Business Travel Cost Projections; 2024 Per Diems; Hotel Rate Forecasts

 

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August 30, 2023 CWT: Travel Cost Increases to Persist but Moderate By Michael B. Baker Average costs will continue to rise across business travel categories through next year, though the rate of increase should moderate through the end of this year and even more in 2024, according to the 2024 Global Business Travel Forecast published by CWT and the Global Business Travel Association. Keep Reading With Demand Strong, GBTA Sees Full Corp. Travel Recovery in '24 Citing improving economic conditions and pent-up demand, GBTA now projects worldwide business travel spending will reach pre-pandemic levels in 2024. Keep Reading GSA Hikes 2024 Per Diem, Lodging Allowance The U.S. General Services Administration for fiscal year 2024 increased its standard allowable per diem rates for federal travelers by $9 to $166. Keep Reading BTN's 2023 Travel Manager of the Year This year's BTN Travel Manager of the Year award is the first ever to recognize two individuals—not just one—whose innovation for PwC U.S.'s travel program explores the "art of the possible" in managed travel. Read More Global business travel spend rebounded significantly faster than 2022 than we expected just a year ago. Thank goodness we were wrong." GBTA's Suzanne Neufang Read More CBRE Softens U.S. Hotel 2023 RevPAR Forecast Following "weaker-than-expected" summer demand, CBRE Hotels Research has lowered its 2023 RevPAR forecast and reduced occupancy expectations. Keep Reading STR Lowers U.S. Hotel Occupancy, RevPAR Forecast STR and Tourism Economics have lowered growth expectations for 2023 and 2024 in their U.S. hotel forecast amid a "period of normalization." Keep Reading ARC: July U.S. Airfare Costs Continue Down The average price in July for a U.S. roundtrip air ticket dropped to $528, a 5 percent decrease both year over year and month over month, according to ARC. Keep Reading CPI: July U.S. Airfares Down 19 Percent from 2022 Continuing a downward trend, average U.S. airfares tumbled 18.6 percent year over year in July, according to the U.S. Consumer Price Index. Keep Reading Survey: Many Travelers On Road More Despite Tighter Budgets Nearly half of U.S. business travelers say they now are traveling more frequently than they were prior to the pandemic, according to a survey conducted by Capterra. Keep Reading Clarity Steps in to Acquire Agiito from Capita Clarity Business Travel has acquired fellow U.K. TMC Agiito from Capita plc for "an enterprise value of £36.5 million on a cash free, debt free basis." Keep Reading Ramp Lands $300M Investment Corporate spend management startup Ramp has raised $300 million in Series D funding. Keep Reading Report: U.S. Ext.-Stay Q2 Rates Up, Occupancy Slips U.S. extended-stay hotels' RevPAR and average daily rate in the first half of 2023 again increased, though Q2 occupancy slipped, according to The Highland Group. Keep Reading Tripbam to Introduce Airfare Analysis by Content Source  Read More Solutions Adds Former Amex GBT, AA Sales Execs  Read More Finnair to Add EDIFACT Surcharge in U.S.  Read More Accor Names Perez-Alvarado Chief Strategy Officer  Read More IHG Unveils New Midscale Brand  Read More Delta Joins $500M Lifeline for Wheels Up  Read More United Invests in Air Taxi Firm Archer  Read More Qantas Inks Deals for New Aircraft, SAF  Read More STR: July U.S. Hotel Rates Rise, Occupancy Slips Again  Read More Carriers' July On-Time Performance Slides Again  Read More 301 Route 17 North, Suite 1150 Rutherford, New Jersey, USA 07070

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