Here at Cornerstone Information Systems have been working on a method to aggregate, anonymize, and distribute information about the health of the Travel Industry – gathered from all of the data that flows through our network every month. We feel that it is paramount that companies with data share our knowledge and the foresight it brings.
To facilitate that goal of data sharing, and yet also keep the data of our clients private, we have been working on the creation of a Cornerstone Index.
Here are the numbers regarding the August 2023 travel index:
|Avg Trip Spend||$1538.85||+6%|
|Avg Air Spend||$757.48||+13%|
|Avg Hotel Spend||$576.77||+1%|
|Avg Car Rental Spend||$204.60||-5%|
There was also a 25.6% decrease in processed trips taken from July 2023 to August 2023.
** All currency is displayed in USD – the aggregates of our data have been converted into USD before being taken into account and calculating the Index numbers **
August 2023 Analysis
- We are excited to report on such a massive uptick in trips processed last month. A 25.6% jump is no small movement in the trends, and outpaces the entire rest of the summer by a fair amount. Business does traditionally pick up a bit toward the end of Q3, but it is refreshing to see such a significant increase.
- On the back of the increased air trips, both hotel stays and car rentals increased as well (12% and 8% respectively).
- INDEX NEWS: Cornerstone is going to be revamping how we display our Index numbers from now on. We will be excited to debut a New Look next month: one that will update automatically and keep you even more on top of the corporate travel trends!
Information on the Cornerstone Index:
Much like how the S&P 500 Index tells the health of the US Stock Market, the Cornerstone Index is meant to reflect the health of the travel industry according to the data that we have available to us.
Please note that we are performing adjustments and cleansing to ensure an accurate index. This means that during our development of the travel index, some values may fluctuate month to month in their calculations. However, we do not believe this offsets major travel trends.