Meetings, events, travel and hospitality technology provider Cvent has recently released its Cvent Travel Managers Report which provides in-depth insights into current corporate travel trends and activity across regions.
For Asia-Pacific, findings include:
Corporate travel managers expect their organisations’ travel volume to increase: 67% of respondents expect travel volume in 2022 to eclipse the levels of 2019, the last full year before the Covid-19 pandemic began.
The survey revealed that 85% of corporate travel managers are currently sourcing hotels for their organisation’s travel programmes and most of them expect their organisations’ travel spend to increase significantly in 2022.
Travel managers are sourcing across borders: Almost 65% travel managers say they’re sourcing internationally, both within and outside of Asia, with those in China (79%) and Singapore (66%) the keenest.
A significant rise in travel budget is anticipated: 76% of respondents expect their firm’s business travel budget per trip to increase in 2022, compared to spend levels of 2019.
Travel managers are looking for flexibility from hotels more than ever: About 61% of respondents say dynamic pricing is the most important part of their travel programme in 2022.
Travel managers have become more interested in dual or dynamic rates: A majority (84%) of respondents across all markets surveyed say they’re requesting dual or dynamic prices during their 2023 RFP negotiations. These strategies could open new doors for hotels, giving them the opportunity to vary pricing based on factors such as demand, availability, and customer loyalty.
Interestingly, the report also revealed significant levels of hopefulness amongst CTMs, as organisations look to get their employees back on the road to engage with their clients and prospects face-to-face to fuel their growth.