UK: A survey of corporate travel buyers has revealed that 41 per cent expect to have bigger budgets in 2020.
The survey of 114 buyers, conducted by Business Travel Show, found that 41 per cent of buyers polled said they would have more money to spend on travel in 2020, up from 33 per cent last year – and a five-year high.
The volume of buyers predicting an increase in travel costs was at a record high (49 per cent compared to 43 per cent in 2018) and there was a significant increase in those expecting to manage more trips (52 per cent compared to 33 per cent).
Of those polled, 56 per cent were from the UK, 35 per cent from continental Europe and nine per cent from the rest of the world. Of these, 61 per cent control budgets in excess of £1 million.
Other highlights from the survey include:
• 45 per cent of buyers polled will have more to spend on accommodation in 2020 – an increase of 16 per cent on 2019
• 65 per cent are expecting to book more room nights, compared to 40 per cent a year ago
• 41 per cent will have bigger airline budgets, up 10 per cent
Business Travel Show group event director David Chapple said: “Last year’s survey showed a downturn in numbers across the board – with fewer buyers predicting airline, accommodation and overall budget increases. This was unsurprising with Brexit on the horizon and businesses holding back on both decision-making and spending. These figures appear to show a return to form and are back on par (if not slightly above) 2018’s statistics, which is very encouraging news for the industry.”
Business Travel Show takes place 26 and 27 February 2020 at Olympia London.
Travel buyers and accommodation providers will take part in a number of interactive sessions at ENGAGE, part of the first Urban Living Festival, which takes place in London on July 1 and 2. Click here for more information.
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