Travel Managers Eye Growth Amid Economic Uncertainties

Overview of Travel Management Trends

Cvent, a prominent player in meetings, events, and hospitality technology, has unveiled its 2025 Global Travel Managers Report. The findings suggest that even in the face of increasing travel expenses and economic flux, business travel professionals maintain a positive outlook. Impressively, 75% of travel managers anticipate a surge in business travel by 2025, indicating resilience within the industry despite looming financial pressures.

Insights from Global Data

This extensive report draws from a survey conducted with over 1,600 business travel experts across six global regions, encompassing eighteen countries. The data reveals emerging trends within corporate travel management. As travel costs escalate, a significant pivot towards centralization of travel and meeting management has been noted. Currently, 91% of travel managers are tasked with sourcing hotels and venues for events—a pronounced increase from 64% in 2017, primarily driven by a desire to cut expenses. In fact, 83% of travel managers engaged in both travel and meetings report significant cost savings through this consolidation.

North America: Challenges and Adaptations

In North America, travel managers face a labyrinth of hybrid work challenges while emphasizing the necessity of in-person interactions. Notably, conferences and training sessions remain the most frequently booked events, even amid budget cuts targeting such travel. This dynamic creates a challenging balance between achieving strategic goals and managing financial limitations. With centralized sourcing on the rise, robust investments in technology support a shift toward more robust and efficient travel planning.

Key Stats in North America

Additionally, travel managers in North America are diversifying their pricing strategies, with 42% opting for a blend of fixed and dynamic pricing. Interestingly, the embrace of technology remains robust, as only 9% plan to reduce tech budgets, and 30% are putting more effort into hotel partner research.

Strategies to Navigate Challenges

Globally, travel managers are employing various strategies to tackle rising costs. Predominantly, negotiating reduced hotel room rates for more convenience (25%), scaling back the number of travelers (23%), and sourcing accommodations across various brand profiles (23%) have emerged as common tactics. Nonetheless, the landscape remains complicated, particularly in negotiations, as 57% of professionals cite a lack of flexibility as their primary barrier.

In North America, the inclination towards a mix of fixed and dynamic pricing methods is discernible, with a notable preference among travel managers. Despite the challenges, the push for technology remains strong, evidenced by the fact that a formidable 9% are considering tech budget cuts.

Concluding Thoughts

The Cvent 2025 Global Travel Managers Report emphasizes the resilience and adaptability of travel managers amid economic challenges and the evolving work environment. As noted by Janine Alsalam, Vice President of Sales at Cvent, these professionals are inventively navigating cost constraints while remaining aligned with corporate objectives. The findings illustrate the critical importance of integrating travel and meetings management, with 83% of respondents noting up to a 20% reduction in expenses through this integration.

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