Considering a European vacation? You might save money by waiting to book your hotel room.
It may be smart to buy your plane tickets a few weeks in advance, but when should you book that hotel room to lock in the best rate? If you’re traveling to Europe, the Middle East, or Africa, the answer may be sooner to departure than you’d think. According to expense-management company SAP Concur’s 2017 data, you’ll get the lowest average rate if you play the waiting game.
Score a Deal
It may seem counter-intuitive to leave it late, but to hit that sweet spot between available inventory and pricing, you’ll want to book just three days ahead—or less. Plenty of travelers are leaving money on the table in this regard: Though the majority of hotel stays are reserved at least eight days out, booking 15 days or more in advance comes with an average 18% surcharge. If you’re looking for luxury for less, you’ll want to be even more patient, as SAP Concur found that same-day reservations for high-end hotels in Paris and Frankfurt cost less than bookings made at least a month out. (Not in London, though—there, bookings at swanky properties cost 7% more on the day-of than 30 days in advance, so you’ll want to monitor prices on a city-by-city basis to get the most bang for your buck.)
Consider the Season
Tempted by the recent flood of cheap flights to Europe? Spending the summer on the continent may sound appealing, but you’ll be battling the crowds and paying more for the privilege; instead, target a winter break and travel from January to March, and you’ll be looking at rates nearly 10% lower than the rest of the year. Whenever you decide to go, though, make sure you check the cancellation policy for the hotel you’re hoping to book and try to hold out til then—last-minute cancellations mean readily available inventory, and if you're willing to gamble, it could mean big savings.
How close do you cut it when you're planning a trip? Do you like the thrill of an eleventh-hour hotel deal, or are you willing to pay a little extra for peace of mind? Tell us about it in the comments.