Business travel spending rebounds

The global business travel industry is rebounding quicker than expected ?? Last year, global #businesstravel by the end of next year, spending would surpass pre-pandemic levels. Forecasts has shown that it could reach $1.8 trillion by 2027 according to GBTA | Global Business Travel Association and Visa. Some of the drivers to the strong growth are: ?? Pent-up demand: 82% of respondents stated that business travel was very or moderately worthwhile in achieving their business objectives ?? The return of in-person meetings and corporate events ?? Average cost per person per trip was $1,018 ?? Most resilient industries are construction, education and professional, and scientific and technical activities Lots of opportunity for the #futureofwork innovation as it continues back to evolving and growing. #internationaltravel #globalbusiness

Why Sales Travel is Back In March of 2021, Jamie Dimon was interviewed on CNBC where he disclosed that he would no longer meet on Zoom. What followed was his disclosure that his sales team lost major deals in the pandemic. When his team reached out to the clients, they said their competitors came to visit them in their offices and his team didn't. https://lnkd.in/gUvWnStE In the end of 2021, I had four senior sales leaders tell me they would end travel and use the budget to hire more SDRs. They believed they would no longer need to travel. I believed they would travel because, otherwise, they would lose deals. Travel is back, even if it isn't back to 2019 travel numbers. Those with competitors must know that there are always sales organizations willing to do what other's won't. I expect travel to grow steadily in 2024.??

?? More evidence that business travel spending is returning, just as personal travel spending has rebounded to near pre-pandemic levels. ?? Business travel expenditure is up 47% from 2022 and is expected to return to pre-pandemic spending levels in 2024. ?? With all this impending business spend, expect travel and expense platforms to be in high demand, and competition in the space to be intense! https://lnkd.in/ed7J4bQv #spendmanagement #travel #expensemanagement #fintech

Reports suggest companies spent more than double on car rentals in Q2 2023 compared to the same time last year. It was a business travel high since before the pandemic in 2019.

A new Global Business Travel Association report shows that #businesstravel managers are increasingly balancing competing priorities. Companies are emphasizing cost savings, while employees seek premium benefits, like childcare and pet sitting, while they are away.

Car Rental is on the RISE! Reports suggest companies spent more than double on car rentals in Q2 2023 compared to the same time last year. It was a business travel high since before the pandemic in 2019.