08.02.2024 |

The Future of the Business Travel Market: Between Digital Evolution and Growing Travel Ambitions

Digital Business Travel Market

The future of the business travel market is undergoing an exciting evolution, as current world events and trends shape the sector’s dynamics significantly. What does the future of business travel look like, and what role does Germany play as a destination for business travelers? A study by the German Business Travel Association (VDR) published last year and contributions from the GCB provide valuable forecasts:

The trend is towards longer and more expensive business trips:
In 2022, the average duration of business trips increased to 2.4 days compared to the previous year. At the same time, the cost per day increased by 11% to €371.00.

The overseas travels undertaken by German companies hold significant importance:
Of the companies surveyed, 92% conducted international business trips. Additionally, about one in four business trips was an international stay in 2022.

Germany leads the ranking of European business travel destinations:
In 2022, approximately 9.2 million European business trips were made to Germany. This accounts for more than 20% of all European business trips (46.8 million).

The international destinations of German companies are changing:
Neighboring countries Switzerland and Austria are gaining importance, while the United States, China, and the United Kingdom are falling behind in the business travel ranking. The rise of India as a German business travel destination is also noteworthy. In 2022, more than 1,700 German companies were located there.

In-person events are experiencing a significant renaissance:
The significant success of in-person formats show that the demand for face-to-face interactions will continue in the future. Whether as a source of inspiration or a platform for networking and constructive dialogues, business events are instruments for solving complex issues and promoting knowledge transfer. According to the recent Future Meeting Space study “Redefining Event Attendance,” about 92% of respondents attend events for networking purposes.

Digitalization is changing everything:
The advancing development of hybrid formats, combining personal and virtual interaction, is seen as key to success in the future mix of event formats. New opportunities are emerging, allowing event reach to expand and including individuals regardless of location.

New Work redefines business travel:
People increasingly combine multiple different occasions into a single trip, creating sustainable events. The concepts of Staycation (leisure activities in one’s own work environment), Bleisure (extending a business trip for personal purposes), and Workation (traveling to attractive destinations to work there as well) show: Work and leisure will be increasingly interconnected in the future.

The business trips of the future will be more efficient and expensive. Old routines are being reinterpreted within the framework of digitization and New Work. German companies benefit from the economic strength of their location and can respond optimally to the trend towards hybrid formats. Those who master the perfect balance between physical presence and digital networking will become international pioneers.