Current business travel volume is about 30% of 2019 levels and average daily hotel rates remain lower as well but are increasing.
The figures, from hotel analytics firm Tripbam's second-quarter market report, also reveal global market hotel rates are up 10% month over month and are on pace to reach 2019 levels before year's end if they continue on that trajectory.
For travel buyers, "now is the time to hustle and get deals in place, or you could have a real challenge later this year," said Steve Reynolds, Tripbam's founder and CEO, during a webinar reviewing the report's results.
"I would say no later than the first quarter of next year, 2019 rates are here. In several markets, we're seeing rates higher than 2019."
Tripbam pulled rate data for the report on June 20 and used a 12-month running average.
For monthly comparisons, it used the prior 30-day period and the same period in 2019.
Tripbam filtered out new clients and used only those that were in its system in 2019, to ensure a like-for-like comparison. The report data also is based on corporate transient bookings only, not leisure or group bookings.
According to the report, the best available rate for June was down 29% from the same period in 2019, and booked rates were down 27%, but that is "changing rapidly."
Global corporate booked rates rose 8% month over month.
"The trend line is steep, which means rates are going up, and I don't see anything in sight that will slow that down," Reynolds said. "It's another indication that revenue managers at hotels feel able to keep rates up because occupancy is getting higher."
Source: Business Travel News