Last week I took the stage at Global Business Travel Association (GBTA) Convention 2022 to highlight the results of CWT and GBTA’s 8th annual global business travel forecast. I worked with GBTA and CWT to craft forecasts for average room rates, airfares and car rental hires for each of the major regions of the world. Below are some of the key results, but you can see the entire forecast here (it is free!).
Overall travel demand is up significantly. In the U.S., TSA throughput is up 41% over last year (though still down from pre-pandemic levels). Likewise, business travel is recovering sharply and the breadth of travel is expanding. For business travelers, international tickets were approx. 38% of all tickets purchased in 2018 and 2019. This fell to 33% in 2020 and 22% in 2021, but has risen to 34% in 2022.
Looking ahead: global business travel airfares are expected to rise nearly 50% this year. In some regions, like North America, fares have already hit all-time highs. Airline capacity remains constrained. Globally, there were 12% fewer available seats in August 2022 than in August 2019. Higher costs are also pushing prices up. Jet fuel prices have ebbed lower, but hit all-time highs earlier this year.
Our forecasts call for another 8.4% increase in prices in 2023. See more in the full report.
Check out some of the coverage of the study in BTN Group, TTG Media, Japan Today, Business Traveller, Hospitality Net, Hotel Management Magazine,Travel Weekly, Voyages d’Affaires, Business Travel News, Travel Daily, and more.
