Since 2009, business travel spending has increased by 38%. Today, even in the world of social media, video chat and ever-cheaper and more accessible phone connectivity, more of us are travelling on business than ever before.
A Profitable Service
Our infographic offers a visual glimpse at the trends we expect to see in 2017 that will shape the world of business travel - in terms of growth, bookings, and mobile. As well as the facts illustrated here, some more figures have recently emerged:
- Business travel spending reached $1.2 trillion globally in 2015, and this figure is estimated to jump to $1.6 trillion by 2020.
- In Western Europe, the total spent on business travel is estimated to grow to over $220 billion in 2017, while, in the USA, total spending is thought to have exceeded $319 billion in 2016 alone. This includes the average price of food while away on business ($96.89 per day) and the cost of a rental car ($46.89 per day).
- Of course, these figures vary by location; the most expensive business travel destination in 2016 was estimated to be San Francisco, where the average cost of a one-day stay, including food, rental car and a hotel was calculated at approximately £509.
Industry Growth
Business travel has continued to grow throughout its history. Throughout 2016, business travellers contributed an additional 38,000 journeys to the global total per day.
Polls suggest that almost all (99.5%) of business travellers report looking forward to company trips, 90% admit to getting excited for every business trip, and 75% describe business travel as an ‘adventure’. This suggests that companies providing business travel opportunities to employees should expend effort to ensure their experiences continue to be enjoyable and straightforward, as this is likely to contribute to higher performances on the part of the employees.
Mobile Bookings; A Growing Phenomenon
For companies invested in planning business trips, or employees excited by their next opportunity to travel with their company, it is increasingly likely that a smartphone will be used in researching, planning or booking a trip.
Between 2011 and 2015, the rate of mobile bookings increased by 1700%, and they now account for 18% of all travel bookings made online and 8% of total travel bookings. Between 2014 and 2016, the proportion of Americans researching future trips on their smartphones leapt from 25.9% to 73%. By 2019, the total value of trips booked in the USA on a laptop or PC is expected to drop from $118 billion to $111.3 billion, but the value of those made on a smartphone or tablet is expected to rise from $31.9 billion to $94.8 billion.
Our free roundtable Q&A guide contains expert industry insights on the future of business travel - including the risks and trends that are shaping corporate travel for TMCs. You can download it here.
