Small businesses set to spend more on travel
Four out of ten SMEs (40%) will spend more on corporate travel in 2018 – compared to 32% 12 months ago – while only 12% expect to spend less than in 2017.
The research, carried out by Business Travel Show, showed half of SMEs (49%) claim they will spend more on air travel and accommodation.
Meanwhile, 45% expect to travel more and 47% expect total travel costs to rise.
“This time last year, geopolitical events such as Brexit and the imminent inauguration of President Trump left many concerned for the economy and the widespread feeling of uncertainty about what the future holds undoubtedly leaked in to the corporate travel market," says David Chapple, Business Travel Show event director.
“The results of our survey, however, indicate that caution in business travel was short-lived and budgets and growth appear to be healthier than ever. In fact, some commentators have even suggested corporate travel may do better than other industries, as companies invest more in travel to explore alternative trade avenues outside of Europe following the Brexit vote.”
The poll additionally revealed a leap in SMEs spend on accommodation from 32% to 49% year on year. Nearly half (49%) have bigger airline budgets compared to 40% last year; 85% of SMEs will be sending executives on more trips; and 47% of buyers expect travel costs to increase.