While the hotel industry sees business travel stagnation, Tripleseat customers continue to exceed market expectations

Deloitte just released its predictions for the future of corporate travel as it relates to; meetings, events, hotels and so much more.

Don't worry hotel sales friends, I did the heavy eyelid reading last night and took extensive notes. Allow me to deliver some insight!

Based on a survey of 150 corporate travel managers between Feb. 10-18, 2022, Deloitte found the following:?

1. Leisure travel is booming. Business travel is 2 years away from a full recovery.
2. Companies are recalling their workforce back to the office after two years of "WFH"
3. Long-delayed team meetings have been rescheduled and conferences are slowly shifting back from online to in-person events.
4. Hotels will see a rise in corporate travel over the next several months, but a full recovery, matching the pre-pandemic occupancy rates is years away.
5. Nontraditional lodging, like Airbnb and other short-term rentals, is siphoning off a small percentage of hotel room nights as companies seek unique ways to get their workforce out of their homes, off of zoom, and back to belly2belly business practices.?
6. Corporate spending on in-person meetings/events/conferences has risen above pre-pandemic levels by 36%! By the end of Q2 2022, that number will jump to 55%!
7. On the contrary, these same companies are stalling the long-term growth in the business travel sector. Corporate travel will remain slow as 3 out of 10 companies expect to reduce travel budgets between 11%–25% by 2025!

So let's digest these pain points:

• ?Carrot and the stick. "The Bosses" are saying "come attend these awesome in-person events we have arranged for you!" Now that travel restrictions have eased and the pandemic hangover is drying out; "we will fly you to these warm-weather spots where you and your colleagues can rejoice in a return to normalcy!"
• ?However, between now and Q4 2022, outside of cingular "welcome back to work" corporate events and travel, c-suiters will aggressively pull back the reigns on all travel expenses. Corporate travel budgets will be based on the "why" rather than the "what."
• ?Finally, with inflation and fuel prices on the rise, instability in the geopolitical landscape, and the incessant fear of another COVID variant, CEO's are looking to stockpile their travel budget surplus from the past two years and will do their very best to employ the old rally cry "we have to do more with less!"

Okay hoteliers, so the rollercoaster read is over. Feeling a little queasy, are we? Dr. Joe says book a Tripleseat Demo and call me in the morning!

Tripleseat is the modern-day answer to the more archaic legacy hotel software. Our platform, built by hoteliers for hoteliers, will enable your property to capture leads seamlessly, reduce the time it takes the sales team to close group business and streamline the planning process. Your guests and team will thrive together within Tripleseat's unparalleled sales & catering booking experience!

Email me today, thrive by summer.

Joseph Gazarek, Hotel Business Development - Tripleseat Software

[email protected] | 978-561-2256