Advantage predicts that business travel volumes in 2024 will surpass the levels observed before the onset of the pandemic

The Advantage Travel Partnership's latest Global Business Travel Review forecasts that business travel volumes in 2024 are poised to surpass pre-pandemic levels. Collaborating with travel data and reporting specialists Travelogix, the sixth edition of the report, analyzes booking data from 2023, offering insights from travel professionals into traveller and booker behaviour.

Examining data from 25.4 million records worth £12.3 billion in transactional revenue throughout 2023, the results indicate that booking volumes for 2023 reached 92% of 2019 levels. Projections for 2024 suggest a substantial increase, with transactions expected to exceed pre-pandemic levels by at least 6.2%.

Considered the first stable year since the pandemic, the report positions 2023 as a benchmark for future comparisons. In terms of financials, the average transaction value for 2023 was £429.35, marking a 5.7% increase from 2022 and a significant 44.8% rise from 2019. Although the average trip duration decreased slightly to 6.95 days from the previously forecasted 7.9 days in September, it remained notably longer, with trips in 2023 being 51% lengthier than those in 2019 (4.6 days).

In terms of booking timelines, on average, reservations for 2023 were made 28.6 days ahead of travel, showing a decrease from the 33.1 days reported in September but an increase from the 23.4 days observed in 2019.

The report emphasizes a heightened focus on traveller well-being, reflecting an increase in premium air travel bookings. Premium cabins experienced substantial growth in 2023, accounting for 28.7% of all bookings, compared to an average of approximately 20% in previous years.

Guy Snelgar, Global Business Travel Director of The Advantage Travel Partnership, noted the transformative impact of the pandemic on the business travel industry. Despite ongoing geopolitical tensions and economic uncertainties, Snelgar expressed optimism about the robustness of the business travel market, anticipating high demand throughout 2024. He highlighted the shift towards longer trips and the prioritization of traveller well-being.

The review incorporates a model tracking pre-Covid seasonality and trends alongside 2023 data. According to this model, 2024 is projected to outperform 2023 by at least 15.5% and 2019 by at least 6.2%. The first quarter of 2024 is expected to outperform Q1 2019 by at least 3.3% and Q1 2023 by at least 20.2%.

Chris Lewis, Founder and CEO of Travelogix, characterized the current year as a breakthrough for the travel industry and a full 12 months of recovery for business travel.

The review also explores upcoming trends likely to shape the business travel landscape in the next 12 months, including the rise of blended travel and hybrid working models, increased utilization of blockchain technology, and the potential incorporation of 'smart contracts' for e-tickets, loyalty schemes, and partnership agreements.