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 June 2023 travel index:
|Avg Trip Spend||$1584.45||+0.1%|
|Avg Air Spend||$797.35||+0.2%|
|Avg Hotel Spend||$582.37||+0.1%|
|Avg Car Rental Spend||$204.73||+1.6%|
There was also a 13% decrease in processed trips taken from May 2023 to June 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 **
June 2023 Analysis
- With the exception of total trips processed by Cornerstone, this is by far the most stable month we have ever seen in terms of pricing adjustments. From May to June 2023, the average price cost for an entire trip changed by roughly $1. We double-checked our data since this is such a seemingly odd result, but it is true.
- Hotel stays dipped a little as did the average nights per stay. Total car trips dipped as well along with the average days per rental. But with a 13% decrease in trips being taken in general, none of these facts are very surprising.
- The June dip in travel seems like a lot but is not exactly uncommon. June is when many school years end and people take vacation to spend time away from business and with their families. But the summer months warm up after the American Independence Day celebrations of July 4th, and we expect to see a decent boost next month.
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.