An increase in bookings, a switch to low-cost carriers, and a focus on new technology are the results of a fresh survey of corporate travel agents and TMCs in Asia-Pacific, according to technology provider Sabre Corporation.
Respondents from 21 countries pointed to a growing need for the corporate travel industry to tailor service offerings for new workforce realities, such as remote and blended working arrangements, while embracing technology to capitalise on, and drive, ongoing recovery.
Key findings include:
The majority of corporate travel agents (84%) have changed their business priorities as a result of the pandemic, and are now focused on optimising costs and efficiencies, while meeting customer and business demands with fewer employees.
Four-fifths of respondents have adopted new technological solutions to manage Covid-19 related risk over the past two years. And, of those who have not, 42% plan to do so within the next two years. The most popular solutions are travel risk management tools, automated workflows and virtual payment tools.
Half of the agents said a rise in internal corporate travel, to bring remote workers together, will create recovery opportunities, while 45% said emerging corporate travel markets are important for growth.
There is strong optimism in the market, with 82% saying they expect a return to pre-pandemic corporate travel levels, and 15% expecting a boom greater than pre-Covid-19, within the next 12 months.
More than two-thirds of respondents have seen an increase in bookings in the three months to August. Most are reporting an increase of not more than 30% but there’s a notable 14% with an increase of more than 50%.
Meanwhile, 55% say company Covid-19-related travel restrictions are easing, and 38% say total travel spend is increasing.
Cost remains a key consideration. More than two-thirds have seen a moderate or significant increase in bookings with low-cost carriers. The trend is most prevalent in North Asia where there’s been a 42% switch from full-service carriers to LCCs.
Corporate travellers also place a high priority on information, flexibility, and hygiene. However, companies are also turning their attention to sustainability as one of the key personalization priorities for corporate travel.
