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 so that we might not experience a repeat of the crash that accompanied the emergence of COVID.
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 coming out of the Index regarding June 2022:
|Avg Trip Spend||$1598.28||+0.8%|
|Avg Air Spend||$762.39||-0.8%|
|Avg Hotel Spend||$589.40||-1%|
|Avg Car Rental Spend||$246.49||+12%|
There was also a 2% Decrease in processed trips taken from May 2022 to June 2022.
** 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 **
June 2022 Analysis
- June saw a continuation of the leveling off of travel for the summer so far, with a slight 2% decrease in trips taken during the month. Year over Year for June is at +57% trips processed through our systems from 2021 to 2022. Last year also saw Q3 with the most travel volume, so we are hoping to see some big bumps in numbers before settling in for the late season this year.
- With virtually NO CHANGE in total travel costs between May and June, “stability” seems to be the key word for the summer. Air spend dipped less than 1%, hotel spend dipped just barely 1%, and car rentals climbed a few dozen dollars to make up for that. The result is a net 0.78% increase in total cost month-to-month.
- With exactly 1/2 of the year over, we can proudly say that so far, Cornerstone has processed 85% of the volume of trips that we saw in 2021. While this means we may not see exactly double the growth of trips for 2022, we are hopeful that we may come close to that number.
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 index, some values may fluctuate month to month in their calculations. However, we do not believe this offsets major trends.