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Business Travel 2024 forecasts from BCD Travel

Business Travel 2024: BCD Travel forecasts

2024 promises to be a year of challenges and opportunities for business travel. On the one hand, the global economic context remains uncertain, with persistent inflation and geopolitical tensions that could slow the recovery. On the other hand, the demand for business travel is increasing, with companies returning to invest in the travel of their employees.

Challenges and risks for business travel

Among the main risks for business travel in 2024 we find:

  • Inflation: Rising prices could erode business travel budgets, forcing companies to review their travel policies.
  • Geopolitical tensions: instability in some areas of the world could limit business travel to certain areas.
  • Climate change: the increased frequency of extreme weather events could cause disruption and flight cancellations.
  • Threats to cybersecurity: Cyberattacks are on the rise and companies need to protect the sensitive data of their traveling employees.
  • Health issues: the COVID-19 pandemic is not over yet and new variants may require the introduction of new travel restrictions.

Business travel trends in 2024

Despite the challenges, there are also some positive trends for business travel in 2024:

  • The recovery of the airline sector: the number of flights is increasing and airfares are expected to stabilize.
  • The growth of the hotel sector: demand for hotel rooms is increasing and hoteliers are investing in new services and technologies.
  • The rise of bleisure: Trips that combine work and leisure are increasingly popular.
  • The importance of sustainability: companies are increasingly attentive toenvironmental impact of their business travel and are taking steps to make it more sustainable.

Advice for companies

In this uncertain environment, companies looking to optimize their business travel programs in 2024 should rreview your travel policies as it is important to align with the new needs and challenges of the sector. Furthermore, it is important negotiate airfare and hotel rates to get the best possible price, invest in technologies which can help them manage their travel plans more efficiently and safely and ultimately encourage their employees to travel more sustainably.

2024 will be a year of transition for business travel and companies that are able to adapt to the changes will obtain the maximum return on investment.