According to the latest Cvent Travel Manager Report: Asia, corporate
travel buyers in Asia are enthusiastic about hosting international
programmes and anticipate an increase in travel budgets.
However, rising inflation is driving them to cut costs, with
transportation and accommodation expected to bear the brunt of the cuts,
followed by food and beverage. As such, venue teams need to start
engaging with travel managers to prepare for the anticipated surge in
business and be fully equipped to handle a deluge of RFPs.
In addition to cutting costs in transportation and accommodation,
corporate buyers in Asia are also exploring ways to save money in other
areas such as venue fees, wi-fi/roaming charges, and insurance and
safety. Furthermore, some buyers plan to reduce the number of people
traveling for business. With fewer people on the road but an increase in
planned events, venues will need to offer enticing incentives to
encourage attendees to spend from their own pockets.
Travel managers have also revisited their expectations of hotels
post-pandemic. According to the Cvent Travel Manager Report: Asia, 38%
of those surveyed rated high-quality health and safety protocols as
their top priority, followed by larger rooms with better working
amenities (35%), and more flexible rate negotiations (34%).
Surprisingly, more outdoor space ranked the lowest priority, chosen by
only 21% of respondents.
In addition, sustainable travel is a significant priority for
corporate travel buyers. According to the Cvent Travel Manager Report:
Asia, 36% of travel managers consider it to be a more critical factor
now than pre-pandemic. Sustainability is even influencing the choice of
venue, as 92% of travel managers surveyed say that it influences the
hotels they book for their programmes.
Cvent surveyed 250 corporate travel decision-makers in Singapore, China, Japan, Thailand and India.