13 April, 2023
With 80% of corporate travel in 2022 directly attributed to business development and commercial success, for many it remains a non-negotiable activity according to category-leading business travel specialist Corporate Traveller.
This has been echoed in the robust post-pandemic market-share growth for the Travel Management Company (TMC), which has seen it retain, win and implement a record amount of business during the past year.
With more than 16,000 clients globally, Corporate Traveller has a unique insight into travel behaviours and recognises that priorities have evolved since 2019. Clients are now placing importance on areas such as duty of care, travel booking technology and sustainability, alongside a greater focus on cost management to get the most out of their travel programmes.
“As the global economy remains under pressure, many SMEs are increasingly looking to reduce costs and boost efficiencies in this new era of travel. Our clients want to save more and travel smarter,” said Corporate Traveller Global Managing Director Tom Walley.
In a new report published online, Corporate Traveller has pinpointed 10 key trends that it believes are here to stay and expected to influence corporate travel budgets in 2023 and 2024.
The report also shares insights gleaned from the company’s latest research that have shaped, and continue to shape, travel patterns and ultimately drive up spend – in the case of the most frequent travellers, up to 50% more each year.
Demand remains high despite global pricing challenges, influenced by a mix of high fuel prices, inflation, reduced resourcing and supply shortages.
For now, airline seat capacity is still affecting destination availability and choice. Meanwhile, for the hotel industry, surging demand has seen average rooms rates in markets like Australia and North America in 2022 surpass those in 2019 - up 25% and 17% respectively.
Corporate Traveller’s research also shows an increase in ground transport as travellers look to circumnavigate disrupted flight schedules and make positive changes to address environmental impact and achieve sustainability goals.
Looking ahead, as airlines and hotels ramp up capacity and restaff to cope with surging demand, fluctuating pricing will continue to influence decision-making around budgets and this is leading to more purposeful approach to travel decisions.
Bonnie Smith, GM Corporate Traveller in Southern Africa, explained: “Travel today is complex and not without challenges. Our report shares insight into the key watchouts for businesses alongside expert advice to help optimise value in travel.”
With a financial audience in mind, the free downloadable report provides cost-saving suggestions to improve travel spend for growing SMEs that typically organise their own travel, as well as companies looking for advice as they reconsider their own programmes.
Readers can expect practical tips to help them identify and reduce wastage, how to get more out of their travel policies and improve savings by up to 25% when leveraging the global buying power of a TMC like Corporate Traveller that has access to an expansive choice of travel content and best market wide rates sourced from the widest range of travel suppliers.
“Corporate Traveller is a customer-centric TMC that always goes that extra mile for its clients. So we hope that by sharing this guidance from our team of travel pros, this will help businesses identify new ways of optimising efficiencies and improving their bottom line,” added Smith.