In the ever-changing world of corporate travel, 2024 is shaping up to be a pivotal year. With the help of our corporate travel experts, here, we explore the possibilities, opportunities, and challenges we can expect to emerge this year in global corporate travel.
Business travel back for good
If 2023 was the year of resurgence, 2024 will be the year when business travel is well and truly back for good, with predictions that global corporate travel will rebound fully to pre-pandemic levels. The resumption of face-to-face meetings, large-scale conferences, and an expected increase in international travel are fuelling this return, with business travel spending projected to reach a phenomenal $1.4 trillion this year.
Embedding NDC (New Distribution Capability)
With NDC fares becoming more commonplace in the airline community towards the end of 2023, we’ve seen increased fare transparency and an expanded offering available to passengers within the realms of the GDS. This can only mean positive change for travellers and companies, however for TMC’s navigating NDC has been somewhat of a challenge, as we try to balance passenger fare expectations with availability, and the rising cost of air travel. So, what are we doing to mitigate these challenges? Hannon Travel always sources the most comprehensive and best available airline content for our customers, always. This is currently a combination of standard and NDC fares. As NDC adoption continues, we will continue to stay close to NDC release dates through our established global airline network and industry connections. This approach ensures that we consistently deliver superior options and flexibility to our customers.
Corporate sustainability compliance; a core consideration
The EU Corporate Sustainability Reporting Directive (CSRD) is the single most important shift in corporate sustainability reporting and compliance facing EU* organisations today. CSRD aims to enhance and standardise corporate sustainability reporting among companies, beginning with larger corporate structures based in the EU and global companies with an EU presence. This directive has implications for the corporate travel sector as demands increase for more eco-friendly travel options, that enable companies to do business around the world, whilst meeting their environmental obligations. The growing need for air travel using Sustainable Aviation Fuel (SAF), preference for ‘green fares’, and selection of hotels with environmental certifications like LEED, Green Key and Green Globe is set to rise. Additionally, there will be a heightened demand for advanced carbon data and analytics, driven by API technology, to aid adherence to CSRD regulations. This regulatory change is one we are well-prepared for, as a significant number of our clients have already adopted our corporate sustainability reporting into their operations, and we continue to enhance our offering through our sustainability partners. Overall, we believe that CSRD will be a positive catalyst for change in corporate travel, pushing the industry towards more sustainable operations and contributing to broader environmental goals.
Increased travel to Emerging Markets
The increasing focus on emerging markets, particularly in Asia and Africa, brings a new era of opportunities and challenges within the corporate travel sector. These regions, characterised by rapidly growing economies and evolving business landscapes, offer untapped potential for corporate travel expansion. However, successfully navigating these markets from a travel perspective will mean leaning on your Travel Management Company (TMC) for expertise, experience, and their network, to ensure your traveller’s experience remains seamless, regardless of location.
Merging Technological Advancements with personalised care
The surge in AI and chatbots will continue, however for travel managers, it will be vital to retain that personal interaction with passengers, whilst adopting new and exciting technologies. If you are on the hunt for a TMC, bear in mind that your passengers may be adept in booking global travel, but nothing can replace their ability to call a travel expert 24/7 to help them navigate tricky situations, such as a delayed flight, a reduced layover, a challenging flight connection or indeed, a localised crisis that requires your team member to move rapidly from one destination to another. A seamless passenger experience that enables online booking, app-driven updates, and the ability to instantly connect with experts will be crucial. At Hannon Travel, we pride ourselves on offering 24/7 passenger care in-house. We do not outsource, as we believe it is our role to ensure your team connects with a Hannon Travel expert, regardless of the time of day, or their location around the world.
The Future of Business Travel
The landscape of business travel in 2024 and beyond is one marked by sustainability, personalisation, and technological innovation. Travel experiences will be tailored to individual needs, with a focus on flexibility and adaptability. Additionally, the economic and environmental pressures on businesses will necessitate a rationalisation of travel, with an emphasis on accurate carbon data and compliance with sustainability regulations like CSRD.
In summary, the future of corporate travel is bright, albeit different from past norms. As the largest Independent global travel management company in Ireland, we are excited to be at the forefront of these changes, guiding our clients through this dynamic and evolving landscape with our expertise and insights.
Keen to find out more about Hannon Travel and our personalised approach?
Arrange a chat with our travel experts by emailing info@hannontravel.com.
*and non-EU companies that are listed on EU regulated markets
