AMR Future Brief| 3 Key Trends Shaping Business Travel Industry in 2024

In recent years, the trajectory of business travel trends has undergone significant evolution, mirroring shifts in the global economic landscape, workforce demographics, and a growing emphasis on sustainability. The global business travel market is projected to reach $2.1 trillion by 2031. This expected growth in the market is mainly owing to factors like the rapid move towards a more global, inclusive, and technology-centric approach to travel.??

3 Key Trends to Business Travel Watch out in 2024?

Let's delve into the key trends that are poised to reshape the landscape of professional travel.?

1.Embracing Work-Life Harmony: The Rise of Bleisure Travel?

Business isn't always just about work anymore—it is about blending work with enjoyment, too. The growing popularity of bleisure travel highlights a significant shift in corporate travel patterns, and it is a trend that is expected to keep going even as COVID-19 vaccinations roll out. As a younger generation of workers enters the industry, they want to use their time away from the office for more than simply business meetings.?

Even though a whopping 92% of organizations pressed pause on business travel in the early days of the pandemic, statistics from before COVID-19 hit suggest that 90% of millennial business travelers routinely spiced up their trips with leisurely activities (National Geographic, 2020). A resurgence of this trend was observed in 2021, especially with COVID-19 vaccines widely available.?

Bleisure travelers often take such combination vacations once every two to three months. Remarkably, over half of international business travelers are eager to prolong their travels to fit in some downtime while visiting their destination. Travelers, nowadays, are becoming increasingly environmentally conscious and are opting for sustainable travel options such as carbon offset flights, eco-friendly accommodations, and paperless travel initiatives. Hotels and travel providers that prioritize sustainability initiatives not only reduce their environmental footprint but also appeal to a growing segment of socially responsible travelers, positioning themselves as leaders in sustainable hospitality.?

This offers a fantastic chance for businesses in the tourist sector to focus their marketing efforts on regional events and attractions. Companies are using time tracking software to make sure productivity stays on track and to find out if workers are finding the correct balance between work and pleasure.?

2.Embracing Diversity in Lodging: The Rise of Unconventional Accommodations?

In the ever-evolving landscape of business travel, a notable trend shaping the preferences of the new generation of corporate travelers is the burgeoning popularity of unconventional accommodations. Today's business travelers are increasingly open to exploring lodging options beyond traditional chain hotels, seeking out accommodations that offer a more personalized and homelike experience.?

The allure of smaller boutique hotels and home-like accommodations, such as those provided by Airbnb, has captured the attention of business travelers. Strikingly, most millennial corporate travelers are opting for vacation rentals during their business trips.?

These non-traditional lodging options not only offer a comfortable and welcoming environment but also present opportunities for travelers to immerse themselves in the local culture and lifestyle of the destination. Additionally, many travelers are choosing accommodations situated further away from the city center, prioritizing comfort and proximity to leisure activities over central location.?

3.The Ongoing Technological Transformation of Corporate Travel?

Technology remains at the forefront of revolutionizing the landscape of global business travel. Currently, mobile technology commands a significant portion of hotel and airfare bookings. With the rollout of 5G wireless internet, the demand for mobile technology in business travel is expected to soar even higher, especially with rising digitalization worldwide.?

For international business travelers, advancements in facial recognition technology promise to streamline airport procedures, reducing wait times at immigration checkpoints and border controls. Biometric technologies like fingerprint and retinal scanning are also gaining traction, further expediting security processes at airports.?

The evolution of trip disruption technology aims to mitigate the inconveniences caused by flight and train delays. Real-time trip updates delivered to travelers' mobile devices empower them to adapt their plans swiftly, minimizing disruptions and optimizing productivity.?

In-flight internet connectivity is undergoing significant improvements, with travel suppliers and mobile network operators collaborating to bring high-speed internet access to the cabin. This innovation enables employees to remain productive during long-haul flights, ensuring that travel time is utilized effectively.?

Moreover, technology has extended its reach beyond airports and train stations to enhance various aspects of business travel. Automated check-in and check-out processes streamline hotel stays, allowing travelers to collect their room keys upon arrival and proceed directly to their accommodations. Centralized billing systems alleviate the burden of manually calculating expense costs, simplifying financial management for travelers.?