Business travel budgets rise as corporate travel returns to pre-Covid levels

Business travel budgets rise as corporate travel returns to pre-Covid levels

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Over half of corporate travel budgets will increase for 2024 while 36% of buyers claim their organisations have already reached or exceeded 2019 business travel
levels.

Newly released data from Business Travel Show Europe shows most business travel budgets will increase in 2024 and over one third of corporates have already reached or exceeded 2019 business travel levels.  

The event’s organisers surveyed 322 European travel buyers, procurement and HR managers, EAs and PAs in December 2023 asking them the following questions: 

1.  “Will your 2024 travel budget….”  
Increase:                        50.9%
Stay the same:               28.6%
Decrease:                      17.7%
I don’t know:                 2.8% 

2.  “When do you expect your organisation’s business travel activity to return to 2019 levels?” 
It already has:                                     20.2%
It has exceeded 2019 levels:              16.2%
In 2024:                                                  22.7%
Beyond 2024:                                      33.5%
Never:                                                  4.7% 
I don’t know:                                         2.8% 

Almost half of those respondents who answered ‘never’ attributed this to a focus on sustainability and a planned reduction in carbon emissions: 

Sustainability / to reduce carbon emissions:              43.8% 
Pressure to reduce costs:                                             31.2%
Ongoing travel restrictions:                                          12.5%
Traveller reluctance:                                                    6.3% 

BTN Group Executive Vice President Louis Magliaro says “This new data is incredibly positive to see and wholly reflective of an increasingly healthy industry that is more than back on track following the pandemic, something that was far from guaranteed even two years ago. That’s not to say today’s travel manager’s job is an easy one – far from it – legislation, technology and geopolitical situations are among the many parameters changing constantly so it’s essential they keep up to date with information, supplier offerings and their peers each year at Business Travel Show Europe so their programmes can continue to move forward in a progressive, responsible manner.” 

The poll was answered by 322 European travel buyers, procurement and HR managers, EAs and PAs (43% with budgets under £3m and 51% with budgets over £3m). Registration will open with free tickets available to qualified travel bookers, buyers and managers.  

Business Travel Show Europe returns to ExCeL London from 19-20 June 2024 to celebrate its 30th anniversary. It runs alongside TravelTech Show and The Meetings Show and brings together over 700 buyers and 200 exhibitors for high-level, in-person networking and a premium conference programme.  Registration for the show/s will open in March 2024. 


Vicky Karantzavelou

Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor’s degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.

She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.




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