American Express Global Business Travel (Amex GBT), has curated several key industry insights and trends for the year ahead in its latest report, 4 Key Questions for Corporate Travel in 2024
- Pricing: While Amex GBT anticipates a moderation in rates compared to the hikes witnessed in 2022, it still expects hotel prices to climb worldwide. In contrast to the (albeit slower) hotel rate rises, airfares are projected to stabilize across major routes globally throughout 2024.
- Technology: Amex GBT expects to see rapidly growing integration of AI technologies across the managed travel value chain in 2024 and beyond. As the travel industry invests in these technologies, they will not only become more efficient but also more effective and prevalent.
- Future of work: Travel serves as a catalyst for bringing individuals together for face-to-face interactions, unlocking numerous benefits for organizations. Research from Amex GBT and Harvard Business Review Analytic Services reveals that business decision-makers acknowledge the significance of in-person interactions, with 88% emphasizing its critical role in fostering positive, long-term relationships among employees and coworkers.
- Corporate Responsibility: In 2024, expect corporate responsibility to be an even bigger priority as talent increasingly considers a company’s sustainability and DE&I initiatives. Businesses are urged to make sustainable travel choices, while owners of travel and meetings can actively contribute to driving DE&I progress by creating equitable opportunities that prioritize inclusivity. Travel and meetings provide avenues to embrace inclusivity through personal development, career advancement, and immersive learning experiences.
