People like to travel and enjoy it so much that the majority don't mind if they have to send a few emails, go to meetings, or listen to lectures while travelling. Business travellers live by the mantra, "Work hard, play hard," and are willing to put up with a morning of meetings if it means they can spend the afternoon sipping cocktails in the sun.

Approximately 30% of job candidates are willing to take lower-paying positions if they involve business trips. Companies are aware that employees like these "bleisure" vacations and are frequently willing to provide them with a large sum of money for travel expenses, lodging, meals, and transportation in order to make them more comfortable. To illustrate how much the business travel industry has grown and changed, we have compiled the following list of interesting facts, stats and trends.

General Business Travel Stats and Facts

The top reasons for sending employees on business trips are: * sales visits * leadership meetings * client project work * Conferences and industry events

The global market for business travel is not anticipated to rebound until 2027 when it is expected to reach US$829.5 billion.

From 2020 to 2027, the global market for business travel is estimated to grow at a CAGR of 3%.

According to almost 91% of corporate travel managers, business travel is essential for the company's success.

For every dollar invested in corporate travel, businesses see a $2.90 boost in profit and a $9.50 rise in revenue.

Nearly 10% of work travels qualify as "bleisure" trips.

Despite the surge in business travel, only 60% of organisations really have a corporate travel policy.

Business travel and covid in 2022

The Covid pandemic has had a lasting effect on the industry, and altho things are getting better, the growth rate is slow. The third and fourth quarters of 2021 saw an increase in corporate travel spending, although not at the rate travel managers had anticipated. 34% of corporate travel managers questioned in June 2021 predicted that by the end of the year, travel spending would have reached 50% of that in 2019. However, they missed the mark with almost 45%, as the increase was merely 8%.

Additionally, travel industry executives have lowered their hopes for a comeback in 2022. Compared to more than half of poll respondents in 2021, only 17% believe the economy would fully recover by the end of 2022.

However, the pandemic is not entirely over yet, as new varieties and outbreaks that have occurred since summer 2021 have forced companies to postpone their travel plans. Corporate travel is not anticipated to return to pre-epidemic levels this year or even in 2023.

Here are some more stats that will help you understand how devastating the coronavirus outbreak was for the sector:

• The COVID-19 pandemic cost China $404 billion in lost business travel expenditures, the highest among the Global Business Travel Association(GBTA) members.

• Europe was the second-most severely affected region, with a total loss of $190.5 billion from business travel expenses.

• With losses totalling $120.2 billion, the Asia-Pacific (excluding China, Hong Kong, and Taiwan) came in third place.

• In a poll, 45% of employees claimed that the epidemic caused their companies to postpone the majority of overseas business travels to the United States.

• 55.7% of business travel managers claim that contactless payments have risen in importance for their travel program, as a result of the pandemic.

• In the midst of the global lockdown, two-thirds of the world's aircraft fleet was unable to fly. In the first several months after the pandemic, about 18 airline businesses declared bankruptcy.

Business Travel Spending Statistics

Prior to the pandemic, 26% of all US travel expenditures were due to business travel. But by the end of 2021, that percentage had decreased to 14% and was still only 41% of the total business travel spending amount for 2019.

50% of professional travel expenses are allocated to business accommodation and air travel.

The standard US business traveller will shell out $949 for airfare, lodging, and other costs. This results in an average expenditure of $111.7 billion for domestic travel per year.

In contrast, the typical commercial organisation spends about $799 per person per day. As a result, the corporate travel industry is undoubtedly seeing revenue increase.

Destinations and Accommodation

According to global statistics, the US and China are the top two spenders on business travel worldwide, followed by Sweden, India, and Indonesia. The most expensive places for business travel are New York and the two biggest cities in Switzerland, Zurich and Geneva. Hong Kong has the highest daily average cost for business travellers in Asia.

Here are the daily costs of the top 6 most expensive cities:

• New York ($799),
• Geneva, ($716),
• Zurich ($661),
• Washington DC ($621),
• Paris ($617),
• Hong Kong ($515).

Nearly one in four organisations predict that the frequency of travel to Europe will be close to or higher than pre-pandemic levels, making it the top destination for Americans. Over half (54%) anticipate that travel will pick up again but not to pre-pandemic levels. Spending on corporate travel should climb by 34% in 2022, compared to the 26% predicted for 2021. By 2022, business travel should increase by

• 35% in the Americas,
• 28% in Europe,
• 41% in Asia-Pacific,
• 23% in Africa,
• 32% in the Middle East.

Given that 40% of visitors are business travellers, the hotel and hospitality sector depends heavily on them.

The most important things business travellers want when booking accommodation is:

• quality
• trustworthiness
• convenience
• quietness
• affordability
• cosiness.

Business traveller profile

Different companies have different business travel rules. Some see work trips as a job bonus and others - as a mandatory task.

• 90% of poll participants said they intended to continue taking business trips throughout the rest of their careers. Furthermore, 62% of respondents said that they like business travel.

• According to 79% of workers, their total job satisfaction is impacted by their experience travelling for work.

• Business travel is regarded as a perk of the job by 83% of employees.

But the corporation politics are not the only factor that determines the way travellers behave. Business with leisure, or "bleisure," is practised by 81% of business travellers. Of them:

• 61% of travellers who are on business do some form of relaxation.
• 41% of people extend their work trips to take a short break.
• 33% of people schedule a vacation around a business trip.

The numbers are somewhat the same regardless of the travellers’ age. For example:

• 86% of Millennials are inclined to blend business and pleasure.
• 76% of Gen Xers engage in leisure activities while on business vacations.
• 73% of Baby boomers say they mix work with pleasure while on a trip.

What are you supposed to take away from these business travel statistics?

It goes without saying that the pandemic had a significant impact on the travel and tourism sector globally, but don't worry, recovery is on the way.

After the Covid epidemic, international business travel is gradually making a comeback. However, due to social distancing rules on aeroplanes, most business travellers anticipate an increase in ticket rates in the future. The best way to minimise your corporate budget is to plan your trip carefully. Consider using a travel and accommodation agency that can offer your great deals at reasonable prices. Not to mention most of these companies have an active COVID refund policy that can save you a lot of headaches.