The corporate travel landscape is poised for a transformative ride in 2024 according to a new report from American Express Global Business Travel (AmexGBT). The report highlights top trends from pricing, technology, the future of work and corporate responsibility that will shape the business travel landscape this year.
“Managed travel and meetings saw continued growth in 2023,” says Dan Beauchamp, Head of Global & Multinational Consulting, Amex GBT, “and we expect 2024 to bring new opportunities as business travel progresses, adapts to new realities, and thrives amid continued change.”
Four travel industry trends shaping managed travel and meetings include:
- Pricing – The return to travel has been accompanied by disruption and significant cost increases for accommodation and flights. In 2024, the price picture is expected to become less volatile. While hotel prices will moderate compared to the last two years, they’re still forecast to increase around the world while airfares continue to stabilize. This could affect business travel spending and future itineraries. Expect prices to be impacted by demand, staffing, and economic conditions over the next year.
- Technology – Perhaps the most talked about technology, artificial intelligence (AI), is already hard at work in the travel sector. And its potential role in business processes is only beginning to be tapped. Expect to see rapidly growing use of AI technologies across travel management which may also include new apps and integrations as we move through 2024.
- Future of work – There’s a dynamic tension in the new world of work between employees who enjoy the flexibility of hybrid work, and the employers who want them back in the office. The shift to new ways of working can make it challenging to create a strong organizational framework. Ebb and flow around workplace patterns will continue to reinforce the role of travel and meetings by connecting people in person. Companies are embracing managed internal meetings to reunite their distributed workforces and strengthen relationships between their employees.
- Corporate responsibility – Expect corporate responsibility to be an even bigger priority, one of the hallmarks of a great place to work. Gen Z workers are particularly focused on purpose and they think about how an organization aligns with their identity and personal brand. The overarching objective for many businesses is to continue making a positive environmental impact through new and changing behaviors when it comes to corporate travel programs.
“All signs point to 2024 being a dynamic year of business travel,” says Amex, GBT, characterized by substantial growth and next-generation technology adoption.
To see the full report, click HERE.