April 12, 2024
Corporate travel in 2024 is filled with evolving and exciting trends for business travelers. As companies adapt to new realities, the landscape of corporate travel is undergoing significant transformations. Having a trusted Travel Management Company (TMC) like Teplis Travel by your side is more important than ever.
Below are a few of the top trends occurring within the corporate travel marketplace.
1. Rebound and Growth of Business Travel
- Corporate travel is rebounding. Business travel expenditures reached two-thirds of 2019 spending levels by the end of 2023. International travel is expected to grow, with a focus on group travel and industry events driving travel growth. By late 2024, corporate travel is poised to recover to pre-pandemic levels.
2. Effects of Remote Work on Corporate Travel
- The pandemic has catalyzed shifts in work patterns. With more flexible work arrangements such has remote work arrangements, corporate travel is adjusting accordingly. Expectations for flexible travel bookings are higher, and companies are reevaluating the value of in-person versus virtual meetings. Even in this digital age, companies are learning that there is no substitute for face-to-face interactions that necessitate employee travel.
3. Strategic Positioning of Business Travel
- Managing budgets and balancing the benefits of face-to-face interactions with virtual alternatives are critical. Companies are strategically positioning business travel within their operations. Negotiations between corporate travel buyers and travel suppliers play a pivotal role. The importance of solid integration of an organization’s corporate expense platform and corporate travel platforms has increased. Companies are benefiting from tightly integrated platforms such as Concur Expense and Concur Travel.
4. The Resurgence of Bleisure
- Corporate travelers today want more than just work during their trips. The blend of leisure and work is redefining business travel. The concept of “bleisure” (combining business travel and leisure travel) is back. Millennial and Gen Z travelers view corporate travel as a job perk and seek to incorporate leisure activities into their work trips.
5. Secondary Business Travel Markets/Destinations
- Large conferences and events are shifting away from urban city centers to secondary markets. Locations like Milwaukee, Houston, Albuquerque, Indianapolis, San Diego, Tampa, and Fort Myers are experiencing demand growth. Group travel and incentive travel interest in resort and all-inclusive locations is also on the rise.
April 12, 2024
Business travel in 2024 is characterized by change. As business travelers embrace the new dynamic landscape, the future of corporate travel promises exciting possibilities. Teplis Travel is a top corporate travel agency with over 50 years of experience. The travel experts at Teplis Travel can help your company or organization navigate the ever-changing landscape of business travel in 2024 and beyond.
This blog was reviewed for accuracy by
Ted Petty, CIO/CTO Teplis Travel
Ted is a seasoned expert in the corporate travel industry, currently serving as the Chief Information Officer (CIO) and Chief Technology Officer (CTO) at Teplis Travel Agency in Atlanta, Georgia. With over two decades of experience, Ted has consistently demonstrated his prowess in optimizing travel solutions for businesses, leveraging innovative technologies to streamline operations and enhance the traveler experience. His dynamic leadership and commitment to staying at the forefront of industry trends make him an invaluable asset in the world of corporate travel and leisure travel.
