New TRIPBAM Market Snapshot Report Highlights Pressure from Suppliers
Report details corporate transient hotel and air trends and provides recommendations for travel buyers to adjust supplier strategies
DALLAS (March 14, 2023) – TRIPBAM, the global provider of air and hotel fare/rate reshopping, auditing, benchmarking and sourcing, has released its Market Snapshot Report for March 2023. The report points to renewed pricing pressure from air and hotel suppliers as corporate travel volumes recover.
“We’re seeing the major airlines and hotel companies rethinking commitments to business transient and trying to roll back historical discounts as a result,” says Steve Reynolds, Founder and CEO of TRIPBAM. “Now is the time for corporates to push back and show they can deliver on negotiated agreements.”
The Market Snapshot Report is based on data sourced from TRIPBAM’s global hotel and air intelligence covering the Americas, EMEA, and APAC. Some other key trends detailed in the March 2023 edition include:
- Buyers are holding onto strength when it comes to hotel negotiations — the gap between what hotel companies are charging for standard market rates and what corporations are paying has increased about 3% year over year and continues to widen.
- Recovery is looking good for hotel programs. Booking volumes for the past 12-months are besting business transient volumes from the prior 12 months.
- On a global basis, the highest volume growth is coming out of Europe, Middle East and Africa. A similar climb is expected in Asia Pac in the months ahead owing to the lift in COVID restrictions.
- On the air side, TRIPBAM’s global corporate data is showing a downward trend in average booked fares from its peak during the second quarter of 2022 — good news for air travel budgets.
TRIPBAM’s Market Snapshot Report is released three times a year. A copy of the March 2023 report is available for download here.
About TRIPBAM
TRIPBAM is the leading travel technology provider for reducing hotel costs and optimizing hotel programmes. TRIPBAM’s advanced analytics, benchmarking, and contract auditing capabilities empower companies to save on travel spend without compromising on corporate culture. More than 2,000 companies across the globe trust TRIPBAM’s technology to stay on top of supplier agreements, boost compliance, negotiate new contracts, and save both time and money. For more information, visit www.tripbam.com.
