The Global Business Travel Trends That Have Shaped 2024
Samantha Shankman
•18 Oct 2024•
No question: Corporate travel is undergoing a significant transformation — one driven by shifting employee expectations, innovative technology, and a heightened focus on sustainability.
As travel volumes exceed pre-pandemic levels, the business travel industry has embraced new practices to account fory technological developments, shifting traveler preferences, and global economic factors. Businesses recognize that to remain competitive, they must adapt to these changes by revising their travel policies and leveraging new tools to maximize travel as a strategic growth lever.
This article, based on Navan’s latest Insight Report, explores the top trends defining corporate travel in 2024, and offers actionable insights for companies looking to stay ahead of the curve.
Shorter Booking Windows
Booking travel closer to the departure date has become increasingly common. This shift has significant implications for corporate travel management, as companies must be agile in efficiently handling last-minute changes while controlling costs.
As a result, travel management solutions that offer real-time booking capabilities and dynamic pricing have become essential. Tools that provide real-time updates and facilitate seamless rebookings are crucial for managing the demands of this new booking behavior.
Increased Cost of Air Travel
The rise in travel demand has come with increased costs in flight and accommodation prices. For flights, base prices have risen by 18% since 2019, while taxes and fees have seen a 25% increase. This trend highlights the financial considerations companies must now factor into their travel programs, as the total cost per mile has risen by 20% since 2019.
Key Insight
Base flight prices have increased by 18% from 2019, while taxes and fees are up 25%.
Shifts in Trip Purpose: Office Visits and Conferences on the Rise
Navan data shows a notable shift in the purpose of corporate trips, with internal meetings, office visits, and conferences growing in share.
Office visits, which accounted for 28% of travel in 2019, now represent 33%, as companies recognize the importance of re-engaging employees in person. Similarly, conference travel has grown from 12% to 15%, reflecting the resurgence of in-person events and industry gatherings.
Key Insight
Office visits account for 33% of business travel in 2024, up from 28% in 2019, while conference travel has risen from 12% to 15%.
Rise of Blended (Bleisure) Travel
The trend of blended travel, where employees combine business trips with leisure time, is more popular than ever.
Navan data reveals that bleisure bookings in 2024 are nearly 4x higher than the previous year, a trend primarily driven by employees extending fall conference travel into personal time during the shoulder season. This approach offers a work-life balance and reflects a cultural shift where flexibility and travel enjoyment are increasingly prioritized.
Key Insight
Bleisure travel bookings have grown nearly fourfold year over year in 2024, with the fall conference season seeing a particularly large increase.
Rail Travel Gains Popularity
Environmental concerns and new regulations, especially in Europe, have driven a notable shift from air to rail travel. Rail bookings on Navan have increased from just 1% of total bookings in 2019 to 6% in 2024.
This growth reflects a growing commitment to sustainability, as companies and employees prioritize eco-friendly travel options.
Key Insight
Rail bookings have increased from 1% in 2019 to 6% in 2024, signaling a shift toward more sustainable travel choices.
Seasonal Trends in Corporate Travel
The popularity of specific travel seasons is also changing: Forward bookings during the fall conference season are up 2x year-over-year. This means there has been a significant increase (double) in the number of trips or accommodations booked ahead of time for the fall conference season compared to the same period last year. This suggests greater confidence or demand for travel around that season, likely due to more conferences or events being scheduled and higher anticipated attendance.
This trend — combined with a dip in consumer travel prices during the fall shoulder season —- creates an ideal opportunity for employees to blend personal time with business commitments.
Key Insight
Fall conference bookings have increased 2x year-over-year in 2024 as employees increasingly blend business trips with personal time.
Hyper-Personalization in Travel
Today’s travelers expect experiences to be tailored to their needs and preferences. This demand for personalization has extended into corporate travel, where employees seek travel arrangements that reflect their individual preferences — from the types of hotels they stay at to the amenities they enjoy during their trips.
For example, by analyzing past behavior and preferences, AI-powered tools can create highly personalized travel itineraries so employees have the best possible experience.
Companies that leverage technology to offer personalized travel experiences can enhance employee satisfaction and streamline the travel process. It can also help build stronger relationships between the company and its employees.
The Importance of Travel Data
Leveraging travel analytics has become an essential part of managing corporate travel programs. Companies increasingly use data to make informed policy decisions, optimize spending, and improve the overall experience.
By analyzing travel patterns and costs, businesses can identify trends, negotiate better deals with suppliers, and refine their travel strategies to align with organizational goals.
Here’s how data is shaping travel:
- Cost management: Detailed travel data allows companies to pinpoint areas where they can reduce costs — one way is by identifying patterns in travel spending that can inform negotiations with airlines and hotels.
- Traveler satisfaction: Using data to understand traveler preferences and behaviors enables companies to tailor their travel policies, which can lead to higher employee satisfaction and better compliance.
Ready to Modernize Your Corporate Travel Program?
These data-backed trends highlight the new dynamics shaping corporate travel in 2024.
Navan offers innovative solutions that align with the latest trends in business travel. From personalized travel planning to sustainable options, Navan empowers organizations of all sizes to adapt to the future of travel.
Book a demo today to learn how Navan can help streamline your business travel and expense management in 2024 and beyond.
This content is for informational purposes only. It doesn't necessarily reflect the views of Navan and should not be construed as legal, tax, benefits, financial, accounting, or other advice. If you need specific advice for your business, please consult with an expert, as rules and regulations change regularly.