Business travel, indicating conferences and internal travel to bring teams together, is expected to increase this fall, the latest analysis from Trip Actions revealed.
According to Business Travel News, global travel bookings analyzed from September 1 to November 19 are almost six times higher than in 2021, reports SchengenVisaInfo.com.
Trip Actions revealed that travel spending rose 27% in August after such corporate bookings plummeted in the summer. This trend is also expected to continue in September, with a 30% increase in bookings expected.
Bookings made in the EU fell by 20% from June to July, only to increase by 24% in August. In the EMEA region, the main destinations for business travel this season are London, Paris and Lisbon, as well as Dublin, Rome and Barcelona.
By contrast, flight prices have started to fall in the United States and Europe, almost reaching lower levels than in 2019, before the COVID-19 outbreak.
As Trip Actions pointed out in a recent report, flight prices in Europe have fallen by 47%, from €380 at the summer peak to €258 at the end of August. The average price for an EU flight in the zone was €260 in August, down from an average of €268 in August 2019.
Businesses have become more flexible and remote workers more evident over the past year impacting travel habits as team meeting has become the top reason for business travel.
Onsite and offsite team meetings now account for 38% of business travel, compared to 33% of business travel, which was the top reason for travel prior to the COVID-19 pandemic.
“Working models today are global by default. The way we’ve traditionally thought of road warriors is changing – sales are still a high priority, but we’re now seeing customers value team travel and building culture as much as they do. we do it for sales gains,” Nina Herold, executive vice president and general manager of travel at Trip Actions, said.
Additionally, there were more instances of employees mixing business and leisure travel, with 35% of bookings now including a weekend stay.
Nearly two-thirds or 65% of companies globally plan to increase the number of trips they make, including an increase in the average number of travelers per company and average daily bookings.
Although travel habits have changed, the enthusiasm for travel is there and stronger.