U.S. Group Bookings Increase While Biz Travel Lags
Skift Take
- The DJIA rose 323 points while Nasdaq jumped 208, the S&P 500 rose 59 points, and the 10-year Treasury yield took a breather, down .08 to 3.03%.
- Inflation, energy prices, supply chain challenges, labor shortages, and regional developments are pushing the forecast for full recovery into 2026, instead of the previously forecasted 2024.
- According to the latest monthly data from STR and CoStar, the number of groups booking U.S. hotel rooms continued to increase in June, although individual business travel continued to lag.
The DJIA rose 323 points while Nasdaq jumped 208, the S&P 500 rose 59 points, and the 10-year Treasury yield took a breather, down .08 to 3.03%. Lodging stocks were higher. The biggest movers of the day included AHT with a 9% rise, VCSA was up 6% and SOHO resumed its rally, up 5%.
Inflation, energy prices, supply chain challenges, labor shortages, and regional developments are pushing the forecast for full recovery into 2026, instead of the previously forecasted 2024, according to the 2022 GBTA Business Travel Index. Highlights from the latest BTI Outlook include: total spending on global business travel reached $697 billion in 2021, 5.5% above the pandemic-era low of 2020. The industry gained back roughly $36 billion of the $770 billion lost in 2020. Recovery was short-circuited by the Omicron variant and spike in global Covid cases in late 2021 and early 2022. Global business travel spending in 2022 is expected
