Four out of ten buyers will have bigger corporate travel budgets in 2018, according to a survey by the Business Travel Show.
This is compared to the 32 per cent who predicted an increase in last year’s survey. Moreover, 49 per cent of the 243 buyers who took part in the research claimed they’ll have more to spend on air travel and accommodation, while 45 per cent believe they’ll have more trips to manage.
However, 47 per cent expect total travel costs to rise, offsetting the bigger budgets.
The survey shows a return to confidence in budgets, with previous surveys showing a steady decrease in those who said they’ll have bigger budgets from 2011 (39 per cent) to 2016 (29 per cent).
Carrie Nederpel, travel specialist and Business Travel Show advisory board member, said: “From what I have noticed here in the Netherlands, business is booming, and along with that travel. The need and financial ability for corporate travel is increasing, as are the budgets to do so. The challenge for a travel buyer is how to spend our increase in money wisely and ‘shop around’, as it were.”
David Chapple, Business Travel Show event director, added: “This time last year, geopolitical events such as Brexit and the imminent inauguration of president Trump left many concerned for the economy and the widespread feeling of uncertainty about what the future holds undoubtedly leaked in to the corporate travel market.
“The results of our survey, however, indicate that caution in business travel was short-lived and budgets and growth appear to be healthier than ever. In fact, some commentators have even suggested corporate travel may do better than other industries, as companies invest more in travel to explore alternative trade avenues outside of Europe following the Brexit vote.”
Registration is now open for the Business Travel Show, which takes place from 21-22 February at Olympia London. Buyers can register for free at businesstravelshow.com/register.