Hop on that plane, business travel is back! After the global recession hit, many companies scaled back on corporate travel. More sophisticated technologies along with cost cutting initiatives around the global recession also led to a decline in business travel. To companies less travel meant lower costs, and more virtual meetings. While this may have helped some companies’ bottom lines, some saw business relationships and sales numbers suffer.
Many customers value the gesture of in-person meetings, and they are often much more productive than corresponding electronically. Many cultures also value relationships and in-person meetings very highly. Due to this, businesses are seeing travel as worth the investment as global conditions begin to improve.
Recently, the Global Business Travel Association released its forecast for business travel in 2012 and things are looking good overall. The year 2011 was a promising year for business travel, and while growth may be slow in 2012, it will remain steady. Some of the increase in travel spending is due to the increase in costs. However, person-trip volume has also increased and is expected to continue to rise.
Younger generations are also much more eager to travel for business, and expect to take more trips in 2012. Often younger employees are anxious to travel to gain experience and see the world. While business trips are often quick with a packed tight agenda, older generations often opt out of travel in order to stay with family and enjoy relaxation time.