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 - Seite 2

"Demand for business travel and meetings is back with a vengeance, of that there is absolutely no doubt," said Patrick Andersen, CWT's Chief Executive Officer. "Labor shortages across the travel and hospitality industry, rising raw material prices, and greater awareness for responsible travel are all having an impact on services, but predicted pricing is, on the whole, on par with 2019."

"What we are seeing now are multiple factors coming into play when corporate travel buyers and procurement officers model their travel programs. This eighth joint annual forecast marries statistical travel data and trend analysis with macroeconomic influences to provide a cornerstone reference point for their corporate business travel planning ahead," said Suzanne Neufang, Chief Executive Officer of GBTA. 

Macroeconomic influences
The world economy shrank 3.4% in 2020 in one of the worst declines since World War II. Service sectors, including travel and hospitality, were hit especially hard, but the global economy recovered briskly, rising off the lows of 2020 and increasing 5.8% in 2021. Economic growth is moderating as the recovery lengthens, although another recession is a growing concern. The current base case scenario for 2022 is for 3% growth, followed by 2.8% growth in 2023.

Cautionary notes also highlighted in the 2023 Global Business Travel Forecast, highlight the three main forces exerting pressure on the economy and the business travel industry. These include Russia's invasion of Ukraine coupled with other geopolitical uncertainties, inflationary pressures that are pushing costs higher, and the risk of further COVID outbreaks that could restrict business travel.

Conversely, with businesses ranking sustainability among their top priorities and reflecting the accelerated importance of combating climate change, the report highlights greater visibility at the point of sale for greener travel options, as well as carbon foot-printing, and environmental impact assessment is an opportunity for the travel industry to actively assist in responsible choice-making.

Meetings and Events
Prices have increased in all regions across most categories of spend, fueled by pent-up demand, a desire to build company culture and an uncertain economic outlook. The cost-per-attendee for meetings and events in 2022 is expected to be around 25% higher than in 2019, and it's forecast to rise a further 7% in 2023.