A new report predicts that the cost of business travel is expected to grow through 2023.
According to data from travel management company CWT and the Global Business Travel Association, airfare for business travel is expected to grow 50% from 2021 as demand rises.
Leaders of airline and hotel companies have enjoyed a rebound in business for leisure travel, but business-related trips are finally catching up.
According to American Airlines, domestic business travel revenue has increased by 110% from three years ago.
“The anecdotal feedback that we’re getting as we go into the fall is people have to travel more,” said Chris Nassetta, CEO of Hilton Worldwide.
“While people are worried about where the macro environment is going, they’ve got to run the businesses. And in fact, the more worried they are, the more they realize they sort of got to get out there and make sure they’re hustling.”
Big industry conferences, as well as international and domestic business travel are expected to continue recovering to pre-pandemic levels, with the report forecasting that hotel cost-per-attendees to grow by 25% from the rate seen in 2019.