HOSPITALITY – Deloitte: Corporate Travel Reaches Its Cruising Altitude 2024

Key takeaways

Amid rising prices and increasing trip frequency, 73% of travel managers surveyed expect their companies’ travel spend to climb in 2024, and 58% expect it to increase in 2025, with those projecting gains expecting an average rise of 14-15% each year, according to Deloitte’s 2024 Corporate Travel Report.

Corporate travel spend by U.S. companies is expected to grow between 8% and 12% to meet or exceed pre-pandemic levels by the end of 2024.
Amid rising prices and increasing trip frequency, 73% of travel managers surveyed expect their companies’ travel spend to climb in 2024, and 58% expect it to increase in 2025, with those projecting gains expecting an average rise of 14-15% each year.
Live events are among the top growth drivers for corporate travel, as 6 in 10 business travelers surveyed expect to attend a conference, trade show or exhibition this year.
Client-related travel remains a top driver of trip frequency, as 1 in 5 frequent travelers say they travel for sales or project work more than once a month.
Companies may look to mitigate costs through compliance tools, though only 56% of travelers surveyed who are aware of the company booking platform say they always book trips through these managed channels.
Travel managers surveyed report significant progress on the sustainability front in the past year, as companies shift to identifying new metrics and increased certifications in the booking path.
Return-to-work still influences travel as companies continue identifying opportunities for in-person interaction.