The findings reveal that companies are sanctioning more domestic travel in place of international trips, which have declined by 19% compared to the same time last year. Domestic hotel bookings are rising as a proportion of corporate travel and now represent 62% of all transactions, up from a 52% share in Q1 2023.

This decline in international travel marks a stark break with the gradual recovery of overseas business travel seen since the end of the pandemic and suggests that companies remain cautious in an uncertain economic environment.

Other key findings from the index include:

• The average room rate per night has grown by 8% globally compared to Q1 2023, increasing from an average of $164 to $177 per night.
• The average spend per hotel booking has increased by 7% from $414 in Q1 2023 to $442 in Q1 2024.
• Business travellers are condensing some trips to stay within budget. For example, in Asia, the overall average duration of stay has decreased by 8%.
• However, the average international length of stay has increased by 5.3% overall, indicating that travellers are looking to accomplish more when they do travel overseas.