Attending live events and client visits are fuelling business travel’s recovery, according to Deloitte’s newly-published 2024 corporate travel report.

More than six in 10 business travellers (63%) expect to attend at least one conference, exhibition or trade show in 2024. Half of travel managers rank industry events among the top two growth drivers.

Frequent travellers say they are travelling more often for clients. More than one in five say they travelled once a month or more for client work (23%) or relationship building (21%).

Upward Climb with Uphill Struggles: 2024 Deloitte Corporate Travel Report is based on two Deloitte surveys in the US. The first, conducted May 16-18, was of 104 corporate travel managers and executives with travel budget oversight. The second, from May 28 to June 3, surveyed 1,389 corporate travellers of whom 834 said they oversee a travel budget or approve travel requests for their teams.

The report highlights that flexibility, loyalty and deals are key drivers in shaping booking paths. Easier management of trip changes comes ahead of earning loyalty points. Finding the best deals on airfares motivated 56% of the respondents who use online travel agents while 61% do so to get the best deals on hotels.

Despite seeking deals, the average company spend on travel is expected to increase by 14 to 15% in 2024. One reason is because of the rise in trip frequency, with 20% of business travellers anticipating that they will take six to 10 trips this year – up from 15% in 2023.

“More employees are travelling for business – and enjoying it – underscoring that in-person connection often remains a critical component,” said Eileen Crowley, U.S. Travel, Hospitality and Services Co-Leader at Deloitte & Touche LLP.

“As companies see a renewed benefit in the opportunities business travel provides, business leaders can capitalise on the enthusiasm and prioritise travel experiences that are valuable to both the organisation and employee.”

Other key findings: 

• 83% of respondents consider business travel to be ‘enjoyable’.
• Corporate travellers see both professional and personal benefits, including networking opportunities (51%) and exploring different cities (47%).
• Two-thirds of travellers found an opportunity to extend a business trip for leisure in 2023, fuelling the growth of so-called ‘bleisure’ travel.
• 55% of travel managers regard booking compliance as a top cost control measure.
• Most travel managers believe companies need to reduce travel to meet 2030 sustainability goals. More than half responded that trips must be trips by 10 to 20%.
• Companies are more prepared and active in their approach to sustainable travel this year than last year: 46% now say they have a strategy to assign travel emission budgets to teams and individuals. That’s up from 30% in 2023.

deloitte.com