The Advantage Travel Partnership has published its latest business impact survey, which it says reveals the scale at which the corporate travel sector has recovered following the pandemic.
Eighty per cent of the consortium’s business travel members reported an increase in new customers, while 68% said they had been approached by previously ‘unmanaged’ corporate travel teams.
Of those surveyed, more than a third believe this rise in new customers booking through a travel management company (TMC) is due to the security and protection it provides, while almost another third attribute it to the simplicity of booking business travel through a TMC.
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The increase in business travel is also reflected financially, with members seeing significant increases
when compared to pre-pandemic levels of 2019. Sixty-eight per cent of members reported higher turnover and 61% are seeing higher transaction levels.
Guy Snelgar, global business travel director of Advantage, said: “Both new and existing clients are increasingly opting for the support of a TMC when booking trips, using their expert knowledge and experience to simplify the complexities of business travel.
“TMCs and individual travel agents are able to offer trusted connections and will be able to look after travellers if and when travel plans are disrupted.”
But the research also shows that the cost-of-living crisis and global inflation continue to affect the industry, with 97% of respondents reporting an increase in the cost of business travel flights and a further 94% seeing an increase in the cost of business travel hotel stays.
Further still, one in six respondents said they are seeing a 50% increase in airfares.
Latest business travel trends
The business impact survey has also revealed the latest business travel trends.
This year has seen the return of long-haul business travel, with 84% of Advantage members seeing an upturn in the number of long-haul trips booked.
The most popular business travel destinations – where the majority of members reported increases –
are the USA with 81% seeing an increase, and European destinations, with 68% of
members seeing an increase.
Following the easing of China’s Covid travel restrictions for inbound foreign travellers in March, over half of members surveyed reported an increase in business travel bookings to the country. Meanwhile, 42% of members said domestic travel levels have increased.
Advantage also found that sustainability remains a priority within the business travel industry as corporations and travellers look to reduce carbon emissions and the impact of their trips.
It said that, as a result, many business travellers are opting for rail travel as an alternative to flying and almost a third of those surveyed said they are seeing an increase in requests for train travel.
Snelgar added: “The business travel industry has shown its resilience and continues to bounce back following the difficulties faced throughout the pandemic, alongside ongoing strikes and global inflation.
“Despite the rising cost of living, our members are seeing an increase in expenditure on corporate travel, new business and long-haul travel, which are positive signs for our economy.
“Despite the use of technology to connect people around the world, the demand for business travel
and to connect in-person, is clearly there and we expect it to continue to exceed the pre-pandemic
levels of 2019 throughout this year.”