On the latest episode of the J.D. Power Travel & Hospitality Intelligence Podcast, hosts Michael Taylor and Andrea Stokes review their 2023 predictions for the travel industry and share a sneak peek at some of their 2024 forecasts.- Mike predicted slowing air travel demand and moderating prices in 2023, due to inflation. He noted airlines are still facing full flights and limited routes, despite strong cash reserves.- Andrea predicted hotel room rates would moderate slightly in 2023 as consumers reduce leisure spending amidst inflation, but likely rebound for holidays. She foresaw continued staffing challenges and bottom-line stability for hotels.- Mike predicted continuity in 2023 of direct flight cuts to smaller airports and increased traffic into San Francisco from China's reopening. He expected hub airport crowding and moderate staffing improvements.- Both predicted continued struggles for transient corporate travel in 2023 with cost-conscious companies limiting business trips, unlikely to rebound until 2025.- Both predicted improvement in 2023 for group travel and meetings as live events ramp up.
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