Most journey consumers count on enterprise journey spending and quantity to extend in 2024 in contrast with final yr, with prices rating as their prime concern for the yr, in keeping with a World Enterprise Journey Affiliation ballot of 707 journey consumers, suppliers and business professionals.
The survey—fielded Jan. 9-22 with respondents from world wide, half of whom had been journey consumers or procurement professionals—confirmed 59 % of journey consumers stated they count on enterprise journey quantity to extend yr over yr in 2024. Solely 9 % of whole purchaser respondents stated that enhance can be 20 % or extra, whereas half stated volumes would enhance by as much as 20 %. Twenty-eight % stated their enterprise journey quantity can be unchanged from 2023 this yr, whereas 11 % stated volumes would lower in 2024.
When it comes to spending, about two-thirds of consumers stated their firm would spend extra on journey in 2024 in contrast with 2023—11 % of whole respondents stated that enhance can be larger than 20 %, whereas 55 % stated the rise can be 20 % or decrease. Simply over 20 % stated they count on spending to be flat yr over yr in 2024, and 12 % venture a spending lower.
“As firms and vacationers proceed to embrace the very important position of in-person connection for enterprise, there are robust indicators for continued progress in journey quantity and spending in 2024,” GBTA CEO Suzanne Neufang stated in an announcement. “This bodes nicely for the way forward for our business and its professionals.”
Throughout all survey respondents, about two-thirds listed the rising prices of journey among the many prime three important points confronted by the enterprise journey business in 2024, probably the most continuously cited concern. Different prime considerations included general financial considerations (46 %), company journey budgets not holding tempo with wants (42 %) and journey disruptions (32 %).
The survey additionally indicated that suppliers are more likely than consumers to see workers will increase this yr. Amongst journey provider and journey administration firm respondents, 46 % stated they count on their firm’s general staffing to extend this yr, and 36 % stated staffing ranges ought to stay the identical. Amongst purchaser respondents, nonetheless, solely 14 % stated they count on their inside journey crew staffing to extend this yr, whereas 64 % stated they anticipated no change in staffing. Twelve % of consumers, nonetheless, stated that whereas they didn’t count on their crew to develop, they’re getting extra assist by way of partnerships with different inside groups.
Solely 6 % of consumers and seven % of suppliers stated they count on staffing ranges to lower in 2024 in contrast with 2023.
Moreover, the journey business is essentially prepared to maneuver on from utilizing pre-pandemic tendencies as a benchmark, in keeping with the survey, with 57 % of respondents stated efficiency comparisons with 2019 are not related. Whereas a couple of third of respondents nonetheless see worth in such comparisons, the pandemic itself ranked on the backside of respondents’ considerations for 2024, in keeping with GBTA.