Key takeaways include:
- Corporate travel is expected to take off. While cost remains a factor, corporate travel is expected to make significant gains — and company and industry events will likely play a starring role. One-quarter (25%) of business travelers now point to conferences, exhibitions or trade shows as their primary reason for travel.
- The “laptop lugger” trend will grow. About half of employed Americans can do their jobs remotely, and the number of days they prefer to do so is on the rise as well (from 3.2 days per week in November 2021 to 3.9 days in November 2022). As a result, the trend of “laptop lugging” — where leisure travelers extend trips due to the ability to work from anywhere — is expected to continue growing, giving travel providers an opportunity to cater to this new market of travelers.
- Though business travel could boom, leisure travel demand is uncertain. After a prolonged period of steady increase, demand for leisure travel at the end of 2022 was flat year over year. Whether due to rising consumer financial concerns, or simply a desire for many to avoid peak travel dates, the outlook for leisure travel in 2023 remains murky.