The average hotel room rate fell by 2.1%, while daily car hire rate fell by 6.3%. Flight and rail ticket prices were also down, by 7.7% and 3.4% respectively.
The drop in average hotel room rate was driven by a continuous shift towards more travellers using standard and economic hotels, which saw a 17.7% increase in demand. In contrast, demand for deluxe rooms dropped by 20.2%, suggesting businesses are reducing travel budgets.
Despite their increase in popularity, economy rooms still only accounted for 4.8% of total business bookings, while standard rooms took the biggest share of bookings at 42.1%.
London continues to be the top destination for UK bookings, though Manchester and Birmingham both saw strong growth.
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