March 3, 2024

TMC survey shows sharp rise in transaction values and trip duration

Average transaction values have jumped significantly this year compared with 2019, according to the latest figures from The Advantage Travel Partnership.

The third edition of its Global Business Travel Review found the average value for the year to September 30 is £333.32, 12.41% higher than the average value before the pandemic.

Meanwhile, trip duration is also notably higher than 2019 averages, sitting at 6.71 days compared to 4.57 days in 2019.

Advantage says this is down to the trend of a growing desire to travel more purposefully and unlocks a huge opportunity for TMCs in relation to ancillaries and a more considered approach regarding duty of care.

The survey also showed bookings are coming in later at an average of 21.11 days in advance compared to 23.37 days in 2019.

Guy Snelgar, Global Business Travel Director of The Advantage Travel Partnership, said: “Looking at the business travel industry over the past last six months it has been a story of recovery and growth, despite considerable ongoing disruption and capacity challenges.

“Based on our modelling, we predict that the industry will recoverto 55.18% above 2020 figures, 82.24% above 2021 figures and 74.05% of 2019 figures.

“Whilst we are confident that travel demand will yield great volumes in 2023, an increase in airline capacity and scheduling will be key to the recovery of pre-pandemic numbers. With that in mind, we maintain our original forecast of full recovery to 2019 figures for a full 12-month period in April 2024–March 2025.”