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Rising Costs Spark Concern Among European Travel Buyers

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Rising Costs Spark Concern Among European Travel Buyers
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Approximately 600 European travel buyers from major markets including France, Germany, and the UK responded to a poll conducted by events technology expert Cvent, and 80% of them stated that they had a favourable opinion of their company's business travel program.

According to BTN Europe, 64% of those surveyed predicted that business travel will increase this year, and 19% predicted that the increase would be significant.

Travel customers voiced their concern about the growing costs of all sorts of travel products, with over 30% of them predicting the ground transportation cost to climb the highest, despite expectations for increased travel activity, according to EU Helpers.

According to the report, minimizing travel expenses is important to about 65% of the purchasers, who cite it as their top worry.

Additionally, as BTN Europe reports, travel buyers have stated that they are employing a number of strategies to combat the rising prices, with the most common being to mix their business-related travel with other existing events that staff will attend.

In addition to the aforementioned, it has been reported that 37% of purchasers are cutting back on the amount of trips taken by their coworkers. Additionally, 22% of customers stated that these excursions are now more likely to be lengthier in duration.

Additionally, 70% of purchasers situated in Europe stated that they are anticipating a higher average spending per trip this year and that the rise in costs necessitates an increase in their organizations' budgets.

Graham Pope, vice president of international sales at Cvent, commented on the situation and said that corporate travel managers are attempting to cooperate with hotels so that travelers do not have to cope with exorbitant prices.

According to Pope's statement, "Corporate travel managers are eager to send their teams back on the road after the strong recovery of leisure and MICE travel, but they are keen to work with hotels that understand their needs and can be flexible given budget constraints."

Locations where they will stay and sustainability are also high on the list of criteria for trip consumers.
 

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