We’ve all heard the saying ‘what goes up must come down’. However, when it comes to air prices for business travel, it seems it’s going to be a long time until we see anything go down. After a tumultuous few years in the wake of the pandemic, the travel industry - along with the rest of the world – has been in a state of flux.
Just like those of us brushing off the effects of COVID, the air travel industry is in recovery mode. As airlines recoup staff, rebuild to pre-pandemic numbers, and try to become more sustainable, the industry is doing what it can to recover and grow. This is just part of why you can expect to see prices for air travel continue to increase over the next 18 months – as outlined in the 2023 Global Business Travel Forecast, published by CWT and the Global Business Travel Association.
In 2022, the average ticket price was $646. In 2023, that average is set to increase to $700. This means that travel managers will need to adapt and find new solutions for their travel needs that work within their budget restraints. Now is the time to evaluate when, where and why your staff should fly.
When using this lens to plan your travel, it allows to consider other factors – such as the wellbeing of your staff and the environmental impact of your travel. By using the right data and being more strategic, your return to travel can be better for your business and the planet.
Some see change as a good thing. Others see it in a more negative light. The truth is that it’s how you adapt that will determine whether this change becomes the former or the latter. By using the predictions outlined in the 2023 Global Business Travel Forecast, you can make better and more strategic decisions about your air travel moving into 2023 and beyond.