Business travel prices seen climbing to new normal

Relentless post-pandemic competition for airline seats, hotel rooms and hire cars drives up prices even higher this year and in 2024

Aug 14, 2023

While the sharp increases witnessed in 2022 are expected to moderate, there are no indications that the upward trajectory of work trip expenses will come to a halt, as stated in a report released on Thursday by travel company CWT and the Global Business Travel Association. The report emphasizes that prices which have taken travelers by surprise and exceeded most predictions since the relaxation of Covid restrictions have now become the new normal.

Key takeaways

  • The report presents a nuanced outlook for businesses worldwide, spanning from multinational corporations to small, family-owned enterprises, all of which depend on travel to engage with clients, generate revenue, or facilitate employee connections.
  • On one hand, the drastic surges experienced last year have subsided. However, factors such as inflation, interest rates, and indulgent vacationers continue to contribute to the escalating costs associated with trips conducted outside the usual office environment.
  • The report reveals that multi-destination business trips, a growing trend known as "trip batching," have risen by 10% compared to levels before the pandemic. This practice not only aids in reducing emissions but also offers cost savings and optimizes employee travel time.

Get the full story at Bloomberg

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