We 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 February 2023 travel index:
|Avg Trip Spend||$1535.93||+0%|
|Avg Air Spend||$790.22||+3%|
|Avg Hotel Spend||$551.80||-2%|
|Avg Car Rental Spend||$193.91||-4%|
There was also an 9% Decrease in processed trips taken from January 2023 to February 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 **
February 2023 Analysis
- Processed trips slowed in their decline between January and February as more people started gearing up and getting into Q1 business and planning their summer trips. March should see even less decline or be holding steady as we start moving toward Q2.
- Prices were so consistent that the overall average trip spend changed only by a few cents. This is the first time we’ve seen that with over hundreds of thousands of records processed each month! Coincidences aside, no significant changes in pricing generally means there is no significant changes in travel being expected for now.
- February 2023 shows 14% growth over February 2022, which isn’t bad for a traditional low travel month. Average Nights Per Hotel stayed pretty consistent from January to February this month, as did Average Days Per Car Rental It looks like for February, the overall mood is very much one of unchanging stability.
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.