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Good Travel Management | Your Human-Led Corporate Travel Team

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2w

🔔 𝐒𝐢𝐬𝐨𝐧'𝐬 𝐒𝐭𝐚𝐭𝐬 𝐢𝐬 𝐛𝐚𝐜𝐤 𝐰𝐢𝐭𝐡 𝐨𝐧𝐞 𝐟𝐢𝐧𝐚𝐥 𝐜𝐡𝐞𝐜𝐤-𝐢𝐧 𝐟𝐨𝐫 𝟐𝟎𝟐𝟒! 🔔 Looking at the Global Travel Advantage Review, Andrew Sison has compared the insights against Good Travel Management's clients and what we have seen in business travel over 2024. From the rise in business travel and where it came from to a reduction in travel costs for air travel and hotels. Andy even covers why there has been a reduction in stay duration and why this has been happening. 👇 Make sure to watch it below and find out what people have been focusing on throughout the end of 2024.

Transcript

Hi, I'm Andrew Tyson from Good Travel Management and welcome to another edition of Tyson Stats. The key topic today is the Advantage Global Travel Review. The publication from the guys at Advantage has some really good insights in. Some of the key findings from the publication, including a rise in business travel volumes for 2024 compared to pre pandemic levels, had a big driver of this is global economic growth. Secondly, there's been a reduction in travel costs for air, hotel and rail. Additionally, there's been a reduction in the average duration of trips. So we're going to take a deep dive into these insights and look at Good Travel Management's own client partners behaviour and how it compares to the Advantage Global Review publication. So regarding the cost reductions which the Advantage Global Review publication highlighted, when we look at our own data at Good Travel Management and speak to our client partners to find why there are cost reductions, there's several factors. First of all, travel policy compliance organizations in an effort to reduce costs are put in travel policy practices in place. Secondly, from a sustainability point of view, some organizations wish to reduce their carbon footprint. So travel. Or less trips. Equally from well-being perspective, organisations don't want their travels on the road as much, avoiding red eye situations. Some organisations choosing where they can to have a virtual meeting as opposed to travelling. So these contributing factors are the reasons what we are seeing behind this year's cost reductions of the average trip, whether it be air, hotel and rail compared to previous years. We're also seeing another key statistic which relates to the average duration of a business trip and we're seeing that reduce year on year. In 2022, the average length of stay for our business trips with five days it reduced to 4. 5 last year and this year it's 4.38 days average per trip. The reasons behind this reduction links to a lot of similar themes we've already discussed. So when we take a deeper dive into the average length of stay at what we're seeing a good travel management, we're seeing a correlation between higher booking classes and a a longer stay of trip. For example, when we are seeing client partners book economy class tickets, we're seeing an average state of four days, whereas when client partners are booking higher premium cabins including premium economy, business class and 1st class. We see in the average length of stay up to 9 days. This is linked to a number of factors including a return on investment for some of our client partners when they pay more in premium cabins. Whereas with economy where we see an average of four days for an average trip, we think there's more pressure from organisations to save costs and use their travel policy. So hopefully you found this last edition of Size and Stats of 2024 really informative. And we look forward to seeing you in the new year for bar season stats.

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Andrew Sison BA (Hons)

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Check out our latest insights video at Good Travel Management | Your Human-Led Corporate Travel Team where we analyze industry data to reveal trends in trip costs, duration, and booking preferences. The Advantage Travel Partnership John Good Group | Growing Businesses Together

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🔔 𝐒𝐢𝐬𝐨𝐧'𝐬 𝐒𝐭𝐚𝐭𝐬 𝐢𝐬 𝐛𝐚𝐜𝐤 𝐰𝐢𝐭𝐡 𝐨𝐧𝐞 𝐟𝐢𝐧𝐚𝐥 𝐜𝐡𝐞𝐜𝐤-𝐢𝐧 𝐟𝐨𝐫 𝟐𝟎𝟐𝟒! 🔔 Looking at the Global Travel Advantage Review, Andrew Sison has compared the insights against Good Travel Management's clients and what we have seen in business travel over 2024. From the rise in business travel and where it came from to a reduction in travel costs for air travel and hotels. Andy even covers why there has been a reduction in stay duration and why this has been happening. 👇 Make sure to watch it below and find out what people have been focusing on throughout the end of 2024.
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