An Accor report brings new insights into the future of business travel
The Accor “Masters of Travel” report has been released, a document illustrating the current status and perspectives of business travel and corporate meetings after the pandemic.
The meeting of Accor’s “Masters of Travel” advisory board brought together leaders from the fields of technology, law, energy, engineering, and pharmaceuticals in Brussels to shape a vision for post-pandemic business travel and meetings.
Accor’s research revealed that business travel spending is only 24% lower than in 2019 and is expected to return to pre-pandemic levels by 2024 (according to Deloitte data). A recent Accor global business travel survey aligns with this return to pre-pandemic spending, as 57% of respondents expect an increase in travel budgets in 2024 compared to 2023 spending. These same corporations rank “traveler experience” as the second most crucial factor in 2024, following cost savings in order of importance. Furthermore, 46% of respondents confirmed they are unlikely to limit business travel for the remainder of the year.
The value of face-to-face meetings is undeniable, with professionals estimating 25% higher revenue when meeting in person. Profit is not the only part of the equation, as employees require interaction with colleagues and associates for their mental health and job satisfaction. Every trip is carefully evaluated in terms of ROI and ROE — Return on Investment and, increasingly, Return on Expectations — without a return, there is no flight.
A study conducted by Accor among corporate clients revealed that 54% of them placed carbon emissions at the top of their CSR priorities, and “supplier sustainability performance for hotel sourcing and selection for 2024” was considered very important in their booking decisions. The responsibility lies with both travelers and hosts, with both parties having a duty to work together for more sustainable travel.
Over 70% of Accor hotels have carbon emission measurement tools, and delegates have shown a willingness to spend more per night for better environmental credentials.
Frequently Asked Questions
When will business travel spending recover?
Spending is expected to return to 2019 levels by 2024, as 57% of companies predict budget increases.
What is ROE in business travel?
ROE stands for Return on Expectations, focusing on traveler satisfaction and mental health alongside financial ROI.
How important is sustainability for 2024 travel?
Sustainability is crucial; 54% of firms prioritize carbon emissions when choosing hotel suppliers.