Corporate travel spend up says Deloitte
💰 In the U.S., corporate travel spend is projected to rise by 8-12% by end of the year, potentially surpassing pre-COVID levels, as per a Deloitte study. In 2023, 77% of business travelers took one to five trips, 15% six to 10, and 7% more than 10; in comparison, 20% plan six to 10 trips and 10% more than 10 in 2024. Companies expect a 14-15% yearly increase in travel spend, with 73% of travel managers predicting a rise in 2024 and 58% in 2025. The main growth drivers are industry events and sales/client work, with conferences being a top driver, and 60% planning business travel for them this year. Travel managers anticipate a slight increase in international trips' share of spend in 2025. High prices impact trip volume, with 22% of travel managers stating it as a primary concern, and 55% of them relying on booking compliance to control costs. Corporate sustainability efforts are evident, with 46% of companies having travel emission budgets in 2024, up from 30% in 2023.
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