Last month, Singapore hosted the BTN Group’s 2nd Annual Business Travel Trends & Forecasts Asia Pacific conference, drawing nearly 50 corporate travel buyers. These professionals, responsible for managing over $6.4 billion in annual travel expenditure, convened to discuss the latest industry trends and best practices. The conference attracted attendees from Australia, China, Hong Kong, the Philippines, and Singapore, providing a valuable platform for industry insights.
Here are six key takeaways from the event:
A Potential Travel Buyer’s Market for TMC Services
The competition among travel management companies (TMCs) is intensifying, with many offering new models, fee structures, and technological solutions. While cost remains a factor, travel buyers must align their requirements with internal stakeholders to ensure that TMC offerings meet their business needs.
Significant Changes in Corporate Air Programs
A notable shift in corporate air travel was highlighted, with 76% of attendees noting alterations in travel frequency as a primary reason for changes in airline partnerships. The pre-2020 air travel model is obsolete, necessitating a reassessment of preferred carrier agreements due to new distribution models, reduced discounts, and altered traveler perks.
Rising Travel Risks
Business travel faces numerous risks, including global conflicts, geopolitical tensions, climate change, criminal activity, and cyber threats. Corporations are advised to maintain updated travel risk assessments and employ advanced travel safety technologies.
Celebrating Small Sustainability Achievements
Many companies are integrating sustainability goals into their travel programs. Despite the complexity and cost, starting with small initiatives and celebrating incremental successes is crucial. Progress should be prioritized over perfection in achieving sustainability objectives.
The Growing Role of AI
Artificial Intelligence (AI) continues to evolve within the business travel sector. Travel buyers should engage with suppliers on how AI can enhance job efficiency, process improvement, and the overall traveler experience. Additionally, exploring internal applications of AI for managing and communicating travel programs is recommended.
The Integration of Travel and Meetings
The interplay between travel and meetings is becoming increasingly significant. Managing internal team travel and organizing summits necessitates a consideration of meetings management strategies, even for those traditionally focused solely on travel.
For those interested in exploring more about corporate travel trends, innovations, and networking opportunities, the BTN Group invites you to the inaugural Business Travel Show Asia Pacific, scheduled for April 16-17, 2025, at Marina Bay Sands Singapore. The event promises two days of in-depth, buyer-driven content.
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