Global business travel costs expected to remain high through 2024
However, prices seem to be levelling off with much milder increases projected over the next 12 to 18 months, according to a new CWT/GBTA forecast
Lingering economic uncertainty and a gradual easing of supply-side constraints are expected to result in more subdued price increases over the next 12-18 months, according to the report, which uses anonymized data generated by CWT and GBTA.
Key takeaways
- The global average ticket price (ATP) of flights rose by 72.2% YoY to $749 in 2022, far surpassing 2019 levels ($670);
- Like air travel ATPs, the global average daily rate (ADR) for hotel bookings exceeded earlier predictions, rising 29.8% YoY to $161 in 2022;
- In-person meetings and events have rebounded more robustly than many had expected. Client acquisition and relationship building are key business goals that are not easily executed virtually.
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