Business Travel Statistics

Is there anybody you could think of who doesn’t like traveling? Maybe the answer is a big NO! People relish traveling. People like traveling to such an extent that they even forget to mail others or attend meetings or even listen to seminars during trips. The motto of business travelers is to work hard and play hard. They are happy to endure a morning full of meetings if it means they can spend the rest of the day enjoying.

This article is a compilation of everything you need to know about the most recent business travel statistics. Tighten your seat belts as we are going in for a tour on the latest business travel statistics now.

On this page, you’ll find:

• General Business Travel Statistics
• Business Travel Spending Statistics
• Millennial Business Travel Statistics
• Usage of Technology in Business Travel
• Benefits and Challenges in Business Travel

Key Business Travel Statistics

Here is a list of the top 10 statistics from this article:

• Every year, around 445 million business trips are made. (Certify)

• From 2020 to 2027, the global market for business travel is expected to post a CAGR of 3% (Report Linker)

• In 2020, global business travel decreased by more than half to $694 billion. (Phocus Wire)

• As a result of the  COVID-19 pandemic, corporate travel spending is expected to lose $820 billion. (CNBC)

• Corporate trips are viewed as a status symbol by 65% of business travelers who are millennials. (Forbes)

• Every year, millennials go on 7.4 trips. (Skift)

• Globally, 51% of passengers used a smartphone or other device to check-in online. (IATA)

• To manage their planning and booking needs, 57% of modern travelers want to have a single application. (Booking.com)

• Business travel is crucial to company growth according to 90.6% of corporate travel managers. (Skift, Trip Actions)

• For every dollar spent on corporate travel, companies get a $2.90 increase in profit and a $9.50 increase in revenue. (Certify)

General Business Travel Statistics

          Over the past few years, corporate trips have become more and more prevalent mainly because of the increasingly globalized business landscape. Every year, millions of business travel initiatives are launched. Across the globe, companies have understood the importance of investing in corporate travel. Let us first look into some of the general business travel statistics.

• Every year, around 445 million business trips are made. (Certify)
• From 2020 to 2027, the global market for business travel is expected to post a CAGR of 3% (Report Linker)
• In 2021, the global market for business travel is projected to decline by 4.5% (Report Linker)
• 12% of flight tickets are accounted for by business travelers. This represents 75% of the profits. (Investopedia)
• With an average cost of $515 per day, the most expensive business travel location in Asia is Hong Kong. (ECA International)
• In 2017, $1.33 trillion was spent on business travel globally. (GBTA)
• In Q2 2020, a 90% reduction in business travel was reported by U.S. airlines. (Spendesk)
• A loss of $162 billion for the U.S. economy was incurred in 2020 as a result of the reduction in travel spending. (U.S. Travel Association)
• As a result of the COVID-19 pandemic, 45% of respondents said that their company canceled most international business trips to the U.S. (Statista)
• Due to the COVID-19 pandemic, China lost $404 billion in business travel spend losses. (GBTA)

Business Travel Spending Statistics

          Undoubtedly, corporate travel is expensive. Accommodations that are affordable, secure, and trustworthy are required by business travelers. Millions of dollars per year are spent by companies on sending their employees on business trips. One should plan properly and create a budget ahead of time to ensure steady business travel funding. We shall now hop into some business travel spending statistics.

1. In 2020, global business travel decreased by more than half to $694 billion. (Phocus Wire)
2. As a result of the  COVID-19 pandemic, corporate travel spending is expected to lose $820 billion. (CNBC)
3. In the U.S., the average daily cost of business travel is $325 per day. (Business Travel News)
4. Roughly $1,425 is spent by businesses for every employee they send on a business trip. (Fyle)
5. Money for lodging (34%), airfare (27%), meals (20%), and car rentals (19%) is what the average business travel budget consists of. (Travel Pulse)
6. $392 is the average domestic airfare in the U.S. (Business Insider)
7. 21 to 121 days in advance of your preferred flight is the prime booking window, during which the fares are the lowest. (Cheap Air)
8. From the point of their departure, 75% of business trips are less than 250 miles. (U.S. Bureau of Transportation Statistics)
9. Business travelers account for 40% of hotel guests. (American Hotel & Lodging Association)
10. Business travelers pay attention to quality (44%), trustworthiness (38%), convenience (40%), quietness (30%), affordability (28%), and coziness (28%) when it comes to accommodations. (CWT)

Millennial Business Travel Statistics

          In the coming years, the majority of the workforce will be comprised of millennials. So, it is important to understand how millennial employees view business travel and how they travel for business. Millennials make sure that they can balance each trip for both business and leisure. In this section, we shall look into some statistics that emphasize millennial business travel.

