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Jan 23, 2024 · How has business travel changed after the pandemic and what trends will shape it in the next year? Learn about the impact of 'bleisure,' virtual cards, AI, sustainability and the chief travel officer role.
Jun 7, 2024 · Travel is back, but traveler flows are shifting. McKinsey has isolated three major themes for industry stakeholders to consider as they look ahead. The bulk of travel spending is close to home. Seventy-five percent of travel spend is domestic.
- Business Is Almost Always Mixed with Pleasure
- Unconventional Accommodations Are in
- Self-Booking Is Becoming The Norm
- Most Popular Online Booking Software
- More Flexible Corporate Travel Policies
- Technology Continues to Revolutionize Corporate Travel
- The Rise of ai, Virtual Reality, and Intelligent Assistants
- Blockchain: The Future of Business Travel
- Business Travel Is A Perk
- Slower Years For Corporate Travel and Business Tourism
The rise of bleisure travel proves to be one of the most significant outcomes of the demographic shift in corporate travel, and this trend is expected to continue in the midst of COVID-19 vaccinations. With the workforce becoming younger, more employees are looking to do more than work during their trips away from the office. Although 92% of organi...
Another business travel trend influenced by the new generation of corporate travelers is the growing popularity of unconventional accommodations. Business travelers have become more open to considering staying somewhere other than traditional chain hotels. More are opting to stay in apartments and other accommodations that have a more homey feel. S...
More corporate travelers opt to book travel options and accommodations on their own. According to recent surveys, 68% of employees book business travel through tools not approved by the company instead of seeking the services of a travel agent (Expedia Group, 2021). After all, there are numerous self-booking options that business professionals can ...
Here are some of the best online booking softwarethat you can choose from: 1. YouCanBook.meis an online booking software that connects customer bookings right into your Google or Microsoft calendars. It also allows you to personalize your booking page and display your availability for multiple locations. 2. Acuity Schedulingprovides a user-friendly...
When was the last time you looked at your company’s corporate travel policy? There’s a good chance that some of these policies need tweaking. Recent business travel trends indicate that more corporate travelers are “going rogue (RateGain, 2019).” This means travelers are now more likely to go outside employer-approved channels when booking properti...
Technology plays a central role in the global business travel forecast. Mobile technology currently accounts for 39% of hotel bookings and 22% of airfare bookings (FCM Travel Solutions, 2019). These numbers will probably grow with the upcoming upgrade to 5G wireless internet. Also, once the COVID-19 travel restrictions ease up, this technological t...
More advanced technologies like artificial intelligence (AI) and virtual reality are poised to bring more changes to the business travel industry. Travel suppliers can use these technologies to discover business travelers’ preferences and take advantage of upselling opportunities. Virtual reality is also predicted to enable personalization, allowin...
Blockchain is also expected to improve security for corporate travelers by 2021. Blockchain’s built-in security protocols make it the perfect technology for making travel as convenient and seamless as possible (Revfine, 2020). The technology makes data storage and access easier. The constant availability of information is crucial since the travel i...
Another important aspect of the business travel forecast is the fact that most employees now see corporate travel as a perk (TripActions, 2019). According to surveys, international business travelers consider travel as valuable to professional and personal growth. Making up the largest segment of the workforce, millennials are also more willing to ...
Business travel growth can finally begin after a serious downturn in 2020 due to the pandemic (Reuters, 2021). And the industry is even expected to make a full recovery. However, certain practices in the age of COVID-19, such as video conferencing and other remote alternatives, will likely stick since 31% of organizations find them just as effectiv...
Jul 16, 2024 · In 2024, 20% of travelers expect to take six to 10 trips, and 10% say they will take more than 10 trips. In 2025, travel managers expect growth to slow by a couple of percentage points, but gains appear likely to continue to pace at two to three times GDP growth.
Aug 2, 2021 · The future of business travel. The shift from essential-only to freer domestic business travel has begun. If the pandemic situation remains on an improving trajectory within the United States, corporate travel should see a significant uptick in the last quarter of 2021.
- Peter Caputo
Apr 18, 2022 · Business travel is at least two years from reaching prepandemic spend, as some travel use cases are expected to spur fewer trips over the long term. Health risks and directly pandemic-driven factors still present barriers to corporate travel but generate less concern than in 2021.
Nov 6, 2023 · Business travel is expected to reach pre-pandemic levels by 2024 as more and more companies resume in-person meetings and events. According to GBTA's Business Travel Index Outlook report, business travel spending will reach $1.4 trillion in 2024 and nearly $1.8 trillion by 2027.
