The Global Business Travel Review, produced by Advantage Travel Partnership and Travelogix, analysed 13.7 million transactions from January 2019 until 30 September 2022 with an aggregate value of £7.4 billion.

The report concludes the global industry will recover to 55% above 2020 this year and reach 82% above 2021 but will only total 74% of 2019 transactions.

Data revealed average transaction value this year to date is £333.32, 12.4% higher than in 2019.

Trip duration has also increased as companies look to maximise value and travel more sustainably, with the average now more than seven days, compared to 4.57 days in 2019.

The report said: “Travellers are going away for longer, which unlocks a huge opportunity for TMCs when talking about ancillaries and a more considered approach regarding duty of care.”

The research also found booking horizons had changed, with longer lead-in times indicating more confidence that travel plans will not be disrupted. In 2022 to date, the average was 21 days, compared to 9.76 days last year.

The report said: “We anticipate that, by the end of Q1 2023, we should reach, or even exceed, the average of 23.37 days we saw back in 2019.” 

Guy Snelgar, Advantage’s global business travel director, said: “Looking at the business travel industry over the past last six months it has been a story of recovery and growth, despite considerable ongoing disruption and capacity challenges.

“Whilst we are confident that travel demand will yield great volumes in 2023, an increase in airline capacity and scheduling will be key to the recovery of pre-pandemic numbers. 

“With that in mind, we maintain our original forecast of full recovery to 2019 figures for a full 12-month period in April 2024 to March 2025.”