2023
9
UK Business Traveller Market Report 2023
2023-09-07T04:12:19+01:00
OX1155249
2195
166411
[{"name":"Holidays and Travel","url":"https:\/\/store.mintel.com\/industries\/holidays-travel"},{"name":"Work and Employment","url":"https:\/\/store.mintel.com\/industries\/life-stages\/work-employment"}]
Report
en_GB
"The business travel market is going through a considerable transformation. Company reliance on online meeting and event technology was accelerated during the pandemic, and this has been further strengthened by…

UK Business Traveller Market Report 2023

£ 2,195 (Excl.Tax)

Description

Stay ahead of the curve and future-proof your business with Mintel’s UK Business Traveller Market Report 2023. Our full report is packed with consumer-led market intelligence, the latest UK business travel market trends and consumer behaviours affecting your business. Get a 360° view of the business travel market, including market size, share and forecasted growth to help you align your business strategy with the needs of your audience.

Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.

Topics Analysed in this Report

  • How the business travel market is performing in a post-COVID-19 world.
  • The impact of high levels of inflation on demand for domestic and overseas business travel.
  • What the ongoing advancement of online meeting and event technology mean for the business travel market.
  • How the rising importance of sustainability in business is influencing market dynamics.
  • Prospects for ‘bleisure’ travel in a world with increasingly more flexible working patterns.

 Business Travel Market Outlook

The business travel market has improved but high inflation will continue to impact the recovery of both the domestic and overseas business travel markets. Cutting down on expenses continued to be a key focus of UK business, with most prioritising online meetings and restricting spend on business trips. Meanwhile, overseas business trips have become longer so more can be accomplished in a single visit.

  • Business travel market size: In 2023, the volume of overnight business trips taken in Britain projected to rise to 13.5 million

Business Travel Market Trends and Opportunities

Remote working impedes growth

A greater reliance on remote working and event technology than before the pandemic and the rising importance of sustainability in business travel are the two biggest factors hindering the growth potential of the business travel market. It is becoming increasingly difficult for businesses to justify spending on expensive business travel when cheaper and greener alternatives are readily available.

  • Business travel market opportunity: 37% of business travellers have taken a business trip in the UK over the past 12 months.

To learn more about the UK Business Traveller Market, including a five-year forecast, consumer behaviour analysis, and market opportunities recommendations, purchase our full UK Dentistry Market Report.

Leading Brands in the Business Travel Market

Internova, Advito, TripBam, Avelia, AMEX, Microsoft.

Additional Features Included with Your Purchase

  • Interactive Databook: Each Databook is provided as an interactive website where you can deep dive into our consumer research data on your chosen topic so you can draw your own conclusions.
  • Consumer Confidence Tracker: Our Trackers paint the picture of the economic confidence and major concerns of up to 40 different demographics, tracking changes in attitudes over time.
  • Custom PowerPoints: Incorporate our consumer research data into your own work so you can win over your clients and stakeholders. Select insights from your report to create a custom presentation that is ready to download in minutes.
  • Different Digital Formats: PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentations.
  • Mintel’s Clients Portal: Our portal provides instant access to actionable analysis, podcasts, and trend pieces relevant to your industry that are published almost daily, as well as our annual Global Consumer Trends. You can also browse our extensive catalogue of market research reports.

Expert Insights from a Finance Analyst

This report, written by George Zaborowski, a leading finance analyst, delivers in-depth commentary and analysis to highlight trends in the business travel market and add expert context to the numbers.

The business travel market is going through a considerable transformation. Company reliance on online meeting and event technology was accelerated during the pandemic, and this has been further strengthened by the cost-of-living crisis, which is driving firms to prioritise remote meetings to cut down on expenses. Nonetheless, in person meetings will continue to play a vital role when it comes to building strong relationships, when handling physical items is involved, and high value transactions.”

