“After a period of volatility prices are finally moderating,” says Shawn DuBravac, President of Avrio institute. Together with Richard Johnson, VP, Solutions Group CWT they led a full audience at the Global Business Travel Association (GBTA) Convention leading up to the 10th anniversary launch of the CWT GBTA Global Business Travel Forecast 2025. The session examines the economic, geopolitical and industry supply and demand dynamics to reveal how 2024 pricing is materializing around the world.
A stable future
Business travel is undergoing significant shifts, making it crucial for companies to stay informed about evolving trends and insights that can help to plan and budget effectively leading up to 2025.
One of the most notable changes is the moderation of price volatility. After several years of swings in travel costs, we are now seeing a period of stabilization, a trend that’s expected to continue over the next 24 months.
Similarly, travel patterns, which were dramatically altered during the pandemic, are also leveling out. As organizations and travelers alike adjust to a new baseline, these patterns are becoming more consistent, partly driven by a moderation of excess consumer demand. In the immediate aftermath of the pandemic, a surge in consumer travel led to crowded flights and higher prices. Pressure is now easing, leading to a more balanced environment for business travel.
Finally, we’re seeing business travel growth aligning more closely with broader economic trends. As global economic growth moderates, so too will the expansion of corporate travel. This alignment means that businesses can anticipate a more steady, predictable rate of travel growth, which will be crucial for long-term planning and cost management.
Whether you’re a travel manager, executive, or a frequent business traveler, understanding economic and industry pricing will be key to optimizing your travel strategy and approach. Learn how to adapt to changing costs and get a head start on 2025.
Watch the video 2024 Global Pricing Forecast: Predictions for Airfare, Hotel Rates, and Ground Transportation Costs:
