Business Travel by the Numbers

The continued recovery in both leisure and business travel throughout 2022, as well as persistent inflation, has helped to push average daily hotel rates to new heights and in some markets bring occupancy levels to 2019 levels. But 2023 could somewhat temper the upswing, particularly if what has been in 2022 a rather resilient economic environment turns recessionary. Meanwhile, businesses throughout the world appear ready to accelerate in-person meeting spending. 

Business travel demand and spending in 2022 proved far more durable than some pandemic-era projections suggested. In fact, 45 percent of travel managers surveyed in October by Morgan Stanley indicated their organizations already matched 2019 business travel spending. Pricing has kept pace. Buyers expect 2023 hotel rates to rise notably from 2019 levels, and a combination of inflation, the slow resumption of flight capacity and sturdy leisure demand has kept airfares throughout 2022 far higher than they were one year prior.