• Corporate trips are viewed as a status symbol by 65% of business travelers who are millennials. (Forbes)
• Every year, millennials go on 7.4 trips. (Skift)
• By opting for non-chain hotels, millennial business travelers in the tech industry prioritize cost-efficiency. (Travel Perk)
• During business trips, 78% of millennials intentionally make time for leisure. (Business Wire)
• For business, nearly 40% of millennials travel. (American Express)
• 16% of all business trips are taken by travelers aged 18 to 29. (U.S. Bureau of Transportation Statistics)
• To go on business trips, 56% of millennials create reasons. (Forbes)
• The ability to book business travel on a third-party site satisfies 72% of millennial business travelers. (Statista)
• Traveling for work is a perk according to 75% of millennial business travelers. (Forbes)
• 41% of millennial men and 20% of millennial women agree that they should avoid having fun while on a business trip. (National Car Rental)

Usage of Technology in Business Travel

          Corporate travelers are a bunch of tech-savvy. To manage their trips, they rely heavily on the internet and their smartphones. They also have a knack for learning new technology. When it comes to innovation, they have high expectations for their companies, travel agencies, airline companies, and similar firms. We shall now look into some statistics that throw light on the usage of technology in business travel.

• Globally, 51% of passengers used a smartphone or other device to check-in online. (IATA)
• To manage their planning and booking needs, 57% of modern travelers want to have a single application. (Booking.com)
• For business travelers to reconcile their expenses and payment data, it takes an average of 40 hours per month. (Egencia)
• 51% of corporate travelers say that in a few years, all business trip payments will be made via mobile devices. (Business Travel News Europe)
• 70.5% of all ground transportation receipts for business trips are comprised of ride-hailing companies. (USA Today)
• In the U.S., 39% of consumers who previously used ride-sharing say that they are planning to lessen their use of these services. (Car Gurus)
• In 2021, the total number of ride-sharing services is expected to reach 71.3 million users. (eMarketer)
• 55% of business travelers say that during out-of-town trips, they will allow employers to use GPS tracking to monitor their location. (Travelport)
• To provide them with significant travel suggestions, 41% expect travel brands to use AI. (Booking.com)
• To make last-minute purchases such as an additional bag, upgrade, or lounge access 27% of global passengers use an airline app. (IATA)

Benefits and Challenges in Business Travel

          Some companies feel that business travel is passe or just a waste of time and money. However, most certainly this is not the case. Businesses can foster stronger and more close-knit relationships with potential clients and partners through corporate trips. Let us now look into some statistics on the benefits and challenges in business travel.

• Business travel is crucial to company growth according to 90.6% of corporate travel managers. (Skift, Trip Actions)
• For every dollar spent on corporate travel, companies get a $2.90 increase in profit and a $9.50 increase in revenue. (Certify)
• Business travel is a job perk according to 83% of employees. (Stratos Jet Charters)
• The lack of formal processes and outdated booking systems are the factors that affect business travel. (Medium)
• Corporate travel policies are accepted by 69% of business travelers. (Lola.com)
• Flight delays (65.7%), flight cancellations (31.9%), and paying for travel expenses with a personal credit card (30.5%) are the most common issues that business travelers face. (Skift, Trip Actions)
• The waiting time (27%) and having no direct flights (25%) are the most tiring aspects of business travel. (Fly Aeolus)
• Compared to 48% of people who miss travel to spend time with loved ones, only 6% of people miss traveling for business. (Airbnb)
• If employees travel without being vaccinated for COVID-19, then corporate travel and meeting planners will be concerned with their liability. (MMGY Global)
• Compared to pre-COVID-19 conditions, 36% of people expect to travel less for work when the COVID-19 pandemic gets over. (Airbnb)

Conclusion

          We have come to an end of this article and by now you would have understood the importance that companies give for carrying out business travel even in challenging times. Face-to-face meetings are crucial when one wants to build rapport, develop trust, and ensure coordination. This is why business travels are an essential part of many industries.

To conclude, we hope that this statistical list on business travel would have helped you in gaining a better idea of the state of the industry and where it is headed. With this information, one can prepare for their future business travel more easily.