American Express, a corporate card company released data about research on business travel in the UK. It states that two-thirds of UK businesses are planning to boost corporate travel expenses by a minimum of 50% in the next year.
42% of SMEs are planning to make more business trips in the upcoming year according to a poll of business travellers and leaders.
Moreover, travel played a significant role in the revenue surge as 80% of companies believe. And, 60% of businesses are planning expansion around the UK while 35% are willing to explore new international markets.
The need for connecting remote teams after the pandemic is one reason for the rise in travel. 73% of respondents mentioned this as a significant travel reason for businesspeople with 1/5 already making more efforts to reunite their teams.
Bleisure (Business + leisure) travel is also on the rise after the pandemic. 31% of employees are travelling with their spouses or family members on business trips.
The majority of businesses (79%) have also raised their attention to employees’ wellness when travelling. This is vital given that 71% of respondents claimed they if their employer won’t prioritize their health during travel, they would quit their jobs.
Sustainability is another issue that this research highlighted. 71% of corporate travellers are concerned about how their trips would create environmental impact with consciousness around carbon footprints mentioned by 78%. This indicates that sustainability is becoming a more pressing issue for travellers. While one-third of businesses want to make their business travel “greener,” they are unsure of how to do it.
VP (Corporate) of UK Card Services at American Express, Hana Lear said, “Businesses had no choice but to press pause on a lot of travel over the last two years and lean on virtual alternatives to building relationships with customers and colleagues.
She adds that the research found in-person connections and business travel as important growth drivers. However, to ensure that both businesses and employees get the most out of travel, there is definitely a renewed emphasis on the overall experience of business travel.