With fewer Omicron cases and lower travel restrictions, spending on business travel to the United States has seen huge growth over the past two months.
From January 2022 to March 2022, the total value of spend processed via Liquid TripActions increased by 114%. In March 2022 alone, there was a 1,681% year-over-year increase in business travel spending.
“TripActions Liquid was already close to exiting the atmosphere on its current trajectory of recurring, one-time purchases,” said Michael Sindicich, CEO of TripActions Liquid, in a blog post. “This strong comeback of travel has only added rocket fuel to the growth of the product. And as more employees hit the road and see the real value of automation and of spending reconciliation, the TripActions effect will only grow.
From January to February, travel spending increased 86%, according to TripActions Liquid, a travel and expense management company for businesses. Then, from February to March, travel spending increased another 72%.
The volume of transactions processed through TripActions more than doubled (107%) from January to March 2022. This is a 1,231% year-over-year increase.
Looking at specific industries, car rental spending increased by 45% from January to March 2022, according to data from TripActions Liquid. Airlines took the top spot for the 240% increase in spending, followed by restaurants at 198%, travel agencies and tour operators at 183%, and hotels at 138%.
On TripActions, worldwide travel bookings increased 125% from January to March, an 875% increase in bookings year over year.
“What we’re seeing right now is a confluence of growing business demand and somewhat constrained capacity,” said Daniel Finkel, Chief Commercial Officer of TripActions. “Airlines are reporting a 70% resumption of business travel, but there are pilot and staff shortages and supply chain issues with aircraft deliveries. And while rising fuel prices have yet to affect fares, it could be on the horizon. Typically, airlines are starting to drastically reduce their inventory of lowest fares/advanced purchases in favor of higher fares and last minute prices.