Here at Cornerstone Information Systems, we 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.
Here are the numbers regarding the October 2023 travel index:
|Avg Trip Spend
|Avg Air Spend
|Avg Hotel Spend
|Avg Car Rental Spend
There was also a 1.4% increase in processed trips taken from September 2023 to October 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 **
October 2023 Analysis
- October’s Name of the Game really was “Business As Usual”. Since every metric that we track did not move more than 2.7% in either direction, it’s easy to say that September and October remained relatively stable and robust travel months as we go into the holiday season.
- Mimicking the above metrics, other tracked changes include: how many nights per hotel stay, how many days per car rental, how many hotels were booked, and how many cars were rented. Even among this data, no change exceeded 2.5% in either direction from September to October.
- As we go into the holiday season, keep an eye out for the annual drop in trips processed and annual hikes in air and hotel rates. As of the end of October, we have almost met the total trips processed for all of 2022. Being within 1.5% of the total trips processed in 2022, November will put corporate travel in 2023 solidly into the realm of growth, albeit with less gusto than 2022.
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.