Business travel volumes in 2024 are set to exceed pre-pandemic levels, according to The Advantage Travel Partnership’s latest Global Business Travel Review.
Working in partnership with travel data and reporting specialists, Travelogix, the sixth edition of the report contains analysis of booking data from 2023 as well as a forecast for the next 12 months and insights from travel professionals into traveller and booker behaviour.
The review examines data from 25.4 million records over the course of 2023, with an aggregate value of £12.3 billion in transactional revenue.
The results show 2023 booking volumes reached 92 per cent of 2019 levels, with 2024 on track to eclipse pre-pandemic transactions by “at least” 6.2 per cent.
As the first stable year since the pandemic, the report says 2023 can be considered “a point of comparison for future years”.
The average transaction value for 2023 was £429.35, 5.7 per cent higher than in 2022 and 44.8 per cent higher than in 2019. The average trip duration was 6.95 days, slightly lower than the 7.9 days forecast in the previous September report. However, trips in 2023 were still 51 per cent longer than those in 2019 (4.6 days).
On average, bookings in 2023 were made 28.6 days ahead of travel, down from 33.1 days reported last September, but higher than the 23.4 days seen in 2019.
The review also highlighted a greater focus on traveller wellbeing following an increase in premium air travel bookings. Premium cabins showed “major growth” in 2023, comprising 28.7 per cent of all bookings, compared to an average of approximately 20 per cent in previous years.
Commenting on the findings, Guy Snelgar, global business travel director of The Advantage Travel Partnership, said: “The chaos of travel throughout the pandemic and its lingering effects has undoubtedly had a seismic effect on the business travel industry and we are seeing that reflected in the data, with longer trips being booked and wellbeing now at the forefront of a business traveller’s duty of care.
“Despite current geopolitical tensions and economic uncertainty, we are seeing a buoyant business travel market and are expecting to see high demand from the corporate travel industry throughout 2024. As we look ahead, there is plenty to be optimistic about,” he added.
The latest review also features a model which tracks pre-Covid seasonality and trends combined with 2023 seasonality and trends.
According to the model, 2024 is forecast to outperform 2023 by at least 15.5 per cent and 2019 by at least 6.2 per cent. The first quarter of the year is anticipated to outperform Q1 2019 by at least 3.3 per cent and Q1 2023 by at least 20.2 per cent.
Chris Lewis, founder and CEO of Travelogix, said: “This year feels like a breakthrough year for the travel industry. The year should also represent a full 12 months of recovery for business travel.”
The review also explores trends that are likely to shape the business travel landscape over the next 12 months, including blended travel and the growth of hybrid working models, the increased use of blockchain technology and the potential of ‘smart contracts’ for e-tickets, loyalty schemes and partnership agreements.