Business travelers set to see air fares rise by 8.4%, hotel rates by 8.2%, and car rental charges by 6.8% in 2023

This is on top of a predicted full year 2022 increase in air fares of 48.5%,
hotel rates of 18.5%, and car rental charges of 7.3%

MINNEAPOLIS, Aug. 10, 2022 /PRNewswire/ -- Global travel prices are predicted to continue to increase in the remaining months of 2022 and throughout 2023, according to the 2023 Global Business Travel Forecast, published today by CWT, the B2B4E travel management platform, and the Global Business Travel Association (GBTA), the voice of the global business travel industry. 

Rising fuel prices, labor shortages, and inflationary pressures in raw material costs are the primary drivers of the expected price growth, according to the report, which uses anonymized data generated by CWT and GBTA, with publicly available industry information, and econometric and statistical modeling developed by the Avrio Institute.

Year-on-year changes in travel pricing
	(actual) 2020	(actual) 2021	(estimated) 2022	(estimated) 2023
Air fares	(12 %)	(26 %)	48.5 %	8.45 %
Ground transportation	(4.9 %)	5.1 %	7.3 %	6.8 %
Hotel rates	(13.3 %)	(9.5 %)	18.5 %	8.2 %
Source: 2023 Annual Global Business Travel Forecast