Even as companies prioritize video calls over in-person meetings and cut back on non-essential travel, 2024 will be a strong year for the industry
Jul 3, 2024
A recent survey by BCD Travel found that 60% of travel buyers said their companies have reduced travel budgets in recent years, and 96% have implemented cost control measures. However, business travel is still on the rise.
Key takeaways
- The expected recovery in 2023 didn’t materialize, largely due to a series of layoffs in the tech sector that led to travel spending freezes. Many of these restrictions have since been lifted as corporate financials and stock prices have improved, particularly in the US;
- Nevertheless, economic uncertainty has led to an uneven recovery across regions. Nordic markets are performing well, but Central European countries are struggling, leading to a slowdown in business travel;
- In addition, the continued increase in average daily hotel rates has led some companies to opt for more economical accommodation options.
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