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 October 2022 travel index:
|Avg Trip Spend||$1290.38||2%|
|Avg Air Spend||$671.12||2%|
|Avg Hotel Spend||$408.72||1%|
|Avg Car Rental Spend||$210.54||2%|
There was also a 6% Decrease in processed trips taken from September 2022 to October 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 **
Cornerstone is excited to announce that we are working on automating and expanding the Cornerstone Index. Above is the monthly breakdown for October 2022. Because of this, the travel index numbers may fluctuate within a small margin as we evaluate and filter our data inclusions. We are going to be making room for new categories (such as average nights per hotel stay and average days per car rental), and these may also affect how numbers are presented in future index digests. Stay tuned for more updates!
October 2022 Analysis
- This month may look a bit different from previous months as we are working hard on our data inclusions and anonymization so that we can roll out the next version of the Cornerstone Travel Index. The new travel index is shaping up nicely, so stay tuned to be the first to see all of the new features and categories!
- There was a 6% decrease in overall trips taken, but October is the beginning of the corporate slowdown for the year. As a comparison regarding the health of travel, October 2022 saw almost 60% of the volume of trips taken in all of Q4 2021 put together.
- Prices were very stable in October seeing very modest increases across the board. Hotel stays also remained in roughly the 3 days per trip range (October was 2.95 days per trip whereas September was 3.03 days per trip). Air costs only increased by around $20 (USD) on average, and car rentals only shifted by a slim margin as well.
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.