Forecast details
The figures are based on data from more than 70 million ticketed flights, over 125 million hotel room night bookings and more than 30 million car hires covering data from 2018 to the present. The projections are based on econometric and statistical models, specifically ARIMA models, developed by the Avrio Institute. Insight is provided by CWT personnel and market research.
CWT is a global business travel and meetings specialist, with whom companies and governments partner to keep their people connected, in traditional business locations and some of the most remote and inaccessible parts of the globe. A private company – owned through funds managed by a group of leading global financial institutions including Barings, MacKay Shields, and Monarch Alternative Capital - CWT provides its customers’ employees with innovative technology and an efficient, safe and sustainable travel experience. Follow us on Facebook, LinkedIn and Twitter.
The Global Business Travel Association (GBTA) is the world’s largest business travel and meetings trade organization representing the $1.4 trillion business travel industry. With operations across four continents, GBTA’s members manage more than $345 billion of expenditure annually. GBTA delivers world-class education, professional development, events, research, advocacy, and media to a growing global network of more than 28,000 travel professionals and 125,000 active contacts. Visit www.gbta.org and follow us on Facebook, LinkedIn, Twitter and YouTube.
Avrio Institute helps CxOs and global executive teams understand how technological and economic shifts will impact their respective industries, companies, and business models. Avrio Institute works with a diverse group of companies - from scrappy start-ups to Fortune 100 giants - across technology, financial, entertainment, healthcare, industrial, media and advertising industries. We help clients discern technological, economic, and industry trends and transformations as they unfold. Avrio Institute is led by Dr. Shawn DuBravac, author of the New York Times Best Seller Digital Destiny: How the New Age of Data Will Transform the Way We Work, Live, and Communicate, which explores how the world’s mass adoption of digital technologies portends the beginning of a new era for humanity in the realms of business, healthcare, finance, transportation and culture.
EY Future Consumer Index EY Future Consumer Index | Insights, trends & services | EY Singapore
https://www.economist.com/finance-and-economics/2023/04/30/are-greedy-corporations-causing-inflation
Centre for Aviation Business Travel Outlook 2023 https://centreforaviation.com/analysis/reports/after-slow-end-to-2022-the-business-travel-outlook-is-turning-more-positive-for-2023-639740
Skift Recession Watch Hotel Chain Scale Analysis 2023 https://research.skift.com/report/recession-watch-hotel-chain-scale-analysis-2023/
Skift Hotels vs. Airlines: Who Can Ride Inflation to a Full Recovery https://skift.com/2022/01/14/hotels-vs-airlines-who-can-ride-inflation-to-a-full-recovery/
Accenture Report: Consumer resilience through volatility https://www.accenture.com/gb-en/insights/consulting/consumer-innovation
IMF Inflation Rate: Average Consumer Prices https://www.imf.org/external/datamapper/PCPIPCH@WEO/OEMDC/
GBTA Business Travel Recovery Poll Results 2022 https://www.gbta.org/wp-content/uploads/Business-Travel-Recovery-Poll-October-2022-v3.pdf//
Air
STR Hospitality Industry Sentiment Survey: https://str.com/press-release/new-str-survey-reveals-top-hospitality-industry-challenges-and-strengths
IATA Global Outlook for Air Transport 2022: https://www.iata.org/en/iata-repository/publications/economic-reports/global-outlook-for-air-transport---december-2022/
Airline Weekly: Airlines Face Capacity Scarcity Amid Aircraft and Engine Shortage: https://airlineweekly.com/issues/2023/05/where-are-my-planes/
Oliver Wyman: Aviation Faces a Pilot Shortage:
https://www.oliverwyman.com/our-expertise/insights/2021/mar/after-covid-19-aviation-faces-a-pilot-shortage.html
Hotel
Inflation Data Show Hoteliers Have Room to Grow Rates https://www.costar.com/article/1536695021/inflation-data-shows-hoteliers-have-room-to-grow-rates-profitability
STR: Hotel construction down across world regions https://str.com/press-release/hotel-construction-down-across-world-regions
SKIFT: Hotel Earnings Season https://skift.com/2023/02/27/a-few-top-takeaways-from-hotel-earnings-season/
Lodging Magazine: Class Level Patterns and the Impact of Inflation https://lodgingmagazine.com/pricing-trends-class-level-patterns-and-the-impact-of-inflation/
Revfine: Are Attribute-Based Bookings the New Standard for Hotels?
https://www.revfine.com/attribute-model-hotels/
Ground
SIXT Q1 Revenue https://www.businesstravelnewseurope.com/Ground-Transport/Sixt-reports-record-Q1-revenue
The Guardian: Holidaymakers Car Hire Costs https://www.theguardian.com/money/2023/mar/18/holidaymakers-car-hire-costs-summer
Just Auto: Rising Daily Car Hire Rates https://www.just-auto.com/features/rising-daily-car-hire-rates-which-locations-have-seen-the-biggest-price-increases/
Meetings & Events
CBI: Understanding the benefits of business travel and in-person meetings https://www.cbi.org.uk/media/d1log1tw/202303-cbi-economics_bta_understanding-value-of-business-travel.pdf
Disclaimer: While every effort has been made to provide data that is current and accurate, the information contained herein is provided for reference purposes. CWT and GBTA cannot and do not guarantee the accuracy of the information, and can accept no responsibility, and shall have no liability, for any loss or damage which may arise from using or relying on the information.
