SINGAPORE, Aug. 6, 2024 /PRNewswire/ — Trip.Biz, the corporate travel arm of Trip.com Group, released its Corporate Travel Management Market White Paper, highlighting the key trends and behaviours in the business travel landscape. Informed by nearly 2,000 respondents*, the White Paper included data from an online survey and face-to-face interviews, as well as third-party research.
Corporate travel soars, especially in Asia
Like leisure travel, business travel is on the rise. Global business travel spending maintained strong growth in the first half of 2023 and is expected to recover to USD 1.5 trillion by 2024, according to a report issued by the Global Business Travel Association.
The APAC region is leading in business travel expenditure, with a projected growth of 41.2%. Specifically, business travel spending in Singapore, Thailand, and New Zealand is expected to grow by more than 75%, ranking these countries as the top three in the region. Additionally, Japan and South Korea, along with European counterparts Italy and the UK, are also experiencing rapid growth in business travel spending.
Trip.Biz is staying ahead of the region’s meteoric rise, with its headquarters in Singapore and partnerships with Japan, Vietnam, Thailand and London. Further expansions are also planned in Malaysia, Indonesia, South Korea and more.
Elsewhere in Asia, China’s resurgence as the world’s largest business travel market is particularly noteworthy. Its business travel market recovered at a rate of 39.2% in 2023 and is expected to return to 2019 levels by 2024. The recovery of its outbound market has been driven by recent visa-free policies, with Southeast Asia emerging as a major destination. China is also attracting international travellers, with cities such as Hangzhou and Nanjing gaining prominence as business travel destinations. Shanghai, Beijing and Guangzhou remain among the most popular cities for business travel.
AI and ESG: transforming business travel
According to Trip.Biz’s survey, over 50% of businesses said they are likely to adopt AI technologies. Travel managers and travellers expressed hope that AI could be used in itinerary planning, process optimisation, data analysis and more to minimise human error and repetitive tasks.
Such advancements have the potential to revolutionise business travel management, and Trip.com Group has been at the forefront of this transformation, testing various "AI + tourism" applications. For instance, its intuitive AI assistant, TripGenie, can generate travel recommendations within seconds based on user prompts or questions in the app. Plans are also underway to make TripGenie available to business travellers on Trip.Biz.
Moreover, AI has enhanced internal work efficiency at Trip.Biz and supported the customer service team in resolving inquiries and delivering a seamless experience for travellers.
AI’s impact extends beyond bookings and data gathering. It can also verify the authenticity of invoices during reimbursement, reducing administrative burdens. In the near future, AI is expected to amplify personalisation and become multimodal, though regulatory concerns remain.
Environmental, social, and governance (ESG) factors are increasingly important for businesses and investors, with lower-emission flights and hotels taking lower-carbon initiatives being key considerations for pursuing more sustainable travel. 91.6% of business travellers are likely to choose these options. The top three business ESG measures include encouraging such choices, as well as prioritising employee welfare and advocating for paperless offices.
To further this goal, Trip.Biz is one of the leading TMC companies to publish flight carbon emission data in 2022. By 2023, this expanded to include carbon emission data for hotels, trains, and cars in selected regions, along with corporate carbon emission credit accounts, carbon budgeting and control.
Trends: the top likes and dislikes of business travellers
International business travel is seeing distinct trends in traveller preferences emerge.
For accommodation, business travellers surveyed cited flexibility and efficiency, a quiet environment and safety as their top priorities. Mid-range to high-end hotels are preferred among them.
Regarding flight booking, direct routes are the most sought-after, even outweighing suitable flight arrival and departure times. Once on board, travellers also highly value comfort and service quality.
Ground transportation is also evolving. Satisfaction with train and high-speed railway services is largely influenced by the overall environment, making the launch of Biz Travel’s Train Seat Selection function in 2024 especially timely. This new feature enhances travel by allowing passengers to select their seats. For car use and rental, safety remains the top priority, even surpassing comfort and travel policies.
Another key trend is the rise of "special forces" business travel, reflecting a rapid, military-style approach to travel favoured by younger professionals. This corporate travel trend emphasises advanced planning, efficient itineraries, and cost minimisation. For instance, such business travellers book typically book their trips at least two weeks in advance, arrive at airports 1.5 hours before departure, and often stay only 1-2 days in hotels. Check-ins generally occur around 19:00, with check-outs by 8:00, indicating a preference for tighter schedules.
On the other end, "bleisure" travel is on the rise, with 95% of business travellers in 2023 expressing a willingness to combine business and leisure activities, a 3.7% increase from 2022. Overall, more business travellers are going further too, as more long-distance routes resume.
Business travel offers great growth opportunities in a recovering market. However, companies also face challenges such as rising costs of flights, hotels and other travel services. Employees mention issues with accommodation conditions, sleep quality, and long transport times during trips. Post-trip, managing receipts and securing reimbursements can be challenging.
"Trip.Biz aims to offer quality business travel solutions that address these challenges and maximise opportunities with an all-in-one digital business travel solution," said Violet Zong, Chief Marketing Officer of Trip.Biz. "Through initiatives such as offering extensive content with exclusive rates and data-driven consultancy, we are committed to providing seamless travel experiences that enhance productivity and support business growth."
For more detailed insights, read the full Trip.Biz Corporate Travel Management Market White Paper.
*Respondents from mainland China
About Trip.Biz
Trip.Biz is a digital TMC powered by Trip.com group. Headquartered in Singapore, Trip.Biz is elevating business travel management through human-centric technology, rich inventory, and sustainable solutions, all on one platform. With roots dating back to 2006, Trip.Biz has already garnered the trust of over 15,000 large-scale corporations and more than 1,000,000 small to medium-sized enterprises in business travel across the globe. Our global customer service POSs cater to clients across different time zones. Trip.Biz is committed to providing cost-effective and time-efficient solutions that enable businesses to focus on what really matters – growth and success. By saving on travel, businesses can invest more in their core operations, expand their reach, and achieve their goals.
This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network
