Earlybooking
Earlybooking is a reservation approach in which customers commit to purchasing a service well before the scheduled date in exchange for lower prices or guaranteed availability. The concept is widely used in travel, hospitality, events, and experiences. Providers offer earlybooking through advance purchase discounts, time-limited promotions, or non-refundable deposits. Terms vary, but common elements include upfront payment or a deposit, a defined window for the discounted rate, and stricter cancellation policies as the date approaches.
For suppliers, earlybooking improves demand forecasting and inventory control, and can aid cash flow. For consumers,
Earlybooking is commonly applied to flights, hotels, tours, cruises, and event tickets. Many online platforms feature
- Benefits for consumers: lower cost, guaranteed reservation, easier planning.
- Benefits for providers: better demand predictability, inventory management, upfront revenue.
- Risks for consumers: reduced flexibility, higher penalties for changes or cancellations, potential for loss if plans
Booking strategies, advance purchase, price discrimination, non-refundable rates.