August 10, 2023

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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Global Hotel Room Rate Trends (4HOTELIERS)


Google AI and American Airlines Tested Ways to Reduce Climate Impact of Flights (INVESTOPEDIA)

China Airlines Sustainability Demonstration Flight Improves Carbon Reduction (BREAKING TRAVEL NEWS)


Processing Time for Schengen Visa for Travel to Germany Reduced to 8 Weeks (BUSINESS STANDARD)

Business Travel Pivots: From Leakage to Leverage (PHOCUSWIRE)

Skift India Report: In-Person Meetings Drive Rebound in Corporate Travel (SKIFT, MAY REQUIRE SUBSCRIPTION)

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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:

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 [email protected] or Election Services Corp. by email at [email protected] or call toll-free +1 866 720 HELP (4357).

Upcoming Events

GBTA Convention 2023
August 13 - 15

GBTA APAC Conference 2023 - Singapore
September 19 - 20

Advanced Priniciples of Business Travel Management
October 5, 12, 19, 26

GBTA + VDR Europe Conference 2023 – Hamburg
November 14 - 16

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Final analysis is underway for the upcoming release of the 15th edition of the GBTA Business Travel Index™ Outlook. Get ready to delve into the 360-degree five-year forecast for business travel spending and growth across 70+ countries and 40+ industries.

Join us at GBTA Convention 2023 | Dallas for the full release of the Business Travel Index Outlook on the Main Stage and research session. Made Possible by Visa

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