Business travel demand stays ‘strong’ despite rising prices
Demand for business travel continues to be “high” in Europe this year despite increasing airfares and hotel rates
FCM said that corporate travel demand globally remained “strong despite mixed economic conditions” in the first quarter of 2023, with more travelers looking to book online and earlier to “secure options and book lower prices”.
Key takeaways
- The TMC found that international airfares in Europe rose by 8% for business class and 14% for economy seats in the first two months of 2023, compared with the same period in 2019;
- Hotel prices are also rising across the world, according to FCM, with average corporate rates up by 19% in Europe in the first quarter of 2023 compared with the final quarter of last year;
- Europe saw the third highest quarterly rise in hotel rates behind Asia, where there was a 26% increase, and Middle East and Africa 22%.
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