Brief • 2 min Read
According to QuestBrand data, two of Booking Holding’s brands – Kayak and Booking.com – ranked as top growth travel brands from Q1 to Q2 2023, based on quarter-over-quarter brand equity growth. Both brands generated consumer enthusiasm by releasing new technology in Q2 that made travel planning/booking faster and more convenient.
Brand equity measures the value consumers see in a brand at a particular moment in time. This number is in constant flux, as consumers react to a brand’s decisions, marketing campaigns, missteps, and wins in real time. It is an average of four components – consumer brand familiarity, perceived quality, purchase consideration, and perceived momentum.
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From Q1 to Q2, Kayak experienced a +2.7 increase in brand equity, with their biggest gains in perceived brand momentum (+3.3). Booking.com saw a slightly smaller quarter-over-quarter increase in brand equity (+2.3).
In May, Kayak released a “Best Time to Travel” tool, which makes it easier for consumers to determine the best time to travel to a desired destination. The tool forecasts flight/hotel prices, weather patterns, and the number of other tourists to recommend when consumers should book and visit for the best price and overall trip experience.
Kayak also made tax season a little more fun with their Tax Refund Trip Calculator. If a consumer inputs the amount of their tax return, Kayak shows a map of affordable destinations. In addition to budget, travelers can input what type of trip they are interested in booking, and a flight time limit.
Not to be outdone by its sister brand, Booking.com embraced technology by integrating ChatGPT into their app’s new AI Trip Planner. The use of AI allows consumers to “talk to” the system in natural language, describing their trip preferences to AI Trip Planner like they would to a friend. AI Trip Planner uses this information to provide a suggested list of accommodations, and it can generate full trip itineraries.
“Our primary goal at Booking.com has always been to leverage technology to make travel easier...Our new AI Trip Planner is simply the next step in our ongoing journey to explore how we can bring even more value, and hopefully enjoyment, to the entire trip planning process.” – Glenn Fogel, CEO of Booking Holdings
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