The New Landscape of Corporate Travel in Europe: Insights from Cvent’s 2023 Travel Manager Report
Corporate travel in Europe is on the rise, but with new challenges and evolving priorities for travel managers. Cvent’s 2023 Travel Manager Report, based on a survey of over 600 corporate travel decision-makers, offers valuable insights for hotels looking to capitalise on the industry’s comeback.
Key takeaways from the report include:
- Costs Are the #1 Concern: 65% of corporate travel managers are most concerned about rising expenses, including airfares, hotel rates, and ground transportation. 80% expect business travel costs to be higher in 2023 than in 2022.
- Creative Budgeting Strategies: To make budgets go further, 40% of travel managers plan to combine business trips with existing meetings and events, while 37% will reduce employee travel.
- Hotel Negotiations Are Challenging: Unreasonable rates are the #1 deal-breaker for 51% of travel managers. 37% say negotiating with hotels is their biggest challenge during the travel sourcing and RFP process. Collaboration and smooth processes are key.
- Sustainability Matters: 29% of travel managers now seek information on hotels’ sustainability initiatives when researching properties. Green certifications, recycling policies, and energy conservation influence RFP decisions.
- Cautious Optimism Prevails: 80% of travel managers feel positive about the current state of corporate travel, and 64% expect their organisation’s travel volumes to increase in 2023 compared to 2022. However, 31% don’t think volumes will ever return to pre-pandemic levels.
To attract corporate travel business in 2023 and beyond, hotels must adapt to the changing landscape by addressing cost concerns, offering flexible negotiation processes, and prioritizing sustainability efforts. Cvent’s full Travel Manager report provides in-depth insights, including granular data on travel manager priorities by country, forecasts for regional vs. global corporate travel demand, and trends shaping the future of corporate travel.
Download the Cvent 2023 Travel Manager Report now to better understand and meet the needs of corporate clients in this new era of travel.