Business Travel is back, but not as we know it: Trends and Priorities in 2024

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.

How to save thousands $$$ on employee airport expenses in 2024

Since the return to travel, the cost of grabbing a quick bite and a glass of wine or refreshment at the airport has skyrocketed. The increased cost of labor, produce and food preparation, prices at the checkout have risen by up to 50% in the last two years. Regardless, business travel is an essential aspect of many companies, fostering partnerships, expanding market reach, and promoting collaboration. So the expenses associated with airport travel can quickly add up, impacting a company's bottom line. In fact, According to a study by the Global Business Travel Association, business travelers spend an average of $293 per day when traveling for work.

So, how can we better manage and control these expenses, ensure our team is getting the best value and are guided to better and healthier options for the airport downtime? By implementing smart strategies to reduce employee airport costs, ensuring that the business trips remain cost-effective without compromising productivity or comfort.

Strategic Flight Booking

Encourage employees to plan trips well in advance, taking advantage of early booking discounts and off-peak travel times. Getting in touch with travel management companies and signing up for a flight alert service like going can help you save 40-90% on roundtrip flights to destinations all over the world from your home airport.

Expense Policy Review

Regularly review and update your company's travel expense policy. Establish clear guidelines on allowable expenses and set reasonable limits. Providing employees with a comprehensive expense policy ensures transparency and helps manage costs effectively.

Expense Tracking and Reporting Tools

Implement robust expense tracking tools to monitor and analyze travel expenses. This allows for better understanding of spending patterns, identifying areas for improvement, and making informed decisions to optimize costs. Generate alerts for price discripencies when one travler is paying more fore the same airport service then an other ( e.g. lounge). Share Airport tips and hacks; best food, quiet zones, layover options. Share company wide, particularly when you use the same set of airports.

Educational Workshops and Tools

Offer workshops or resources to educate employees about cost-saving strategies and tools, such as fare comparison websites, budget-friendly accommodations, or efficient packing tips to avoid extra baggage fees.

Utilize Airport Lounges

Consider investing in airport lounge memberships or programs that offer access to various lounges worldwide. These lounges provide a serene environment, complimentary snacks, beverages, and amenities like Wi-Fi, enabling employees to relax and be more productive before their flights.

For companies with a high volume of travel, negotiating bulk purchases of lounge memberships can be a cost-effective solution. This not only ensures consistent lounge access for employees but also strengthens partnerships. Sanctifly is designed to do just that.

A simple solution to centralize all your employees' airport expenses, get them at the very best rates, and advise them on the very best and often exclusive options to spend their time. One corporate customer with over 50,000 travelers, reported a saving of over 50% on airport lounges expenses! Read more here.

How does Sanctifly reduce my airport expenses?

1. We are always better value than the walk-up rate of the lounge, normally 30% better value. Anyone walking up to a lounge and paying at the door is paying top wack!
2. Lounge deflection. We encouraged 55% of members not to go to the lounge, to enjoy an alternative walk, run, gym, spa or place to relax.
3. We independently identify quiet zones and places to refresh or work, that cost a fraction of the lounge rate.
4. If the flights are delayed we cover the full cost of the lounge or spa access (more detail)
5. We can centralise all lounge access expenses to one corporate account and centrally report on all choices and activity.*

New in 2024: Business accounts start at only $99 per month for up to 100 employees. Right now Sanctifly is offering new corporate customers 50% off their first year (2024). Get in touch with us to know more

Minimizing airport travel costs and prioritizing employee comfort and well-being can positively impact morale and productivity while managing expenses effectively. By adopting these strategies, businesses can strike a balance between cost reduction and employee satisfaction, enhancing the overall travel experience.