A new Cvent Travel Manager Report provides in-depth insights into current corporate travel trends and activity.
Cvent, a market-leading meetings, events, travel and hospitality technology provider, published the latest instalments of the Cvent Travel Manager Report. It provides in-depth insights into current corporate travel trends and activity. Regional editions with localised data sourced from hundreds of corporate travel decision-makers were published for Asia, Australia & MEA.
Collectively, the reports reveal significant levels of optimism amongst corporate travel managers and highlight the pivotal role technology will play in the corporate travel sourcing process. 82% of respondents expect corporate travel volumes at their organisation to increase in 2023 relative to 2019 in MEA, followed by 75% in Australia and 74% in Asia.
In addition, the report shows the increasing impact sustainability has on the choice of venue, highlighting the critical importance of hotels showcasing not just their unique facilities and points of difference, but their sustainability efforts and initiatives to better attract today’s corporate travel buyers. The findings also reveal that organisations in Asia and Australia will witness an increase in travel to Asia and Europe. For corporate travel decision-makers in MEA, the regions where travel managers are most likely to increase travel volumes for their organisation are the Middle East/Africa (61%), and Asia (47%).
Graham Pope, Vice President of International Sales, Cvent, said “The results in this report illustrate that because corporate travel momentum has continued to grow and needs have evolved, hotels must understand their buyers’ decision-making processes, preferences and budget expectations to attract them to their properties and stay ahead of the competition. The travel resurgence has also manifested higher expectations from the clients, with sustainability at the top of the list. With many hotels operating with smaller teams than pre-pandemic, this report offers critical insight into where hospitality professionals can focus their efforts and leverage technology to work more efficiently and maximise impact.”
Additional highlights include:
Interest in Dual and Dynamic Rates Increasing –
- The report reveals that 84% in Asia, 81% in Australia and 82% in MEA say their interest in such an approach has increased for the 2023 RFP season. To win business in 2023, hotels must understand their potential customers’ rate strategy and expectations and establishing a willingness to engage and offer dual and dynamic rates offers venues the opportunity to also award discounts for loyalty, and flex prices depending on demand and availability.
Trip Prioritisation and Sourcing Needs Have Evolved:
- With budgets under pressure due to rising costs, travel managers are increasingly asking whether trips are truly necessary, and how each one fits into a new formula of cost versus value. Almost half (46%) of travel managers in Australia followed by 45% in Asia and 42% in MEA, are taking this approach. Once the trip is approved, travel managers rigorously compare hotels on a shifting set of priorities including cost savings, rate flexibility and sustainability.
Rising Costs Spur Budget Increases:
- Approximately 80% across Australia, MEA, and Asia say their travel budgets will rise in 2023, including 34% who predict it will increase significantly. However, travel managers are proactively looking for ways to reduce and accommodate budgets to help offset the rising cost of travel. Hotels can highlight unique experiences and offer incentives to encourage additional spending onsite.
About the Study
Cvent commissioned Censuswide, an independent research company, to survey 250 corporate travel decision-makers in Singapore, China, Japan, Thailand, and India, and 100 in Australia, 150 from UAE, Saudi Arabia, and South Africa between 4 and 17 November 2022.
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