2022 was the first time since the beginning of the pandemic that business travel started to pick back up. Companies began sending employees on more trips, and many people transitioned from partaking in virtual meetings to getting together in person. This past year was certainly a positive sign that people are willing to get back out there and travel for business, which led us to wonder what business travel will look like in 2023. What trends will we see? Will the increase in business travel continue? Or will it slow down?
From travel costs continuing to rise to sustainable travel becoming a main focus and more – here are some 2023 business travel predictions and insights:
Business Travel Costs Will Continue to Rise
The cost of business travel increased significantly last year, and it doesn’t seem like it will be decreasing anytime soon. In fact, many travel costs will continue to rise throughout 2023. According to The Business Travel Magazine, in 2023, airfare prices are expected to increase by 8.4%, hotel prices are expected to increase by 8.2%, and ground transportation prices are expected to increase by 6.8%. Furthermore, you should also expect to see increases in other areas, such as food costs.
Employees Will Travel More For In-Person Conferences and Meetings
Virtual meetings were the most popular option for businesses during the pandemic, but we expect this to change in 2023. Although companies will still participate in virtual meetings, more employees will begin traveling for conferences and meetings. Getting together with others in person is an excellent way to form connections, which is why companies want to send their employees on business trips.
Business and Leisure Travel Will Combine
Another trend we expect to see during 2023 is people combining their business trips with leisure travel. With remote work on the rise, it’s easier for travelers to take business trips and extend them for leisure. Even if employees have to work during the day, they can still enjoy their destination after work and explore the city.
Companies Will Continue Focusing on Sustainable Business Travel
Companies are trying to find ways to make business travel sustainable. In fact, according to an article written by Covington Travel, 89% of companies are committed to making sustainable travel a priority. This is something that we are very excited about, considering that focusing on sustainability is only going to help improve the environment in the long run.
Virtual Meetings Are Here to Stay
Though more people are expected to travel for business in 2023, virtual meetings aren’t going away. Virtual meetings make it easy for companies to connect without spending money on travel costs, which is why they will continue to be popular throughout 2023. But that doesn’t mean virtual meetings will be the more favorable option. Meeting in person for business has many benefits, and if companies have the time and money to send their employees on business trips, they will.
If you plan on traveling for business this year and need a passport or visa, we can help! You can get the application process started on the Swift website. If you have any questions along the way, please contact a member of our team. No matter where you plan on going in 2023, we’ll get you there!