Business travel isn’t just an expense line. Discover the return on investment it can bring companies and their people, and ways business leaders can ensure employees get the most out of every trip.
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The Value of Business Travel Report
How is business travel helping companies go further?
It's an exciting time for business travel
A note from Avi Meir, CEO & Co-Founder of TravelPerk
TravelPerk was founded on the core belief that the important things in life happen in person. But the last couple of years have proven tough for businesses. In this context, you’d expect company budgets to be slashed across the board, but this couldn’t be further from the truth.
62% of CEOs predict an increase to their company’s travel budgets this year. Increasing investment in travel to connect teams and meet customers, as well as do essential in-person work, has a strong positive impact both in company revenue and profitability. This return on investment (ROI) is what we set out to explore in our first ‘The Value of Business Travel’ Report.
What we found goes beyond financial performance, with the human benefit of business travel proving to drive significant value for both companies, and their people. Business travelers reported increased productivity, as well as higher likelihood of staying in their current job, directly reducing company attrition rates.
About the research
TravelPerk surveyed business travel decision-makers, business travellers, travel managers and admins to gain insight into the value that business travel drives for companies and their people.
The three surveyed audiences were polled in the US, UK, Spain and Germany.
TravelPerk surveyed:
2,000 decision-makers outside of our customer base. Of those...
540 were C-suite leaders
We also surveyed our own users:
4,600 business travellers
625 travel managers and admins
ROI: the financial impact
A high percentage of CEOs and CFOs agree that increasing travel budgets would positively impact their company’s revenue.
76%
CEOs
CEOs
69%
CFOs
CFOs
In-person meetings are essential to growth
C-suite leaders attributed a third (34%) of their company’s total sales growth in 2023 to in-person meetings facilitated by travel.
ROI: the human impact
94% of C-suite leaders have noticed higher engagement levels after employees participate in company social events.
Meeting IRL* reduces employee turnover
Companies that increased their travel budgets to connect employees have a 29% lower employee turnover than companies who reduced their travel spend.
*in real life
100
75
50
25
0
Changing business travel investment
US
61%
of companies in the US expect to increase their travel budgets in 2024
By an average annual increase of:
+23%
18%
of companies in the US are decreasing their travel budgets
20%
of companies in the US are keeping their budgets the same
Spain
48%
of companies in Spain expect to increase their travel budgets in 2024
By an average annual increase of:
+15%
27%
of companies in Spain are decreasing their travel budgets
25%
of companies in Spain are keeping their budgets the same
UK
46%
of companies in UK expect to increase their travel budgets in 2024
By an average annual increase of:
+19%
33%
of companies in the UK are decreasing their travel budgets
19%
of companies in the UK are keeping their budgets the same
Germany
39%
of companies in Germany expect to increase their travel budgets in 2024
By an average annual increase of:
+24%
40%
of companies in Germany are decreasing their travel budgets
20%
of companies in Germany are keeping their budgets the same
Get all the insights on travel spend and the return on investment it could generate for your business:
For a more precise evaluation tailored to your company's needs, please reach out to our Experts.
Join 1000s of global teams using TravelPerk to get the most out of their business travel:
10%