George Zaborowski
Senior Market Research Analyst

Table of Contents

  1. Overview

      • Key issues covered in this Report
        • Products covered in this Report
        • Executive Summary

            • The five-year outlook for domestic and overseas business travel
              • Figure 1: Category outlook, 2023-28
            • The market
              • Spend on domestic business travel expected to hit pre-COVID levels by 2026
                • Figure 2: Forecast volume of domestic overnight business trips taken by British residents, 2018-28
                • Figure 3: Forecast value of domestic overnight business trips taken by British residents, 2018-28
              • Overseas business travel volumes expected to remain below COVID-19 levels
                • Figure 4: Forecast volume of overseas business trips taken by UK residents, 2018-28
                • Figure 5: Forecast value of overseas business trips taken by UK residents, 2018-28
              • Market being altered by technological advances and growing focus on sustainability
                • Companies and brands
                  • Sustainability and expense management key areas of innovation
                    • The consumer
                      • Just over two-fifths of the UK’s employed population take business trips
                        • Figure 6: Participation in business travel, domestic vs overseas, 2023
                      • Domestic business day trips have become more common…
                        • Figure 7: Duration of domestic business travel, 2019 vs 2023
                      • …while the length of overseas business trips have been extended
                        • Figure 8: Duration of overseas business travel, 2019 vs 2023
                      • Business trips continue to be primarily centred around meetings
                        • Figure 9: Purpose of most recent business trip, domestic vs overseas, 2023
                      • UK business traveller intentions favour domestic trips over those abroad
                        • Figure 10: Anticipated volume of business trips over the next 12 months, by destinations of business trips in 12 months prior, 2023
                      • Most business travellers face limitations when booking
                        • Figure 11: Agreement with statements related to restrictions on business trips, 2023
                      • Rental properties account for sizable share of business travel market
                        • Fewer domestic travellers combining business and leisure
                          • Figure 12: Agreement with statement about leisure time on most recent business trip, domestic vs overseas, 2019 vs 2023
                        • Cost savings and sustainability drive the search for business travel alternatives
                          • Figure 13: Agreement with statements about what companies are doing in regard to virtual meetings/events and their environmental impact, 2023
                        • Many still believe their business trip could have been replaced by alternatives
                        • Issues and Insights

                          • Rising costs have further transformed the dynamics of business travel
                            • Increased focus on bleisure travel could boost demand for business travel
                            • Market Size and Performance

                              • Domestic business travel spend 10% off pre-pandemic levels in 2023
                                • Figure 14: Volume and value of domestic overnight business trips taken by British residents, 2016-23
                              • Overseas businesses trips recovering more slowly
                                • Figure 15: Volume and value* of overseas business trips taken by UK residents, 2016-23
                            • Market Forecast

                              • The five-year outlook for domestic and overseas business travel
                                • Figure 16: Category outlook, 2023-28
                              • Spend on domestic business travel forecast to reach 2019 levels by 2026
                                • Figure 17: Forecast volume of domestic overnight business trips taken by British residents, 2018-28
                                • Figure 18: Forecast value of domestic overnight business trips taken by British residents, 2018-28
                              • Overseas business travel volumes will remain below pre-COVID-19 levels
                                • Figure 19: Forecast volume of overseas business trips taken by UK residents, 2018-28
                                • Figure 20: Forecast value of overseas business trips taken by UK residents, 2018-28
                              • Learnings from the last income squeeze
                                • Forecast methodology
                                • Market Drivers

                                  • Rising costs will continue to impact business travel budgets in 2023
                                    • High inflation and interest rates augmenting the effect of a slowing recovery
                                      • Stronger pound would ease pressure on overseas business travel costs
                                        • Figure 21: Pound versus euro and US Dollar, 1 January 2019 – 10 August 2023
                                      • Businesses confidence has improved in 2023 but remains subdued
                                        • Figure 22: ICAEW UK National Business Confidence TM index, Q1 2018 – Q2 2023
                                      • Major UK airport expansion plans have been disrupted by COVID-19
                                      • Launch Activity and Innovation

                                        • Sustainability in business travel high on the agenda
                                          • Internova introduces business travel carbon offsetting and reporting tool
                                            • Advito now displays hotel and rail carbon emissions in its booking service
                                              • Avelia – a blockchain powered platform to make business travel more sustainable
                                                • Travel expense management a key area of innovation
                                                  • TripBam launches new service to help companies find the lowest fares
                                                    • AMEX and Microsoft develop AI-powered business travel expense management tool
                                                      • Fintech Startup Mesh introduces a travel management platform
                                                      • Business Traveller Participation

                                                        • Just over two-fifths of the UK’s employed population take business trips
                                                          • Figure 23: Overall participation in business travel, 2019 vs 2023
                                                        • Most business travel takes place domestically
                                                          • Figure 24: Participation in business travel, domestic vs overseas, 2023
                                                      • Duration and Frequency of Business Trips

