Global Business Travel Trends – Q1-2023 Quarterly Update
The next installment of FCM Consulting's Quarterly Trend Report has landed.
Corporate travel continues to grow at a rapid pace, placing new pressures on a rejuvenated industry. But as we know, pressure makes diamonds.
Travel supply and demand throughout the year are predicted to moderate after 2022’s rapid growth, with the complete reopening of Greater China’s borders causing spikes in fuel demand and prices; inflation rates are predicted to decline, and operating costs remain high.
The other major priority for the travel industry, and travel managers, is what lies at the heart of every journey: the traveler. FCM Consulting’s Quarterly Trends Report Q1-2023 explores how factors such as time, carbon emission footprint, and cost could affect global business travel booking trends and traveler choices.
Key takeaways from Q1-2023 Global Trend Report
- Economic outlook in the industry. Inflation rates are predicted to drop to 6.6% in 2023, down from 8.8% in 2022.
- Global booking trends are reflecting the traveler experience. 72% of bookings are made online, driven by the desire to book early due to economic conditions.
- The latest in aviation trends, seat forecast, and airfare pricing. Across all 20 major airlines, seat capacity is forecasted at 94% of 2019 levels.
- Accommodation occupancy is on the up. Global occupancy for Q1 was only 4% points below 2019.
Download FCM Consulting’s Q1-2023 Global Quarterly Trend Report