Business travel showed no signs of slowing down in the summer months of this year, despite these traditionally being quieter months.
It found that transaction volumes for June, July and August reached within 4.7% of the pre-pandemic levels of 2019, with overall transaction values well above previous years.
Longer booking lead-in times also suggested growing confidence, with the average purchase now 33 days for 2023, compared to the 2022 whole year average of 21 days and 23 days in 2019.
The report said longer-term travel planning is growing in importance to address rising costs, whilst supporting those longer, more involved trips that might now include multiple meetings or locations, as well as “work from anywhere” days for the growing group of digital nomads.
Guy Snelgar, Global Business Travel Director of The Advantage Travel Partnership, said: “This latest Global Business Travel Review which is packed full of data analysis, industry leader insights and predictions for the future, paints a really positive picture for the travel industry which is also reflected by Advantage’s members.
“The Global Business Travel Review shows that booking volumes between June – August remain strong despite this traditionally being a quieter time for business travel.
“Despite the ongoing challenges faced by the business travel industry, we have seen its resilience come to the fore through recent years and with demand for business travel clearly evident from companies around the world. There is plenty to be optimistic about as we look ahead.”
Other key findings include:
- Average transaction was £417.18, compared to £432.25, which was for the period covered by the previous review. Overall, this remains higher than the entire average yearly figure for 2022, which was £406.12.
- The average transaction value for the year to date is £426.66, compared to the average for the same period in 2019 of £308.33.
- The average trip duration so far in 2023 is now 7.9 days, compared to the 2022 average of 7.1 days (2019 it was 4.6 days).
The report findings were based on detailed data analysis of 18.2m records, with an aggregate value of £9.2bn in transactional revenue, plus insights from travel professionals into traveller and booker behaviour and confidence.