Travel Managers Expect Growth Amid Economic Challenges

Cvent has unveiled its 2025 Global Travel Managers Report, which presents a glimpse into the future of business travel. Despite the hurdles posed by soaring travel expenses and economic uncertainties, the report signifies a promising outlook among professionals in the business travel sector. An impressive 75% of travel managers across the globe foresee an upswing in the volume of business travel by 2025. Nevertheless, the anticipated increase in travel expenses is likely to intensify pressure on existing travel programs.

Global Insights

This comprehensive report, derived from a survey of over 1,600 business travel professionals spanning six global regions and eighteen countries, sheds light on the expected trends and behaviors in corporate travel. With travel costs on the rise, a trend towards centralizing travel and meeting management is emerging. Currently, 91% of travel managers are tasked with sourcing hotels and venues for meetings and events, showcasing a notable increase from 64% in 2017. The main driver behind this consolidation appears to be cost reduction, as 83% of those overseeing both travel and meetings are reporting substantial cost savings.

North America Focus

Navigating the complexities of hybrid work models and economic strains, North American travel managers are placing greater emphasis on the significance of in-person interactions. Conferences and training sessions remain the most popular types of meetings being sourced, despite budget restrictions that affect event and conference travel. This situation portrays a tug of war between strategic priorities and fiscal practicality. Centralizing sourcing practices is becoming commonplace in North America, bolstered by significant investments in technology, reflecting a shift towards more resilient and efficient travel strategies.

Key statistics for the region reveal that 69% cite event and conference travel as a primary reason for corporate travel, followed closely by networking, at 52%. Furthermore, North American travel managers are increasingly adopting a hybrid approach to pricing, with 42% embracing a mix of fixed and dynamic pricing strategies. Technology remains a focal point, as only 9% plan to cut tech budgets, while 30% dedicate more resources to researching hotel partners.

Виклики та стратегії

Globally, travel managers are implementing varied strategies to mitigate costs, including negotiating lower hotel room rates for convenience (25%), reducing the overall number of travelers (23%), and sourcing accommodations from diverse brand tiers (23%). However, persistent challenges linger, especially in negotiations, as 57% of respondents highlight a lack of flexibility as a significant hurdle.

North America exhibits a strong preference for employing a combination of fixed and dynamic pricing strategies, with 42% of travel managers opting for this approach. Against all odds, a robust emphasis on technology adoption is evident, as only 9% consider reducing their tech budgets.

Висновок

The findings from Cvent’s 2025 Global Travel Managers Report highlight the resilience and adaptability of travel managers in the face of economic turbulence and evolving work dynamics. As noted by Janine Alsalam, the Vice President of Sales at Cvent, these professionals are navigating ways to balance cost efficiency with corporate objectives, ensuring that business travel and in-person meetings continue to provide value. This report underscores the feasibility of integrating travel and meeting management, with 83% of respondents enjoying cost efficiencies of up to 20% through consolidation.

For a deeper understanding of these evolving trends and strategies, organizations are encouraged to download the full report. On a broader scale, these insights present an intriguing forecast for the future of the travel industry, particularly as businesses look to streamline their processes in a cost-effective manner.

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