Insights
FCM Consulting: Top 5 Q3-2022 Trends
We’ve all been anxiously watching business travel trends and patterns for signs of recovery or a “return to normal.” However, as it’s been posited countless times before, we’re not going back to how it was…we’re going somewhere different. A “new normal,” one that is ripe with countless opportunities, but rife with growing pains of a reborn industry.
FCM Consulting has compiled the latest-and-greatest data points from Q3-2022 to bring business travel professionals a comprehensive and insightful global trend report. Sourced from our internal booking and travel trends, and bolstered by Cirium aviation data, what emerged was a holistic Q3-2022 retrospective and a proactive and persevering Q4-2022 prediction.
Here are the top 5 insights from the report:
1. Global airline passenger loads are at 82% of 2019 levels. This is just 13% shy of 2019 levels, signaling a positive and stable uptick in airline seat capacity, but is also a reminder to book early. It’s important to note that 94.6 million seats have been removed from the schedule for the duration of 2022.
2. North America continues to lead the airline recovery with 94% of 2019 seat volume. North America is currently sitting at 94% and 69% of domestic and international seat volumes respectively. A close second is the Middle East and Africa, with 85% domestic and 94% international of 2019 seat volumes recovered.
3. Accommodation rates are expected to climb on average 7% (USD$15) in 2023. As we saw in Q2-2022, accommodation in most travel markets rebounded rapidly, peaking near or above 2019 levels. This has led to increased hotel occupancy, as well as rates. It’s a good time to go to RFP to contract new, fixed rates.
4. Staffing issues, fewer flights, and high demand are still causing disruptions. US-based airlines have canceled over 21,000 flights since Memorial Day (May 2022), and Lufthansa canceled 3,000+ flights in July and August 2022. Continue to plan for the unplanned.
5. Corporations have spoken: down with carbon! 78% of clients have a company level sustainability policy, while 30% have a sustainability strategy for their travel program. 47% of respondents are still unsure of how to tackle sustainability.
Take a quick guided tour of the Q3-2022 trend report with expert insights from Ashley Gutermuth, Director of FCM Consulting, Americas.
This is only the tip of the iceberg – you’ll find so many more inspiring, contemplative, and actionable insights in the full report. Get your free copy today.
Download FCM Consulting’s Global Quarterly Trend Report – Q3-2022
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