Cvent has published the latest instalment of the Cvent Travel Managers Report. The Europe Edition provides hotels, venues and destinations with in-depth insights into corporate travel sourcing trends.

The results are positive for the business travel industry: A significant majority of respondents (80%) feel positive about the state of their organisation’s business travel activity. Among them, almost two-thirds (64%) expect their organisation’s travel volume to increase in 2023 compared to 2022, and nearly a fifth (19%) say the increase will be significant.

Furthermore, minimising costs is still a priority: 40% of the corporate travel managers have a desire to combine business travel with existing meetings and events that their teams are already scheduled to attend. 37% state they plan to reduce the number of colleagues travelling.

More than a fifth (22%) of respondents say they will schedule fewer trips, however they will extend the duration of stays. Another encouraging outlook is the average budget (per trip) is anticipated to increase, with just over half (51%) expecting ‘somewhat’ of an increase and 19% a ‘significant’ increase.

Graham Pope, Cvent Vice President of International Sales, comments: “These results not only highlight the exciting business travel momentum, but also illustrate the incredible opportunity for hotels, venues and destinations to capitalise on this resurgence. After the strong return of leisure and MICE travel, corporate travel managers are eager to get their teams back on the road but are keen to work with hotels that understand their needs and can be flexible given budget constraints.”

To view the full report, click here.