2024 Airfare, Hotel Rate Projections; M&A; Travel Spending Outlook

	December 21, 2023

Amex GBT Projects 2024 Global Airfares to Stabilize

By Donna M. Airoldi

As airlines have added capacity and "the leisure demand that drove record carrier revenues in 2023 softens," 2024 economy- and business-class airfares throughout the world are projected to stabilize, according to a new American Express Global Business Travel forecast, released this month. Keep Reading

BCD Projects Lower 2024 Fares, Higher Hotel Rates

Average airfares are set to decrease globally in 2024 as the recovery loses "upward momentum," according to a new BCD Travel forecast, which also projects global hotel rates to increase from 2023 levels. Keep Reading

IRS Hikes 2024 Tax-Deductible Mileage Rate

The U.S. Internal Revenue Service announced the 2024 rate used to calculate the deductible costs of operating a car for business purposes would rise from 2023. Keep Reading

United: Agency Requirement Part of Plan to Sunset PerksPlus

United Airlines' decision to limit bookings through its PerksPlus small business loyalty program only to those clients booking through TMCs is a first step to sunsetting the product, United's Glenn Hollister told BTN. Keep Reading

Brex: Startup Travel Spending Up Amid More Global Workforces

Business travel has blossomed at startup companies in recent years, representing the largest year-over-year increase of any spending category in 2023, according to data compiled by Brex. Keep Reading

It appears that the pandemic has cost aviation about four years of growth. From 2024, the outlook indicates that we can expect more normal growth patterns."

- IATA's Willie Walsh

Navan Cuts 5 Percent of Workforce in 'Move Toward Profitability'

Navan has reduced the size of its global workforce by 5 percent "to increase operations efficiencies," a company spokesperson confirmed to BTN. Keep Reading

Wyndham's Board to Shareholders: Don't Sell to Choice

Wyndham Hotels & Resorts' board of directors has advised Wyndham shareholders not to accept Choice Hotels International's latest exchange offer. Keep Reading

ATPCO Acquires Data Intelligence Platform 3Victors

ATPCO has acquired data intelligence platform 3Victors "to further enhance the company's creation of industry tools that support the future of modern airline retailing," ATPCO announced. Keep Reading

Alaska Airlines Agrees to Acquire Hawaiian in $1.9B Deal

Alaska Airlines has agreed to acquire Hawaiian Airlines in a deal valued at $1.9 billion, including $18 per share in cash. Keep Reading

DOT Fines Southwest $140M for 2022 Holiday Disruptions

The U.S. Department of Transportation has levied a $140 million civil penalty against Southwest Airlines for "numerous violations of consumer protection laws" during its 2022 holiday operational disruptions. Keep Reading

Travelport Investors Agree to $570M in New Equity Financing

A group of Travelport's equity holders and lenders are investing $570 million into the company, which Travelport said will give it "a robust capital structure" and be a source of investment into its technology platforms. Keep Reading

Center Raises $30M in Latest Funding Round

Payment and expense provider Center has raised $30 million in its latest funding round, which the company said would be used for innovation and broadening distribution. Keep Reading

IATA Projects Continued Airline Profits into 2024

Airline profitability for 2023 exceeded June projections from the International Air Transport Association. Keep Reading