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Tourism Sector Boosted With €10 Million Budget Increase

by THEFUTURE.TEAM

July 3, 2024

In a significant move to bolster its tourism sector, President Nikos Christodoulides of Cyprus has announced a €10 million increase in the 2025 budget for the Deputy Ministry of Tourism. This announcement was made at the General Assembly of the Cyprus Hotel Association (CHA), along with the unveiling of a comprehensive five-year plan aimed at addressing seasonality within the tourism industry.

Strategic Objectives and Economic Resilience

The budget increase aims to enhance Cyprus’ international promotion efforts, reflecting the government’s commitment to strengthening the tourism sector amidst various geopolitical and economic challenges. These challenges include instability in the Middle East, the war in Ukraine, economic downturns in key European markets, and ongoing issues in the aviation sector.

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President Christodoulides highlighted the resilience of the Cypriot hotel industry and assured that the government is closely monitoring these developments to support stakeholders effectively. A key aspect of the five-year plan is the training of workers in partially or fully suspended hotel units, aimed at increasing the number of hotels operating year-round. This initiative is expected to create stable employment opportunities and extend the tourist season, thus boosting overall industry profitability.

International Relations and Market Expansion

The President also pointed to the positive implications of establishing a Strategic Dialogue with the United States, positioning Cyprus among a select group of countries engaged in regular, structured cooperation with the US. This dialogue, which extends beyond energy and trade, promises to open new avenues for collaboration in tourism. The possibility of direct flights from the US to Cyprus was mentioned, indicating ongoing discussions to facilitate this development.

Furthermore, recent diplomatic initiatives, including the opening of a new mission in Kazakhstan and an upcoming mission in Armenia, are part of Cyprus’ strategy to diversify and expand its tourism markets. The President’s visit to Poland, a key tourism market for Cyprus, underscores these efforts.

Industry Challenges and Future Outlook

Despite these positive developments, CHA President Thanos Michaelides acknowledged the difficulties faced by the hotel industry in 2023, citing reduced profitability due to rising operational costs and high borrowing levels. Looking ahead, lower occupancy rates are anticipated in 2024, compounded by reduced flights and economic challenges in major tourism source markets.

Michaelides stressed the necessity for a clear roadmap to modernise Cyprus’ tourism offerings, ensuring the sector’s sustainability and competitiveness. The upcoming HORTEC conference in October 2025, hosted in Cyprus, is expected to play a pivotal role in shaping future tourism policies in alignment with Cyprus’ EU Presidency.

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Airbnb Unveils Reserve Now, Pay Later Option For U.S. Guests

by THEFUTURE.TEAM

August 15, 2025

Introduction

Airbnb has introduced an innovative payment solution designed to enhance user flexibility for U.S. travellers. The new “Reserve Now, Pay Later” feature enables users to secure a booking without an upfront payment, offering a streamlined cancellation process should plans change.

Flexible Payment Terms

This new option applies to listings that feature either flexible or moderate cancellation policies. Under a flexible policy, guests can cancel their reservation up to 24 hours before check-in, while a moderate policy offers no-fee cancellations until five days prior to arrival.

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Payment Timing and Reminders

Regardless of the cancellation window, guests are obligated to complete the full payment before the expiration of the free cancellation period. Airbnb ensures a smooth experience by sending timely payment reminders to avoid any last-minute issues.

Evolution of Airbnb’s Payment Solutions

This initiative builds on Airbnb’s previous forays into flexible payment structures. In 2018, the company offered a partial upfront payment model, and more recently, a collaboration with Klarna enabled guests to pay in four installments over six weeks. Such strategic advancements demonstrate Airbnb’s commitment to adapting and refining its payment solutions to meet evolving consumer demands.

Consumer Insight Driving Innovation

Airbnb’s decision to launch the “Reserve Now, Pay Later” feature reflects robust consumer demand, with recent surveys indicating that 55% of respondents prefer flexible payment options. Additionally, 42% noted missed opportunities due to payment complexities when coordinating with travel companions, underlining the need for simplified financial arrangements.

Conclusion

By enhancing payment flexibility, Airbnb not only broadens its appeal but also addresses critical customer pain points, reinforcing its position as a leader in the evolving travel market. This initiative exemplifies how strategic innovation can drive customer satisfaction in an increasingly competitive landscape.