Trip.Biz: Insightful takes on Global Business Travel from GBTA Convention
The 55th Annual GBTA Convention brought together experts and industry leaders to impact the world of corporate travel. Trip.Biz had an incredible opportunity to contribute to the 'Around the World Session for APAC'?panel discussion with Eugene Tan, Head of International Transport at Trip.Biz , bringing to the fore?our extensive experience and expertise in the world’s top?corporate travel market.
The post-pandemic recovery pace of the business travel industry?demonstrates extraordinary resilience. In its immune response to the challenges posed by COVID-19, the industry witnessed a peak of +47% in total spending during the recovery phase. According to the Global Business Travel Forecast 2024, estimated spending is projected to reach an impressive $1.48 trillion, surpassing the pre-pandemic levels of 2019. This positive trajectory indicates a bright future for business travel, with spending expected to reach $2 trillion by 2028.
The Asia-Pacific region,?with a market value of?$545.4 billion, accounts for 40.8% of the industry, making it?the largest market in global business travel. Moreover, it is the fastest-growing region, with a projected growth rate of 12.3% in 2024 and a determination to achieve a compound annual growth rate in economic output exceeding 8%, outpacing all other regions from 2024 to 2028. While APAC is still lagging in terms of recovery rate at 89%, this presents ample opportunities for further expansion and growth.
Based on these trends, our experts, in collaboration with GBTA,?identified four key strategies?to support travel buyers:
1. Leverage Advance Booking and Dynamic Pricing Tools: Strengthen relationships with preferred suppliers and utilise loyalty programmes to negotiate flexible contracts and secure the lowest prices. Identify the optimal times for booking to maximise cost savings.
2. Develop Purposeful Travel Principles:?Integrate sustainability metrics into travel plans and strive for multi-modal shifts, such as transitioning from air to rail when feasible. Implement hybrid models that support remote work and reduce unnecessary trips and carbon emissions.
3. Employ Travel Location Strategies:?Consider domestic travel and increase trip frequencies. Secondary and tertiary cities can be ideal for internal meetings focused on collaboration. Develop comprehensive plans for ground transportation that cater to air and hotel needs, taking into account the entire journey from the airport to the meeting place and hotel.
4. Build Organisational Alignment:?Foster collaboration among M&E, sustainability, HR, and risk departments to address cost and environmental objectives. Prioritise traveller experience and well-being in programme?design.
Looking ahead to 2025, it is clear that the industry's focus is on digitalisation. Travel managers constantly seek ways to future-proof their travel programmes in this digital era. Eugene Tan?emphasised the importance of technology in simplifying the complexities of business travel while maintaining cost efficiency. With Trip.Biz technology, travel buyers have all the necessary tools?to effectively address?the challenge of content fragmentation.
At Trip.Biz , we are honoured to have had the opportunity to bring valuable insights and illuminate industry trends?at the 55th GBTA Conference. Our commitment, alongside?experts and industry leaders, is to continue advancing?corporate travel globally and connecting people around the world to make business happen.
For more information about Trip.Biz , please visit https://www.trip.biz/