Key points on how inflation has impacted the business travel industry
- After experiencing a +50% YoY (year-on-year) peak in the middle of 2022, prices have dropped to an increase of +26% YoY at present. The chaos the business travel industry experienced in 2022 is now stabilizing.
- After record highs in spring and summer 2022 (Q2/Q3), business travel inflation is slowly decreasing in Q4/2022, with a quarterly reduction of -8% QoQ (quarter-on-quarter).
- Lodging and flight prices reached record highs in comparison to 2021, with an 60.2% YoY increase in the second and third quarter of 2022, respectively.
- However, contrary to airfare and hotel prices, car rental prices are still increasing in Q4/2022, by +5.5% QoQ.
- Corporate travel prices are currently 20% higher than pre-pandemic levels on average (compared to the last quarter of 2019).
- Prices are expected to continue rising in 2023.
The global view: Prices are stabilizing after a record high in spring and summer 2022
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Zooming in: Business travel prices by type of expense
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