BCD Travel reveals 2024 business travel outlook
Q4 Travel Market Report predicts 0.8% drop in global airfares and 6.8% increase in hotel rates
BCD Travel published the fourth edition of its quarterly Travel Market Report. The Q4 report, dedicated to presenting an outlook for 2024, provides travel managers and buyers with insights on economic prospects, key risks, projected prices for air, hotel and car rental, sustainable travel trends, and more.
Key takeaways
- The world economy has managed to confound most forecasters during 2023. But the foundations for future growth may not be as stable as they seem;
- Globally, average ticket prices are expected to decrease by 0.8% in 2024. Higher average airfares are only likely in Africa and North America;
- Global hotel rates are expected to rise by 6.8% on average in 2024. Even as the pace of recovery shows signs of slowing, demand will continue to outpace available supply in many markets.
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