Since the pandemic ended, there’s been lots of speculation about the future of traveling for work. But in 2022,according to GBTA, global business travel expenditure increased by 47%, topping over one trillion US dollars. And that growth shows no signs of stopping. Spending is predicted to recover to pre-pandemic levels by the end of 2024 — faster than the previously projected mid-2026 forecast.
Why? First and foremost, because business travel is a logistical necessity for many people, like sales reps, client service managers, consultants, conferences and events staff, construction workers, circus folk etc. For these folks, being on the road is part and parcel of their role, and it’s budgeted for even more in the most uncertain of economic climates. Because nothing beats being face-to-face time with customers. And the others? They travel because their organizations want them to, remaining steadfast in the belief that meeting in person drives performance and growth. What might surprise you is to hear that almost nine out of ten (87%) of business travelers agree with them.
87% of employees think business travel is important to company growth.
Source: Uber and GBTA report
Nonetheless, many companies are still struggling to get employees moving, and that’s because many are still working from home. In fact, by 2025 it’s projected that 32.6 million US employees will be remote workers. Since that changes the very nature of what ‘work’ looks like, there are also knock-on consequences for business travel, too.
Balancing what everyone wants and needs is a delicate act, and many companies are turning to TMCs to help them do it. So here are six key things you need to know in 2024.
Source: Travelport
