Most companies plan to increase their travel budgets this year, as executives recognize the value of business travel to both revenue generation and employee morale
Jun 18, 2024
The Value of Business Travel Report surveyed 4,600 business travelers, 625 travel managers and administrators within the TravelPerk customer base and 2,000 corporate decision makers outside of the TravelPerk customer base, including 540 C-suite executives. The report found that 62% of CEOs expect their travel budgets to increase year-over-year.
Key takeaways
- U.S. companies were the most optimistic, with 61% planning to increase their budgets. In contrast, less than half of European companies shared this outlook, including 39% in Germany, 46% in the UK and 48% in Spain;
- The top reason for increased budgets was expansion into new markets, cited by 47% of companies. Other significant reasons included increased attendance at conferences and events, and an increase in headcount;
- The survey also highlighted a recognition of the return on investment in business travel, both in terms of financial and human impact.
Download the full report at TravelPerk
