe the ultimate destination for many.
The survey's respondents were 10,469 accommodation business owners and 19,692 adults from across the globe who have booked travel online and taken at least one trip in the past year.