Since the Pandemic, what was once a simple journey from point A to point B has evolved into a multifaceted experience, shaped by technological advancements, environmental consciousness, budget approval and the changing landscape of work dynamics. Still in 2022, according to GBTA, global business travel expenditure witnessed a staggering 47% increase, surpassing the one trillion US dollar mark. This growth trajectory shows no signs of dropping, with spending predicted to rebound to pre-pandemic levels by the end of 2024, surpassing earlier projections of a mid-2026 recovery.
Long Covid - The Longer Term Impact Of The Pandemic On Business Travel.
The sudden halt in travel during the peak of the pandemic led to major losses for the industry, with airlines, hotels, and other travel-related businesses facing financial challenges. As a result, there have been widespread changes in how business travel is conducted, including an increase in virtual meetings and conferences and a shift towards more flexible cancellation policies. But when 87% of business travelers agree that in-person meetings drive performance and growth, business travel becomes a logistical necessity for roles like sales reps, consultants, and event staff, often budgeted for even in uncertain economic times as face-to-face time with customers for them is unparalleled.
87% of employees think business travel is important to company growth
Source: Uber and GBTA report
Travel Trends For 2024
As we look ahead to 2024, there are several key trends that are projected to shape the world of business travel. One major trend is the increasing use of technology, from virtual meetings and conferences to mobile apps for booking and managing trips. Additionally, sustainability is becoming a top priority for businesses, with a focus on reducing carbon footprints and promoting ethical travel practices. Bleisure was a new thing and a buzzword in 2020, now, its a firm fixture. Workers are demanding fun things today and trip extension to their travel plans of their Travel Managers, as well as the ability to bring a partner. Other trends include personalized travel experiences, flexible work arrangements leading to more bleisure trips (combining business with leisure), and an emphasis on safety and security measures in light of global events. The recent report by TravelPort, sheds light on the trajectory of corporate travel trends 2024 and by staying informed about these trends and adapting accordingly, professionals can ensure they are equipped to handle the future of business travel in 2024 and beyond.
Business travelers today want flexibility and personalization. So we’re giving them more choice, the ability to choose their own flights, hotels, and transportation, and creating custom itineraries to fit their individual needs and preferences.
-Executive Travel
Prioritizing Well-being and Productivity in Corporate Travel
Within this evolving landscape, corporate travelers are redefining their priorities. Gympass reveals that-
87% of workers would consider leaving a company that does not focus on their well-being
This shift underscores the need for travel programs that delicately balance cost savings with traveler satisfaction. Many TMCs like TravelPerk, Navan, BCD, understand the importance of aligning travel programs with the evolving needs of corporate travelers. Their approach involves streamlining travel operations, reducing costs, enhancing traveler satisfaction, and ensuring compliance with corporate policies. Moreover, Some TMCs offer a travel booking platform andexpense management tool that improves employees' travel experience. They also partner with companies that help prioritize wellness and productivity, reflecting a commitment to fostering a positive travel experience for employees.
The Rise Of Premium Airport Amenities For Corporate Travelers
In an increasingly competitive market, airlines and airports are seeking to attract and retain high-value business travelers with luxurious services and amenities. From private VIP lounges with gourmet food and drinks to exclusive spa treatments and concierge services, these amenities are designed to enhance the overall travel experience for busy executives.
In recent years, we have seen a huge rise of premium airport amenities for corporate travelers. As we look towards the future of business travel in 2024, it's clear that these premium airport offerings will continue to expand, providing corporate travelers with a comfortable and convenient way to navigate their trips.
Lounge access has become the norm, not the exception. So with lunges getting busier and let's face it, limited in their offering to just sit, eat and drink, companies are searching for wider-reaching traveler wellness solutions for airport downtime.
Solutions that provide access to lounges and other premium facilities, recognizing the impact such offerings can have on the well-being and productivity of their employees during business trips.
35% of business travelers now prioritize options that support well-being, productivity, and aid recovery
-TravelPort
A standout solution in this time is the Corporate plan offered by Sanctifly - A leading travel wellness club- providing access to premium airport amenities from just $1.50 per traveler a month.
One app that gives access to over 4000 airport lounges, wellness, relaxation, and fitness facilities at more than 200 airports worldwide. Additionally, their recent collaboration with 200+ airport hotels allows travelers to use lounges, gyms, and pools without having to book a room, adding a layer of convenience and flexibility to the corporate travel experience.
In conclusion, the future of business travel looks promising and exciting as technology continues to advance and transform the industry. By leveraging new technologies, prioritizing sustainability, and being mindful of shifting consumer preferences, businesses can create a more efficient, cost-effective, and enjoyable travel experience for their employees.