TRAVEL BUYERS IN the U.S are adapting to changes in the business traveler population, according to a recent Global Business Travel Association-Cvent study, although they may need to change faster. Those trends include the changing demands of the growing number of millennial travelers, new technology as well as traveler safety, but in those areas policy changes are lagging.
According to the research, one in four travel buyers say more than 40 percent of their traveling workforce is now made up of millennials. More than half of the buyers, 54 percent, say millennials tend to push the boundaries of corporate travel policy and 73 percent say millennials demand different, more consumer-like tools out of their company’s travel program.
However, only one in five travel buyers says they have changed their travel policy as per the increasing millennial workforce demand.
The study also found that in the next five years, the majority of the buyers in the survey are expecting to spend more time in the evaluation and implementation of new technology. They are aware of the technologies strong impact, but, many of them have not yet changed their travel policies in response to the technology advancements.
The number of travel buyers who made policy changes regarding safety and security concerns is 54 percent, but only 32 percent changed their policy as per technology advancements. Also, only 52 percent of buyers measure travel effectiveness through traveler safety metrics, according to the study.
Only 37 percent have integrated their safety and security tool with the meeting management tool, while 36 percent and 18 percent respectively integrated online booking tool and expense tool.
In July, GBTA’s Global Business Travel Association Business Traveler Sentiment Index found that 86 percent of global business travelers were satisfied with their overall business travel experiences. At the same time, 54 percent of business travelers have experienced a mishap, including a delayed or cancelled flight, while on the road for work last year.