Corporations welcomed the new year by booking more travel, according to Pegasus Solutions. After holding steady at 2011 levels in December 2012, January 2013 surged ahead with booking gains of nearly +8% for the global corporate market, a performance that was exceeded in the leisure sector.
Accompanying global growth in reservations, rates paid by corporate travelers increased by +2.1% over prior year. In North America, corporate bookings climbed +5.4% over 2012 as rates grew slightly more by +2.3%. However, business travel showed the most significant improvement over prior year outside North America, where growth was fueled by Asia. Reservations for all other regions combined surpassed 2012 by +11.2%, as rates inched +1.0%.
"We began 2012 heralding a climb in global corporate and leisure rates, despite a lull in booking volumes for both channels," said David Millili, chief executive officer of Pegasus Solutions. "But in 2013, we have seen growth in bookings and rates for both corporate and leisure segments. Companies were anxious to get to business in January, while some consumers rallied for New Year's, and others made the most of more affordable off-peak travel. The real question was which hotels positioned rates to reap the most profit from those bookings that came through a diverse range of channels."
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