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Saturday,  April 20, 2024 9:27 PM 

Amex GBT: Four trends shaping corporate travel in 2024

  • Buzz
  •   02-21-2024  12:37 pm
  •   Pax Global Media

Amex GBT: Four trends shaping corporate travel in 2024
(Supplied)
Pax Global Media

The corporate travel landscape is poised for a transformative ride in 2024, according to a new report from American Express Global Business Travel (Amex GBT).

The report highlights top trends from pricing, technology, the future of work and corporate responsibility that will shape the business travel landscape this year.

"Managed travel and meetings saw continued growth in 2023," said Dan Beauchamp, head of global and multinational consulting at Amex GBT, "and we expect 2024 to bring new opportunities as business travel progresses, adapts to new realities, and thrives amid continued change."

Four travel industry trends shaping managed travel and meetings include:

Pricing

The return to travel has been accompanied by disruption and significant cost increases for accommodation and flights. In 2024, the price picture is expected to become less volatile, says Amex GBT.

While hotel prices will moderate compared to the last two years, they're still forecast to increase around the world while airfares continue to stabilize.

This could affect business travel spending and future itineraries. Expect prices to be impacted by demand, staffing, and economic conditions over the next year.

Technology

Perhaps the most talked about technology, artificial intelligence (Al), is already hard at work in the travel sector. And its potential role in business processes is only beginning to be tapped.

“Expect to see rapidly growing use of Al technologies across travel management which may also include new apps and integrations as we move through 2024,” says Amex GBT.

Future of work

There's a dynamic tension in the new world of work between employees who enjoy the flexibility of hybrid work, and the employers who want them back in the office, the company says.

The shift to new ways of working can make it challenging to create a strong organizational framework.

Ebb and flow around workplace patterns will continue to reinforce the role of travel and meetings by connecting people in person.

“Companies are embracing managed internal meetings to reunite their distributed workforces and strengthen relationships between their employees,” the company says.

Corporate responsibility

Expect corporate responsibility to be an even bigger priority, one of the hallmarks of a great place to work.

“Gen Z workers are particularly focused on purpose and they think about how an organization aligns with their identity and personal brand,” says Amex GBT. 

The overarching objective for many businesses is to continue making a positive environmental impact through new and changing behaviours when it comes to corporate travel programs.

All signs point to 2024 being a dynamic year of business travel, characterized by substantial growth and next-generation technology adoption.

To find out more about how these emerging trends are transforming the business travel landscape, you can access the full report here.


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