For Q2 2023, it was a tale of two hemispheres. For the Northern Hemisphere, the Spring and Summer months saw an increase in travel demand, while regions south of the Equator saw business travel level out. As we all wait for travel patterns to stabilise, many organisations are thinking about how to make travel budgets stretch further.
With all eyes on business travel expenses, our Quarterly Trend Report highlights pockets of opportunities in airline and hotel pricing which could assist those businesses aiming to control business travel costs. It also highlights opportunities in partnerships that will deliver a different experience for the traveller. Additionally, with hybrid working and remote work weighing in on corporate travel policies, our team reveals the factors and advice to navigate these travel trends.
Here are just a couple of the key business travel trends from the report:
- The number of seats available in 2023 is still lower than 2019, but gathering pace most in North America and the Middle East.
- Global hotel occupancy for the first 6 months of 2023 was 63.6%, which is 96% recovered compared to the same period in 2019.
- Europe saw the highest increase in hotel average room rate (ARR) with a 12% increase in prices, while the Middle East declined the furthest at 19% down.