Report details corporate transient hotel and air trends and provides recommendations for travel buyers to adjust supplier strategies.
DALLAS – TRIPBAM, global provider of air and hotel fare/rate reshopping, auditing, benchmarking and sourcing, has released its Market Snapshot Report for March 2023. The report points to renewed pricing pressure from air and hotel suppliers as corporate travel volumes recover.
“We’re seeing the major airlines and hotel companies rethinking commitments to business transient and trying to roll back historical discounts as a result,” says Steve Reynolds, Founder and CEO of TRIPBAM. “Now is the time for corporates to push back and show they can deliver on negotiated agreements.”
The Market Snapshot Report is based on data sourced from TRIPBAM’s global hotel and air intelligence covering the Americas, EMEA, and APAC. Some other key trends detailed in the March 2023 edition include:
- Buyers are holding onto strength when it comes to hotel negotiations — the gap between what hotel companies are charging for standard market rates and what corporations are paying has increased about 3% year over year and continues to widen.
- Recovery is looking good for hotel programs. Booking volumes for the past 12-months are besting business transient volumes from the prior 12 months.
- On a global basis, the highest volume growth is coming out of Europe, Middle East and Africa. A similar climb is expected in Asia Pac in the months ahead owing to the lift in COVID restrictions.
- On the air side, TRIPBAM’s global corporate data is showing a downward trend in average booked fares from its peak during the second quarter of 2022 — good news for air travel budgets.
Tatiana is the news coordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes monitoring the hundreds of news sources of TravelDailyNews Media Network and skimming the most important according to our strategy.
She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.