The Taylor Swift Effect in Lisbon
When Taylor Swift performed at Estádio da Luz, economic activity in Lisbon's hospitality and tourism sector grew 22% compared to the previous weekend. This increase was driven mainly by foreign tourists, especially North Americans, representing 11% of total revenue.
Furthermore, transactions with foreign cards increased by 34% in the first show and 49% in the weekly comparison. These numbers highlight the importance of international events in attracting tourists and increasing local revenue.
Real Example: Reservation During Taylor Swift Show
To illustrate this impact, we share below a real example of a reservation received during Taylor Swift's concert days in Lisbon for a T1 apartment:
This booking represents an average increase of almost 300% compared to the daily price of other confirmed bookings for the same month.
Real Example: Reservation for the Afro Nations Festival in Portimão
The impact of these significant events also goes beyond the two largest cities in Portugal (Porto and Lisbon). For example, the Afro Nations festival, which took place at the end of June, had an even greater impact on the daily price.
Below, we share a real example of a reservation received during the festival's concert days in Portimão for a T1 apartment:
This reservation represents an average 500% increase in the daily price compared to other confirmed reservations for the same month.
Other Events to Watch Out for
There are other events with a high impact on the city's demand in Portugal that you can already keep in mind:
Easter: Can cause price increases of up to 300%;
New Year's Eve: May cause price increases of up to 300%;
NOS Primavera Sound Porto: May cause price increases of up to 100%;
Web Summit: This can cause price increases of up to 400%.
Tips for Increasing Revenue Before and During Events
For vacation rental owners and investors, the ability to attract and host guests during international events can be a significant differentiator. Here are some tips on how to increase the value of your properties and maximize revenue before and during important events:
Price Adjustment
Increase your property prices during high-demand event periods to maximize revenue. However, if the market and demand are below your initial forecast, you can adjust and react quickly.
Local Partnerships
Collaborate with local businesses like restaurants and transportation services to offer additional benefits to your guests.
Stay Flexibility
Offer flexible check-in and check-out options to accommodate event times.
Recurring Search
Do a monthly search for confirmed events in your city and adjust prices according to the estimated demand for that event in the region.
At Host Wise, we know these trends so that we can better advise our customers. If you have any questions or require further information, please do not hesitate to contact us.
