TMC consortium Advantage Travel Partnership has revealed more “positive” evidence of the rebound in corporate travel this year, particularly for the SME market.
UK-based Advantage has just published its second Global Business Travel Review, which revealed that transactions for Advantage Global Network members recovered to 56 per cent of 2019 levels in the first quarter of 2022.
The review, which has been created in partnership with travel technology and data specialist Travelogix, also found that there has been a “strong rebound” in average revenue per transaction, which was now “close” to matching 2019 levels.
Advantage said this indicated a move away from domestic business travel that dominated during the pandemic, as well as the selling of a “broader range” of products and ancillaries by TMCs.
There has also been a reduction in the ratio between refunds and bookings, which is now returning close to pre-Covid levels.
The lead-in period between booking and travel is increasing again and was just under 16 days in the first quarter of 2022, which is still some way below the 2019 average of 23 days.
Advantage added that the trend for the trips to become longer during the pandemic was continuing, which could be down to several factors: a “short-lived reaction” to the resumption of business travel; longer trips being seen as more sustainable and better for wellbeing; or an indication of “tight” travel budgets making it more cost-effective to take fewer trips.
In-person meetings and events are also “very much back on the agenda”, with Advantage arguing that this area of spend “no longer can be treated as a fragmented component”.
Guy Snelgar, global business travel director at the Advantage Travel Partnership, said: “I’m relieved to say the second Advantage Global Business Travel Review clearly illustrates positive news.
“As the business travel market bounces back from the pandemic, there are undoubtedly new traveller behaviours emerging. These are fuelled not just by business recovery but changing company priorities in sustainability and traveller wellbeing.”