Global Travel Trends – Q4-2022 Quarterly Update
The final quarter of 2022 was a fitting end to a year marked by strong growth in the corporate travel sector. It was indeed a year of recovery as all sectors of the travel industry enthusiastically welcomed the return of corporate and leisure travel despite widespread demand and supply issues.
Airline seat volume doubled in 2022 compared to 2021, passengers globally were jumping for joy at the removal of Covid-19 testing and quarantine measures and by Q4-2022 the number of clients planning for virtual and hybrid conferences had dropped by 75%.
And while the long-range forecast for the corporate travel industry might be a bit flimsy right now, it’s predicted the demand for travel including meetings and events, market confidence and the focus on sustainability are all here to stay. Yay!
Key takeaways from Q4-2022:
- Q4-2022 global airline seat capacity was +18% on Q4-2021, and -13% on Q4-2019.
- Jet fuel for Q4-2022 is US$131 per barrel. This is down US$44 off the 2022 peak of US$175.
- Average hotel room rates (ARR) Q4-2022 saw two regions surpass 2019 ARR including North America +11%, followed by Australia/New Zealand +6%.
- Bookings for in-person meetings and events are up significantly for 2023/2024. Events to focus on sustainability, integrated tech, diversity, equality and inclusion.
Want to know what airfares and hotel rates are doing in your region?
Prepare your travel program and budgets for the year ahead with insights from the FCM Consulting Global Quarterly Trend Report Q4-2022. Including data from FCM’s corporate bookings, Cirium aviation data and STR hotel information, this report is a must read for procurement and travel professionals. Get insights on:
- What airfares are doing by country and on key city-pairs across the world
- Advice on hotel and airline contracting for the year ahead
- Detail on hotel rate movements across each region
- Insights into hotel rate trends for the next 12 months