Luxury Travel Market To Reach $1.6 Billion By 2026
Based on age group, the millennial segment would increase the most with a compound annual growth rate of 9.5%.
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Bleisure travelers aren’t just Millennials. Business people of all ages are extending business trips into mini vacations…if their company’s travel policy allows it.
79% of mobile travelers completed a booking on their smartphones in 2017, up from 70% in 2016, according to Google.
People still want to be able to speak with a human being…just not over the phone. They like having an instant reply to a specific question without being put on hold. 79% of businesses that offer live chat have seen higher sales, revenue, and customer loyalty, according to a survey conducted by Kayako.
Today’s business travelers often come with important data. Hackers are no longer something you only find in fiction, so corporate travelers will be looking for secure WiFi and Bluetooth connections, as well as a safe place to keep their electronics.
The site recently launched a separate booking site for businesses that features “work-ready” homes. As bleisure travel increases, people are looking to stay in places that don’t make it feel like they are traveling for work.
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The 2018 Global Travel Forecast shows hotel prices are expected to rise by 3.7% this year, with Europe seeing the steepest increases. Hotels are also starting to move away from fixed, corporate rates to dynamic pricing models.
Flights will be a lot more crowded due to affordable airfare.
While AI still has a long way to go, it has the potential to save a lot of time and money. The technology will help travelers make quick purchase decisions, check itineraries, and keep up to date on corporate travel policies.
As more Millennials enter the workforce, work-life balance will become a bigger concern to employers. Expect to see more businesses offering flexible options for their business travelers.
The main traits business travelers look for in transportation are dependability, timeliness, and cost. Related industries should be finding ways to appeal to these desires.
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Apple Pay, Venmo, and other digital methods of payment are steadily on the rise due to convenience. Research by the DCC Forum shows 51% of business travelers believe all payments will be made via mobile in the next decade.
Business travelers are sharing their experiences on the road now more than ever thanks to the myriad of social networks available to them.
People realize the impact in-person human interaction can have on success. Face-to-face requests are 34 times more powerful than text-based ones, according to an article in Harvard Business Review. As airfare prices decrease, more business travelers will be able to network one-on-one.
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Whereas bad weather and car accidents used to be a main concern, more serious possibilities like terrorist attacks and cybersecurity issues have become bigger fears with employers. Companies are looking for businesses that take duty of care seriously.
Many of the major airlines are making it much harder to reach elite status due to flight affordability.
This article has been adapted from a piece titled “Business Travel Trends to Watch in 2018” from ParkDIA user Mike.
Related Topics: business travel, business trends, corporate travel, industry trends, leisure travel, research and trends, statistics
Based on age group, the millennial segment would increase the most with a compound annual growth rate of 9.5%.
An LCT East keynote panel will explain how corporate travel buyers are getting the message on duty of care and the opportunity it provides operators.
Development of the tourism industry, rise in globalization, and rapid increase in small- and medium-sized enterprises are driving the increase.
The industry's emerging professional group gears up to lead operators toward more business resources and connections.
Of all the fares Jalopnik examined, Uber kept 35% of the revenue, while Lyft kept 38%.
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It comes down to uncertainty, making consumers more cautious and businesses more likely to cancel travel.
Internet booking for high-end travelers is not all that convenient or accurate. There's nothing like human expertise and connections.
Embrace the growing desires for personalized service, reliable transport, exclusivity, and positive professional interactions with staff.
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