Global Business Travel and Events Costs Expected to Remain Elevated Through 2024, Reflecting ‘True New Cost of Travel’

Global business travel and events costs are set to climb higher through the remainder of 2023 and into 2024, albeit at a much more moderate pace than the exceptionally steep increases seen in 2022. This is according to the 2024 Global Business Travel Forecast, published today by CWT and GBTA. 

Rising fuel prices, labor shortages, and supply chain challenges, coupled with red hot demand, caused travel prices to skyrocket in 2022 – far surpassing some of the increases outlined in last year’s forecast. Lingering economic uncertainty and a gradual easing of supply-side constraints are expected to result in more subdued price increases over the next 12-18 months, according to the report.

“A potent combination of demand and supply-side pressures propelled travel prices higher than expected last year,” said Patrick Andersen, CWT’s Chief Executive Officer. “Looking forward, prices seem to be levelling off with much milder increases projected over the next 12 to 18 months. We could now be looking at the true new cost of travel. Our focus remains on helping our customers find the right strategies and solutions to get the most out of their travel budgets, meet their ESG commitments, and maximize the ROI on their travel spend.”

"With a forecast ahead for more volatility, our goal is to provide insights like these to help travel buyers, suppliers, intermediaries and finance executives continue to understand, evaluate and adjust their business travel strategies,” said Suzanne Neufang, Chief Executive Officer, GBTA.

Read today’s full announcement here.

View the report online here. GBTA members can also access the full report via the GBTA Hub.

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GBTA Elections
Voting Is Still Open

This is your chance to make a difference and shape the future of GBTA.

The following Board positions are open in the 2023 Election:

• President
• Vice President
• One (1) Direct Member at Large
• One (1) Direct Member Regional Canadian
• One (1) Allied Member at Large

The GBTA Board of Directors have a vital role in guiding our association and industry, so don't miss the opportunity to vote for the newest members to the Board of Directors. All active GBTA members (Direct and Allied) can vote on all elected positions.

The candidates running for the five open Board seats shared their vision for GBTA at the Candidate Forum. You can also view election materials and platform statements from the candidates on the GBTA Elections website.

The 2023 elections are conducted online through a third-party service. Online voting is open through Friday, August 11 at 5:00 PM EST. Elections results will be announced on Tuesday, August 15 at GBTA Convention 2023. Active "Voting" GBTA members (Direct and Allied) are eligible to vote on ALL elected positions.

If you have not received your voting email or have questions about the online voting process, contact Shane Downey at sdowney@gbta.org or Election Services Corp. by email at gbtahelp@electionservicescorp.com or call toll-free +1 866 720 HELP (4357).