Remote/hybrid workplace models have prompted businesses to revamp their employee travel policies and programmes. Photo Credit: Adobe stock/Nuthawut
Global industry professionals report strength in business travel
numbers, outlook on potential risks ahead, and how travel policies are
evolving to meet the needs of a remote/hybrid workforce.
707 responses were received from travel buyers, suppliers and other
industry professionals across North America, Europe, Latin America and
Asia-Pacific for the poll fielded January 9-22, 2024. Most travel buyers
report increases in bookings and spending for 2023 and expect this
year-over-year growth trend to continue as they prioritise sustainable
travel in their organisations.
“As companies and travelers continue to embrace the vital role of
in-person connection for business, there are strong indicators for
continued growth in travel volume and spending in 2024. This bodes well
for the future of our industry and its professionals – even as we
navigate new challenges of ‘travel for work,’ continue to advocate for
sustainable options, and evolve business travel programmes so they’re
fit for purpose,” said Suzanne Neufang, CEO, GBTA.
Highlights
· Eight in 10 (83%) travel buyers surveyed say their 2023
global business travel bookings increased – whether significantly (31%),
moderately (37%), or slightly (15%) – versus 2022. The story is similar
for travel spending with 84% of buyers reporting their travel spending
increased significantly (33%), moderately (38%), or slightly (13%) over
the same period.
· Most travel buyers expect their company’s business travel
spending and volume to increase in 2024 compared to 2023. Six in 10
(59%) buyers expect the number of business trips will increase at their
company in 2024 compared to 2023, while only 11% expect employees will
take fewer business trips in 2024. At a regional level, more travel
buyers in North America (66%) expect an increase in employee travel in
2024 compared to European buyers (37%).
· Additionally, two-thirds of buyers (67%) expect their
company’s travel spend to increase in 2024 versus 2023, while only 11%
expect their spending will be lower.
· Over half of respondents (57%) feel it is no longer relevant
to compare industry performance for 2024 against 2019 pre-pandemic
levels. However, one third (32%) maintain the comparison still has
relevancy for the coming year. Additionally, when asked about top
industry issues anticipated for 2024, pandemic concerns landed at the
bottom of the list, cited by only 1% of those surveyed.
· Industry stakeholders report their top 2024 concerns include
the rising cost of travel (66%), overall economic concerns (46%),
company budgets not keeping pace (42%), travel disruptions (32%) and
geo-political concerns (22%).
· Climate impact and sustainability was cited as a top concern
for 2024 by 19% of respondents overall − but for European respondents,
the figure is 41% versus 12% in North America.
· Technological advancements, including AI, were cited by 19%
of all respondents as a top concern, but figures differed between travel
suppliers (27%) and travel buyers (13%).
· When asked to rank five barriers to achieving a diverse,
robust workforce in 2024, respondents ranked the following: unappealing
salary levels and benefits (53%), lack of qualified / experienced
candidates (48%), lack of organisational investment in retaining and
developing talent (40%), lack of attractive job roles (39%) and required
hiring and training of new industry job seekers (36%).
· Most industry respondents (62%) say their company has a
hybrid model, allowing both work from the office and home in some form.
Almost half (48%) say they have revised or plan to revise their
company’s business travel policy/programme because of remote/hybrid
working. Among those, 27% have already revised their corporate travel
policy/programme, while 21% say they are working on it.
· When asked how business travel will likely be allocated in
2024 in their company, travel buyers cite sales/account management
meetings (36%, up from 28% in the GBTA January 2023 poll); external
conferences and industry events (20%), and internal meetings with
colleagues (20%) at the top of the list.