REMAINING OPTIMISTIC AMIDST
GSAIR 2024 : AMERICAS 8
REMAINING OPTIMISTIC AMIDST
MARKET TRANSITIONS
By SARAH EVERHART Vice President and Partner , Stay Sojo
Stay Sojo are experts in providing on the go living solutions for professionals , corporates , digital nomads , and bleisure travelers . VP and Partner , Sarah Everhart , opens up on what it means to serve their diverse customer base and how they ’ ve evolved and adapted their business along the way .
The travel industry has experienced significant changes over the last few years . From how we interact with each other and how and where we work , to how we travel and create experiences ; to put it simply , people have become more flexible and independent in their expectations of on-the-go living . Their standards are higher , their values have shifted , and they crave flexibility and freedom to create the lives they want .
We have no doubt entered a new era of experiencebased living that offers both opportunity and challenge for anyone serving the corporate housing or digital nomad market . Remaining optimistic in this transitional market can feel daunting , but it ’ s essential for staying relevant , competitive , and profitable . I truly believe that when we experience big shifts in mindset and expectations , we are presented with an opportunity to reassess our business models to better serve our guests and their needs . In doing so , we ’ re able to ultimately redefine an industry we love by embracing change , technology , and the social values our new market seeks out .
Embracing shifts in market behavior
It ’ s hard to fathom that we are nearly five years past the onset of COVID-19 , yet still navigating the rough waters it created . However , my recent travels tell a different story . Airports are bustling , restaurants are full , and retailers are reporting stronger-than-expected earnings . So , what does this mean for corporate housing ? Why does relocation continue to lag in what appears to be a strong market ? Some point to higher interest rates and low housing inventory , but I wonder if it ’ s a deeper mindset shift . Has COVID changed human behavior permanently ?
It ' s an intriguing thought . Perhaps executives are less willing to relocate or spend extended time away from family . Have we redefined our values , focusing more on what matters most ? For me , travel is a source of happiness . On a recent trip to Madeira , Portugal , I learned 10,000 digital nomads are occupying the island . Who are these people , and how much is this segment growing ? What motivates them , and how can we in the corporate housing industry speak to them as an option for living , working , and exploring wherever their next adventure takes them ?
Credit : Synergy
I truly believe that when we experience big shifts in mindset and expectations , we are presented with an opportunity to reassess our business models to better serve our guests and their needs .