Skift Take
Even with slower gains, prices are still high, and corporate buyers will need to plan ahead.
The cost of business travel increased much more than expected in 2022, a new report from corporate travel agency CWT and the Global Business Travel Association (GBTA) shows.
“Rising fuel prices, labor shortages, and supply chain challenges, coupled with red hot demand, caused travel prices to skyrocket in 2022,” CWT and GBTA said in a statement announcing the report.
In 2021, CWT and the GBTA predicted 2022 air fares would rise a mere 3.4%, but that was before the Russian invasion of Ukraine significantly boosted estimates.
The average ticket price for business-related airfares actually rose 72% to $749 in 2022, CWT reported in its most recent findings. The travel agency previously had estimated a 48.5% increase.
The Europe, Middle East, and Africa