September 19, 2018
4 Trends in U.S. Corporate Travel
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Phocuswright has identified key insights into the solid and steady rise of the U.S. corporate travel segment in 2017, based on a combination of market sizing, travel spend estimates from U.S. supplier revenue, a travel manager survey, and industry executive interviews.
Helped by rising business confidence and innovations driving traveler behavior, the managed corporate segment represented about a third of the total U.S. travel market and reached US$119 billion in 2017.
Here are four trends Phocuswright analysts identified in the U.S. corporate travel segment:
- Simplifying the travel program to make it easier for travelers to make the right choice and trust the process, including seamless integration of payment and expense.
- The return of bleisure Ð extending business trips for a leisure stay to explore a destination is making a return on the agenda.
- Virtual cards and digital wallets Ð but it will take some time before they're implemented on scale.
- Shifting travel decision-making from marketing/procurement to the chief technology officer (CTO) Ð it's important to integrate a company's travel program with its enterprise resource systems to drive future decisions.
Despite the global economy's twists and turns and the possibility of a global trade war looming, the U.S. corporate travel market is expected to continue on its growth path.
Copyright 2018 Northstar Travel Media LLC. All rights reserved. From https://www.phocuswright.com.
Analyst: Phocuswright Research
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