Aussie agents predict corporate bookings to soar in 2023
Do you feel like your corporate bookings have gone through the roof lately?
You’re not the only one, as new research has revealed that corporate travel volume this year is expected to exceed pre-pandemic levels.
Cvent, a meetings, events, travel and hospitality technology provider, commissioned a survey of 500 corporate travel decision-makers across Australia, Asia, the Middle East and Africa to gauge opinion on 2023 trends.
The research showed that most agents are quite optimistic about the rebound of corporate travel, with 75 per cent of Aussies surveyed expect corporate travel volumes at their organisation to increase relative to 2019.
The report also showed the increasing impact sustainability has on choice of venue, highlighting the importance of hotels to showcase not just their unique facilities and points of difference, but their sustainability efforts and initiatives to better attract todays’ corporate travel buyers.
The findings also reveal that organisations in Asia and Australia will witness an increase in travel to Asia and Europe.
“The results in this report illustrate that because corporate travel momentum has continued to grow and needs have evolved, hotels must understand their buyers’ decision-making processes, preferences and budget expectations to attract them to their properties and stay ahead of the competition,” Graham Pope, Cvent vice president of international sales, said.
“The travel resurgence has also manifested higher expectations from the clients, with sustainability at the top of the list.
“With many hotels operating with smaller teams than pre-pandemic, this report offers critical insight into where hospitality professionals can focus their efforts and leverage technology to work more efficiently and maximise impact.”
Another highlight is that 81 per cent of Aussies surveyed are interested in dual and dynamic rates increasing. Cvent said that to win business in 2023, hotels must understand their potential customers’ rate strategy and expectations and establishing a willingness to engage and offer dual and dynamic rates offers venues the opportunity to also award discounts for loyalty, and flex prices depending on demand and availability.
The report also showed that trip prioritisation and sourcing needs have evolved. With budgets under pressure due to rising costs, travel managers are increasingly asking whether trips are truly necessary, and how each one fits into a new formula of cost versus value. Almost half (46%) of travel managers in Australia are taking this approach. Once the trip is approved, travel managers rigorously compare hotels on a shifting set of priorities including cost savings, rate flexibility and sustainability.
It was also revealed that rising costs are set to spur budget increases. Approximately 80 per cent across Australia, MEA, and Asia said their travel budgets will rise in 2023, including 34 per cent who predict it will increase significantly. However, travel managers are proactively looking for ways to reduce accommodate budgets to help offset the rising cost of travel. Hotels can highlight unique experiences and offer incentives to encourage additional spend onsite.
Featured Image: iStock/eyesfoto
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