Despite strong underlying demand, slowly recovering business travel, constrained capacity and rising costs, business airfares slipped in 2022. There are indications that fare growth in 2023 will be modest, at least in North America.

American Express Global Business Travel in December said it anticipated a roughly 3 percent increase for corporate airfares within the region — lower than for other parts of the world where predicted jumps were as high as 10 percent. Returning airline capacity is one factor. GBT anticipated airline operations in North America would exceed 2019 levels in the current quarter, despite supply chain issues . . .

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