Half of Spanish companies plan to increase their travel budget by around 15%.
Nearly half (48%) of the 500 executives surveyed by Travelperk expect their travel budget to increase in 2024, with an expected average increase of 15%, mainly for business expansion. The main drivers this year are new business development, face-to-face meetings and corporate meetings.
Spanish senior executives attribute 29% of their company's total sales growth by 2023 to face-to-face meetings.
68% of executives agree that investing in business travel allows them to increase their market share. And 75% consider it key to building strong relationships with customers.
For SMBs and midsize companies, each day invested in business travel generates incremental revenue of $12, driven primarily by new customer acquisition.
“In today's competitive landscape, companies recognize the immense value that business travel brings,”, says Avi Meir, CEO and co-founder of TravelPerk. "From increased employee engagement and revenue generated from face-to-face meetings, to getting work done that can only be done on-site, business travel is much more than just an expense: it is an investment in growth, innovation and company culture.
On the other hand, according to the travel management platform, “organizations that want to win the war for talent should consider business travel as a key way to attract, engage and retain workers”.
The study indicates that in Spain, 82% of managers say that advertising business travel opportunities in job descriptions makes the position more attractive.
62% of business travelers say that traveling for work makes them more likely to stay in their current job. This percentage is even higher among Generation Z, where 73% say that business travel influences their decision to stay with the company.
The majority (83%) of Spanish employees say that face-to-face social events increase their morale and engagement.
Half (50%) of the region's travel managers and administrators say their company's budget for connecting employees in real life has increased in the past year, ahead of their counterparts in Germany (36%) and even the U.S. (40%).
OPTIMIZING TRAVEL
Companies are beginning to see the benefits of optimizing travel, which can avoid repeat visits and have a positive impact for employees.
Nearly half (43%) of business travelers say their company encourages them to consolidate meetings into single trips to minimize the need for multiple trips.
Booking data from TravelPerk's platform shows that the flights of more than 2 nights have gone from accounting for 42% of all short-haul flights in 2019, to more than half (55%) by 2023.
In addition, 1 in 2 Spanish employees (51%) have extended their business travel when allowed, well above those in the UK (32%) and Germany (46%).