FCM Consulting Global Quarterly Trend Report Q2-2023
Q2-2023 is a tale of two stories – as the volume of business trips increases and travel patterns stabilise, disruption remains, and many organisations are thinking about how to make travel budgets stretch further, despite early signs that hotel rates and fares are plateauing.
With all eyes on business travel expenses, our Quarterly Trend Report Q2-2023 from FCM Consulting highlights corporates are focusing on consolidating and controlling their travel costs, managing ancillary costs with airlines and value-add inclusions for hotels which will carry through into 2024.
Q2 insights also reveal pockets of opportunities in supplier pricing which could assist those travel managers hoping to control corporate travel costs. It also highlights opportunities in partnerships that will deliver a different experience for the traveller. Additionally, with hybrid working and remote work weighing in on corporate travel policies, the team reveals the factors and advice to navigate these travel trends.
Business travel trends from Q2-2023 include:
Global hotel occupancy for year-to-date June-2023 was 63.6%, which is 96% recovered compared to the same period in 2019.
Corporations globally are travelling, on average, 20% less than 2019. That’s one way to stretch a travel budget, but our Q2 report shares other, less disruptive ways.
During Q2-2023, jet fuel prices shifted from $94 to $103 per barrel as the northern summer demand grew, and Asia travel strengthened, as reported by IATA^.
As we head into H2-2023, air travel disruption continues to impact travel plans. Extreme weather is the most frequent cause of air travel disruption, closely followed by airport staffing shortages, specifically, air traffic controllers.