Corporate travel sector “coming back strongly”

The times are definitely changing according to new research released by Sabre Corporation which reveals the changing face of corporate travel as the industry, globally, continues to gains strength in a post-pandemic environment.

Our latest AccomNews print issue is available now! Read it HERE.

The research, carried out with respondents across Asia Pacific in five languages in 21 countries, offers insight into the ever-evolving expectations of business travellers, and how corporate sellers in the region are adapting to service these new demands.  

Key findings included:  

• The majority of corporate travel agents (84 percent) have changed their business priorities as a result of the pandemic, and are now focused on optimizing costs and efficiencies, while meeting customer and business demands with fewer employees.

• Four-fifths of respondents have adopted new technological solutions to manage Covid-19 related risk over the past two years. And, of those who haven’t, 42 percent plan to do so within the next two years. The most popular solutions are travel risk management tools, automated workflows and virtual payment tools.

• Half of agents said a rise in internal corporate travel, to bring remote workers together, will create recovery opportunities, while 45 percent said emerging corporate travel markets are important for growth. 

• There’s strong optimism in the market, with 8 percent saying they expect a return to pre-pandemic corporate travel levels, and 15 percent expecting a boom greater than pre-COVID-19, within the next 12 months.  

• More than two-thirds of respondents have seen an increase in bookings in the three months to August. Most are reporting an increase of not more than 30 percent but there’s a notable 14 percent with an increase of more than 50 percent. 

• 55 percent say company COVID-19-related travel restrictions are easing, and 38 percent say total travel spend is increasing.  

• Cost remains a key consideration. More than two-thirds have seen a moderate or significant increase in bookings with low-cost carriers. The trend is most prevalent in North Asia where there’s been a 42 percent switch from FSCs to LCCs.  

• Corporate travellers place high priority on information, flexibility, and hygiene. However, companies are also turning their attention to sustainability as one of the key personalization priorities for corporate travel.  

Vice president of Sabre Travel Solutions, Agency Sales, Brett Thorstad said the results of the survey, which mirrored Sabre’s own booking data, showed that the corporate travel sector is coming back strongly.

While it was heartening, he said, to see those same results borne out among the company’s travel agency partners, while business travel is rebounding, it was very clear that it is returning differently.

“It is important, as an industry, that we understand these changes, and the reasons for them, and we are prepared to drive our own evolution, supported by robust technology,” he said.

“In this way, we can power increased revenue and efficiency across the travel ecosystem, while ensuring corporate travel agents are best placed to create the frictionless, tailored experiences that business travellers want and expect.”