The number of corporate travel buyers forecasting bigger budgets for the year ahead is at a five-year high, according to annual research conducted by Business Travel Show. 41% of buyers polled said they would have more money to spend on travel in 2020, compared to 33% last year.
The volume of buyers predicting an increase in travel costs was also at a record high (49% compared to 43% in 2018) and there was significant uplift in those expecting to manage more trips (52% compared to 33%).
114 European buyers took part in this year’s Business Travel Show poll, 56% from the UK, 35% from continental Europe and 9% from the rest of the world. 61% of buyers responded control budgets in excess of £1m.
Other highlights from the survey:
- 45% of buyers polled will have more to spend on accommodation in 2020 – an increase of 16% on 2019
- 65% are expecting to book more room nights, compared to 40% a year ago
- 41% will have bigger airline budgets, rising 10% over last year
Business Travel Show group event director David Chapple commented: “Last year’s survey showed a downturn in numbers across the board – with fewer buyers predicting airline, accommodation and overall budget increases. This was unsurprising with Brexit on the horizon and businesses holding back on both decision-making and spending. These figures appear to show a return to form and are back on par (if not slightly above) 2018’s statistics, which is very encouraging news for the industry.”
