Hi all, let's begin our next edition of the Tip of the Week discussion! Business travel is making a steady comeback after experiencing a massive decline due to the pandemic. As we move into 2024, companies have the opportunity to reimagine corporate travel. Here's a snapshot of the top trends shaping global business travel in 2024:
1. The Demand for Business Travel is Back
In 2023, the industry has started to steady itself, primarily driven by the resurgence of face-to-face meetings and events and the gradual return of international business travel. Moving into 2024, we expect this momentum will continue to grow rapidly.
2. Bleisure Gets Bigger: Blending Business and Leisure Travel
This "bleisure" trend offers traveling employees a sweet deal, with flexible travel schedules and a chance to unwind. This means guests are booking rooms for longer than their events will run, which is great for hotels.
3. Increased Focus on Sustainability
Organizations and business travelers are becoming more aware of their environmental impact. They are looking for sustainable travel options, such as flying carbon offset and staying in eco-friendly hotel room amenities.
4. Increased Use of Technology
The business travel industry will continue to become increasingly technology-driven, with innovative solutions for venue sourcing, travel management, trip planning, expense reporting, and more taking center stage.
5. Growth of Secondary Markets
Companies will need to adapt their travel programs and supplier partnerships to tap into the emerging Asian and African markets.
6. Business Travelers Want Connectivity and Personalization
Beyond messaging, travelers want mobile technologies they use daily, like touchless payments from phones or smartwatches, or tapping credit cards. The ability to leverage their own devices and platforms provides the personalized experience and connectivity travelers now expect.
7. Loyalty Programs Must Evolve Beyond Points to Experiences
Business travelers in 2024 crave more than just practical perks from their trips; they seek enriching experiences and meaningful rewards. Loyalty programs need to offer real benefits, enhancing travel beyond basic upgrades and conveniences.
8. Business Travel Will Shift to Purposeful, ROI-Focused Trips
Overall, brands that invest in people and the purpose of travel will give business travel a new lease on life. ROI and "return on experience" will determine corporate travel policies, and only trips that justify the time and cost will get the green light.
9. Wellness Will Become Critical for Business Travelers
In 2024, wellness will play a crucial role in business travel programs. The pandemic has made travelers and companies prioritize health and immunity more than ever, and services at every price point must meet this demand with authentic, holistic wellness offerings.
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Megha Jetley
Manager
Cvent Marketing Department
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