Journey budgets are set to extend this yr throughout the UK and Europe regardless of stress to scale back prices, in keeping with the newest analysis by the Enterprise Journey Present Europe.
In accordance with the examine, which surveyed greater than 300 journey managers in December 2023, 51 per cent of European journey and procurement managers anticipate budgets to extend in 2024, whereas 28 per cent anticipate budgets will stay the identical because the earlier yr. Solely 18 per cent predict a lower in journey budgets amid inflationary stress.
Most corporates (75 per cent) additionally reported they’re prepared for the brand new Company Sustainability Reporting Directive (CSRD), which would require organisations within the EU to submit “vital” Scope 3 oblique emissions information from 2024 onwards.
After 24 months of frequently rising costs, the stress on journey managers to rein in spending is mounting, with 43 per cent stating resort and airline pricing are amongst their greatest challenges for 2024.
However, 37 per cent of patrons reported their organisations have already reached or exceeded 2019 journey volumes and an additional 23 per cent anticipate to succeed in pre-pandemic ranges of enterprise journey this yr.
Solely 5 per cent of corporates stated journey volumes won’t ever return to 2019 ranges, largely resulting from sustainability targets and efforts to scale back carbon emissions.
Obligation of care can also be among the many challenges dealing with journey managers in 2024 (in keeping with 22 per cent of respondents), together with ‘globalisation’ (17 per cent) and appointing a brand new TMC (20 per cent).
Commenting on the findings, BTN Group govt vp, Louis Magliaro, stated: “This new information is extremely optimistic to see and wholly reflective of an more and more wholesome business that’s greater than again on observe following the pandemic, one thing that was removed from assured even two years in the past.”
This yr’s Enterprise Journey Present Europe will happen on 19-20 June at ExCel London.
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