In many countries, COVID-19 is set to become
endemic. The endemic phase creates opportunities for companies and startups to
generate incremental revenue by investing in business travel. In the second
half of 2022, a surge is expected in the domestic and international business
trips made by working professionals.
But a recently published business travel industry report
suggests that the rebound in business travel will be impacted by the looming
global recession and emerging geopolitical problems. Also, the report predicts
a steady increase in the cost of business travel.
These uncertainties will create many new
business travel trends as well as make several corporate travel trends
obsolete. The emerging trends will make organizations update their business travel policy regularly. But every
business must adopt these trends proactively to improve the travel experience of business travelers and
make business trips successful.
9 Emerging Trends that will Shape
Corporate Travel & Expense in the Second Half of 2022
1. Bleisure Travel
Millennial and young business travelers have
made bleisure travel one of the hottest trends in
corporate travel. They will continue to look for options to make the business
trips exciting by indulging in exciting and entertainment activities.
Many business travelers expect companies to
extend business trips for leisure activities. Hence, many companies will keep
work travelers relaxed and motivated in the second half of 2022 by supporting
bleisure trips.
2. Unconventional Stay Options
There was a time when business travelers were booking
only hotels while making business travel arrangements. But business travelers
these days have the option to choose from many unconventional accommodations in
addition to hotel chains.
The unconventional stay options create
opportunities for work travelers to indulge in leisure activities while staying
in home-like environments. Hence, the number of business travelers preferring
home stays and holiday rentals to hotels will continue to increase in the near
future.
3. Booking Options and
Assistance
While choosing business travel products and
services after the COVID-19 pandemic, work travelers want more choices and
options. They expect employers to allow them to book their choice of flight,
accommodation, and ground transportation.
But they still need to comply with the travel and expense policies
set by the employer. Many companies already simplify business travel booking by
implementing travel management software. The leading travel management
solutions support both self-travel booking and managed travel booking.
They allow employees to choose from multiple
business travel options and services according to the organization’s policies.
Also, the software provides relevant assistance to first-time work travelers
when they compare and book business travel products.
4. Personalized Recommendation
Engine
Unlike first-time business travelers, frequent
corporate travelers love personalized business travel product
recommendations. While making business travel arrangements, they expect the
software implemented by their company to make personalized recommendations
based on their booking history and preferences.
In addition to supporting self and managed
travel booking, organizations will implement software that shows and recommends
the most relevant options to employees using data analytics. The analytics
enables the software to pick business travel products and services based on
individual employees' travel history and preferences while complying with the
organization’s travel and expense policy.
5. Diversified Travel Inventory
While booking business travel products, most
work travelers these days opt for hotels, car rental companies, and other
establishments controlled or operated by persons of diverse backgrounds like
women, veterans, ethnic minorities, and members of the LGBTQ+ community. They
will continue to buy business travel products and services provided by the
minority population. Their preferences will make supplier diversity emerge as a
key trend in corporate travel.
6. Incentives to Reduce Work
Travel Costs
Most organizations allow employees to book
business travel products at a lower rate by partnering with a travel management company or implementing
travel management software. But the surge in travel costs will make many
organizations incentivize employees to choose low-cost alternatives.
Also, they will implement software that reduces
business travel costs by recommending low-cost business travel products and
services to employees.
7. Work Travel as Employee Perks
Multinational companies these days motivate,
engage, and retain employees by offering a variety of non-wage offerings or
perks. Many organizations these days leverage work travel as employee perks.
They keep employees engaged and satisfied by offering
them a business trip.
Hence, employees will continue to travel to
various destinations to attend meetings, seminars, and conferences. In addition
to making them feel confident and empowered, business trips help employees hone
their interpersonal skills.
8. Real-Time Travel Information
Delivery
Despite being in the endemic stage, the number
of coronavirus infections is still high in certain regions. Employees have to
focus on protecting their physical and mental stress while visiting such
countries for business purposes.
Most business travelers eliminate COVID-19 risks
by carrying specific business travel accessories. But they expect employers to
keep them safe by delivering real-time travel rules and restrictions. Hence,
organizations will deliver the latest travel rules to employees automatically,
frequently, and accurately by implementing a travel management solution.
9. Green Ground Transportation
Semiconductor shortage continues to affect motor
vehicle manufacturers and suppliers across the globe. Many car rental companies
overcome the shortage by investing in electronic and hybrid vehicles.
Hence, business travelers will have the option
to choose from many electronic vehicles while making business travel arrangements.
Also, many professionals will book electronic vehicles due to their passion for
protecting the climate by reducing greenhouse gas emissions.
Conclusion
In the second half of 2022, corporate travel
will be defined and impacted by both existing and emerging trends.
Decision-makers must identify and adopt emerging business travel and expense
trends early to make business trips successful without escalating business travel expenses.
But they can accurately identify emerging trends
by analyzing business travel data from diverse sources. The analysis will help
them refine business travel policies by adopting emerging trends and
implementing actionable travel insights.
The new-generation travel
management software makes it easier for companies and startups to
identify changing patterns and emerging trends using data analytics.
Decision-makers can implement the right travel and expense management software
to detect emerging trends without spending time on business travel data
analysis.