                                                        • Domestic business day trips have become more common…
                                                          • Figure 25: Duration of domestic business travel, 2019 vs 2023
                                                        • …while overseas business trips are now longer in duration
                                                          • Figure 26: Duration of overseas business travel, 2019 vs 2023
                                                        • Notable decline in frequency of domestic business trips compared to 2019
                                                          • Figure 27: Frequency of domestic business travel, 2019 vs 2023
                                                        • Taking 11 or more overseas business trips a year less common in 2023
                                                          • Figure 28: Frequency of overseas business travel, 2019 vs 2023
                                                      • Type of Business Trip

                                                        • Business trips continue to be primarily centred around meetings
                                                          • Figure 29: Purpose of most recent business trip, domestic vs overseas, 2023
                                                        • Make up of business trips are generally in line with pre-pandemic trends
                                                          • Figure 30: Purpose of most recent domestic business trip, 2019 vs 2023
                                                          • Figure 31: Purpose of most recent overseas business trip, 2019 vs 2023
                                                      • Business Traveller Intentions Over the Next Year

                                                        • UK business travel to gather pace while overseas prospects remain less favourable
                                                          • Business travel intentions may have a lower ceiling post-COVID
                                                            • Figure 32: Anticipated volume of business trips over the next 12 months, by destinations of business trips in 12 months prior, 2023
                                                        • Booking Behaviours and Attitudes

                                                          • Most business travellers deal with limitations when booking
                                                            • Figure 33: Agreement with statements related to restrictions on business trips, 2023
                                                          • Close to half of business travellers use TMCs
                                                            • TMCs need to be seen as a service that pays for itself
                                                              • Figure 34: Use of travel management company, domestic vs overseas, 2019 vs 2023
                                                          • Business Accommodation

                                                            • Rental properties maintain sizable share of business travel market…
                                                              • Figure 35: Use of rental properties for most recent business trip, domestic vs overseas, 2023
                                                            • …but use remains in line with pre-pandemic trends
                                                              • Large hotels can offer a more diverse business friendly environment
                                                              • Business and Leisure

                                                                • Fewer domestic trips combine business and leisure
                                                                  • Figure 36: Agreement with statement about leisure time on most recent business trip, domestic vs overseas, 2019 vs 2023
                                                                • Over half of business travellers say their company allows bleisure
                                                                  • Figure 37: Agreement with statement about company allowing combining holidaying with work, 2023
                                                              • Alternatives to Business Travel

                                                                • Cost savings and sustainability motivating firms to seek business travel alternatives post-COVID
                                                                    • Figure 38: Agreement with statements about what companies are doing in regard to virtual meetings/events and their environmental impact, 2023
                                                                  • Many still think their business trip could have been replaced by alternatives…
                                                                    • Figure 39: Potential for alternative ways of meeting, domestic vs overseas, 2023
                                                                  • …but in person meetings will still play a vital role in business
                                                                    • VR and AR have the potential to replace even more business travel
                                                                      • Figure 40: Agreement with statement if more lifelike online meetings would encourage less frequent business travel, 2023
                                                                  • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                      • Abbreviations
                                                                        • Consumer research methodology
                                                                        • Appendix – Forecast Methodology

                                                                          • Domestic business travel volume forecast and prediction intervals
                                                                            • Figure 41: Forecast volume of domestic* overnight business trips taken by British residents, 2023-28
                                                                          • Domestic business travel value forecast and prediction intervals
                                                                            • Figure 42: Forecast value of domestic* overnight business trips taken by British residents, 2023-28
                                                                          • Overseas business travel volume forecast and prediction intervals
                                                                            • Figure 43: Forecast volume of overseas business trips taken by UK residents, 2023-28
                                                                          • Overseas business travel value forecast and prediction intervals
                                                                            • Figure 44: Forecast value* of overseas business trips taken by UK residents, 2023-28
                                                                          • Market drivers and assumptions
                                                                            • Forecast methodology

                                                                            About the report

                                                                            This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

                                                                            Market

                                                                            Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

                                                                            Consumer

                                                                            Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

                                                                            Brand/Company

                                                                            Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

                                                                            Data

                                                                            Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

                                                                            *databooks not available with UK B2B Industry reports.

                                                                            Below is a sample report, understand what you are buying.

                                                                            Click to show report
                                                                            2024 Sample Consumer Cover

                                                                            Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.

                                                                            Trusted by companies. Big and small.

                                                                            Want to speak to us directly?

                                                                            Contact us with your enquiry and our expert global team can help.

                                                                            Get in touch