LONDON – Cventa leading technology provider for meetings, events, travel and hospitality, has released the latest installment of the Cvent Travel Managers Report: Europe Edition, which provides detailed information on current business travel trends and activity. The report reveals significant levels of optimism among business travel managers. Three-quarters (75%) of respondents expect their organization’s travel volume in 2022 to eclipse 2019 levels, and more than a third (32%) say they expect volumes “ increase significantly. According to respondents, reasons for the increase in travel volume include:
- “It is necessary for our employees to meet in person for training and business purposes.”
- “Our company must learn from other markets.”
- “We are looking to expand internationally: new partners, customers and investors.
- “More travel underscores our desire to expand our exposure to new markets.”
The report provides further green shoots as data indicates that organizations are eager to procure cross-border travel. Over 69% of travel managers in the UK and across Europe say they source internationally (inside and outside of Europe). In contrast, less than eight percent of travel managers are looking exclusively for domestic options, demonstrating the significant shift towards a desire to travel more widely.
Graham Pope, Vice President of Sales, Cvent Europe said: “The findings of this report illustrate the incredible opportunity that exists for hospitality professionals as organizations seek to get their employees back on the road and engage with customers and prospects face-to-face to fuel their growth. After a difficult few years, such a significant resurgence in the market is great news for the hospitality industry and will particularly benefit suppliers who are able to adapt their sales and marketing strategies to more aggressively engage their buyers. While labor shortages remain a challenge, we hope this positive momentum will inspire greater attention to the critical importance of the hospitality industry and the people who help deliver amazing experiences.
Additional highlights include:
- The report also reveals that the majority (81%) of respondents expect their business travel budget per trip to increase in 2022, compared to 2019 spending levels. With rising airline and hotel costs in the industry, corporate travel executives also cite other considerations, including that corporate travel is recognized as a key way to increase sales – therefore, an increased budget is needed to help achieve the objectives.
Travel managers are also a source of meetings and events
- 88% of corporate travel managers surveyed are responsible for sourcing hotels for meetings and events in addition to sourcing employee travel, and 64% cite types of events such as large external conferences and trade fairs. At regional level, the markets where there is the most overlap in roles are the Netherlands (95%) and France (91%). With expanded roles and responsibilities, travel professionals often manage larger budgets and have increased purchasing power. Industry vendors need to understand these emerging buyer dynamics to build better relationships and attract more delegates and programs to their hotels, venues and destinations.
Changing Program Priorities
- More than 83% of respondents indicated that considerations for their travel program have changed significantly or somewhat from 2019. Areas that have grown in importance include supplier flexibility, environmental sustainability and traveler preferences, among others.
- Travel managers have also become more interested in hotels’ dual or dynamic rate offerings. More than two-thirds (62%) of respondents say they are now more open to discussing these types of rates than they were in 2019, demonstrating a willingness to compare rates to maximize value. This information can help hoteliers better understand their buyers and prepare for more successful negotiations.
About the study
Cvent commissioned an independent research company, Censuswide, to survey over 500 business travel decision makers in the UK and Europe (France, Germany, Italy, Netherlands and Spain). The research was conducted between 14e and 25e April 2022.
To view the full report, click here.
Cvent is a leading meeting, event and hospitality technology provider with nearly 4,000 employees and more than 200,000 users worldwide. Founded in 1999, the company offers a comprehensive event marketing and management platform and provides a global marketplace where event professionals collaborate with venues to create engaging and impactful experiences. Cvent’s comprehensive event marketing and management platform offers software solutions for event planners and marketers for online event registration, venue selection, event marketing and management. events, virtual and on-site solutions and attendee engagement. Cvent’s suite of products automates and simplifies the entire event management process and maximizes the impact of in-person, virtual and hybrid events. Hotels and venues use Cvent’s vendor and venue solutions to win more MICE business and corporate travel through Cvent’s sourcing platforms. Cvent solutions optimize the entire event management value chain and have enabled clients around the world to manage millions of meetings and events. For more information, please visit Cvent.com/ukor join us on Facebook, Twitter Where LinkedIn.
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