Business travel was at a near standstill in 2020 due to the coronavirus pandemic. Since then, the number of people taking business trips has steadily increased, with a majority of these individuals working for large companies and corporations. This has led many people to wonder if small and medium-sized enterprises (SMEs) would ramp up travel in 2023 and if a business travel rebound could be in the cards.
From business travel predictions to key business travel destinations and more – here’s everything you need to know about a potential business travel rebound in 2023:
Is Business Travel Making a Recovery?
Business travel levels are steadily increasing and are on track to fully recover within the next few years. In fact, in a survey conducted by Morgan Stanley, it was found that 34% of small and large companies anticipate a full recovery of business travel levels by the end of 2023. This is great news for the business travel industry, as it was uncertain as to how long it would take for business travel to rebound.
Will Small Business Travel Increase in 2023?
According to Morgan Stanley, 68% of companies that make less than $1 billion in annual revenue plan on increasing their travel budgets this year. Furthermore, 25% of companies are already back to pre-pandemic travel levels and could continue to increase the number of people they send on business trips in 2023.
Another interesting statistic from American Express Global Business Travel is that during the third quarter of 2022, airline booking activity by SMEs was at 80% of 2019 booking levels. This shows that SMEs have been consistently booking more flights for business trips, a trend that we expect to continue in 2023.
How Expensive is it to Travel For Business in 2023?
Though more companies plan on sending their employees on business trips in 2023 doesn’t mean that travel costs have decreased. Travel costs have steadily been on the rise and will likely continue to increase in 2023. According to Meeting Spotlight, the cost per person to attend meetings and events this year could increase by 7%, airline ticket prices could rise by 8.4%, and hotel prices could increase by nearly 8.2%.
Key Business Travel Destinations in 2023
Many of the popular business travel destinations are located internationally rather than domestically. According to a list from TravelPerk, the top 10 destinations for in-person meetings right now include:
- New York
Business Travel Resources
Here are some informative articles that will help you navigate your next business trip with ease:
- 2023 Business Travel Predictions and Insights
- Our Top 10 Tips For Business Travelers
- 4 Airlines With the Best Business Class
- Business Travel Insurance: Do Companies Need It?
- Easy-to-Use Apps For Tracking Business Travel Expenses
- Packing For Your Next Business Trip Made Easy
- 5 Business Travel Mistakes to Avoid
- Tools That Every Business Traveler Should Be Using
- Best Luggage for Business Travel
- Why You Should Always Use a VPN While Traveling For Business
Traveling For Business? Swift Can Help!
Swift Passport and Visa Services is the premier choice for corporate passport services and corporate visa services. Swift has grown into a nationwide business, providing expedited passports and expedited visas to corporate partners and individuals in as little as one business day. If you want to learn more about obtaining a passport or business visa for your upcoming business trip, visit our website.