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The purpose of the paper is to explore how the effects of the COVID-19 pandemic will influence the development of revenue management practice in the visitor attractions sector.

This viewpoint paper builds on the argument that tracking previous patterns of behaviour and trends can be used to predict future actions and developments.

The paper identifies how historically the development of revenue management practice has been driven by major external trigger points often linked to sudden increases in competitive pressures, such as the deregulation of the airline industry, and expands on this to argue that the pandemic is one such trigger point that has fundamentally changed the approach to revenue management through a refocusing on key principles to manage demand and that this could potentially accelerate its development within the visitor attraction sector.

Pre-COVID, the practice of revenue management in the visitor attraction sector was underdeveloped, and the opportunities to develop revenue management had not been discussed in the academic literature. This paper suggests that the challenges of the pandemic that forced visitor attractions to focus on visitor demand management can now begin to be extended to incorporate the management of revenue and will consequently be of value for academics and practitioners.

The static world of flight scheduling where schedules rarely change once published is becoming more responsive with schedule change updates leading up to the departure date due to demand volatility and unpredictable demand patterns. Innovation in cash flow generation will take center stage to operate the business in these uncertain times. Forecasting demand for future flights is a challenge since historical demand patterns are not meaningful which requires a new adaptive robust revenue management approach that monitors key metrics, detects anomalies and quickly takes corrective action when performance targets cannot be achieved.

The novel COVID-19 pandemic decimated the travel industry in 2020 and continues to plague us with no end in sight. With the steep drop in revenues, airlines need to adapt to a new marketing planning process of scheduling, pricing and revenue management that is more nimble to adapt quickly to changing market conditions. This new approach will continue to be relevant in a post-COVID-19 world during and after economic recovery.

A methodology for airline revenue planning: scheduling, airline pricing and revenue management, has been proposed that will also work in a post-COVID-19 era.

The limitation of the proposed model is that it needs to be applied in practice to determine the true benefits of this novel approach to airline revenue planning.

Flight scheduling will rely more on clean sheet scheduling, schedule revisions and close in refleeting to better match demand to supply. The office of the chief financial officer will have a permanent task force to monitor cash flow and come up with innovative solutions to generate cash flow for liquidity. Adaptive robust revenue management workflows will be integrated into traditional revenue management workflows in the future for competitive advantage.

In a post-COVID-19 world it is anticipated that airline business processes will transform to be nimbler and more proactive in making timely decisions at a greater velocity.

The approach to airline revenue planning for scheduling, pricing and revenue management is a new business process that does not exist today at scale in the airline industry.

The primary aim of revenue management (RM) is to sell the right product to the right customer at the right time for the right price. Ever since the deregulation of US airline industry, and the emergence of the internet as a distribution channel, RM has come of age. The purpose of this paper is to map out ten turning points in the evolution of Revenue Management taking an historical perspective.

The paper is a chronological account based upon published research and literature fundamentally drawn from the Journal of Revenue and Pricing Management.

The significance and success to RM is attributed to the following turning points: Littlewood’s rule, Expected Marginal Seat Revenue, deregulation of the US air industry, single leg to origin and destination RM, the use of family fares, technological advancement, low-cost carriers, dynamic pricing, consumer and price transparency and pricing capabilities in organizations.

The originality of the paper lies in identifying the core trends or turning points that have shaped the development of RM thus assisting futurists or forecasters to shape the future.

The purpose of this paper is to examine the effect on price of different cruise industry characteristics from the point of view of actual prices. The analysis is carried out from the supply side but taking into account the real prices paid by customers.

This paper uses the hedonic price methodology. To develop this research, a database of more than 36,000 prices paid by cruise passengers and different characteristics of ships in 2013 was built. To obtain the results, ten models have been developed with significant adjusted R² of between 0.85 and 0.93 making the models and results robust.

The results show that the main attributes affecting prices are the number of nights of the itinerary, the departure date, the number of days before departure the booking is made, the accommodation type and some facilities, such as casinos, cinemas and swimming pools. The results also yield a ranking of ship companies based on price and quality dimensions. Finally, the authors suggest some implications for management and new research.

This paper offers a new approach in the academic literature of the cruise industry in two respects. First, in its use of a broad database of actual prices paid by passengers – more than 36,000 observations. Second, in the application of the hedonic pricing methodology, widely used in the tourism sector (see the Methodology and Database section) but until now not in the cruising segment.

The purpose of this paper is to better understand the future of hotel chains by exploring the evolving expectations of guests, potential innovations, emerging opportunities, and likely future scenarios.

A literature review consisting of current events, industry reports, and recent trends is utilized to summarize and categorize the challenges and opportunities facing hotel chains.

The future of hotel chains will be driven by the convergence of an increasingly competitive landscape, along with a diverse evolving customer base seeking out unique and individualized experiences. In order to survive in the future hotel chains will have to: listen to and learn from guests incorporating big data insights, go beyond segments to provide personalized services, continuously develop the brand through signature experiences, utilize collaboration and open innovation to maintain an edge in technology and service, and through total revenue management generate ancillary revenues and maximize guest spend.

This paper provides a comprehensive set of recommendations to hotel chains highlighting opportunities related to: financing, revenue generation, personalization, and co-creation.

While all recoveries are good, some are better than others with regard to their speed and/or magnitude. Many revenue-related key performance indicators (KPIs), such as comparisons to budgets and forecasts that were designed pre-pandemic to assess a hotel's or destination's performance are no longer valid. Therefore, the primary purpose of this conceptual paper is to highlight the need to peg financial-related KPIs relative to competitors' performance during and following a radical market disruption. The secondary purpose of this paper is to summarize advances reported in the literature and in the industry related to competitor benchmarking and accurately identifying competitor sets.

This conceptual paper synthesizes research from disparate sources to offer a series of recommendations to the industry regarding best practices for developing and monitoring revenue-related KPIs during pandemic recovery. Such KPIs will be different based upon hospitality or tourism sector but must be largely founded upon benchmarking off comparable operations.

Industry disruptions triggered by COVID-19 underscore the need (1) to increasingly utilize competitor-based revenue KPI benchmarks; (2) to have reliable competitor benchmarking data more readily available for use by hotels and destination marketing organizations (DMOs) and (3) for both hotels and DMOs to more accurately identify their competitive sets.

The recommendations offered in this paper are anchored with appropriate theories and empirical research; and as a consequence, offer guidance for the industry for KPI formulation during and following the pandemic.