In the early days of travel recovery from the pandemic, small and medium businesses (SMEs) were largely credited as the driving force of the revival, but inflation and rising fuel prices are threatening this resurgence, according to new research conducted by Wakefield for SAP Concur.
Business travellers at companies with fewer than 1,000 employees are eager to hit the road again, with 98 per cent of survey respondents stating they are “willing” to travel in the next 12 months, and more than half (54 per cent) “very willing”.
However, the report flagged macro-economic shifts as a risk factor impeding future SME travel. Half of the travellers surveyed included ‘rising oil prices and inflation’ among the top three threats to business travel, while 34 per cent pointed to diminished travel budgets.
According to the report, which surveyed 1,650 SME business travellers from the UK, France, US, Canada, Australia, New Zealand and Japan between 28 April and 23 May, external threats could have a ‘profound’ impact on SMEs that are more likely to feel the pinch of rising prices than larger companies.
As BTN Europe explored in the recent 'Stepping It Up' report on small and mid-sized travel programmes, Wakefield's research zeroed in on the unstable labour market and how post-pandemic travel is affecting employee turnover rates.
Three in five travellers (60 per cent) said their current travel schedules are falling short of expectations, with 39 per cent travelling less than they’d like and 21 per cent travelling too much.
More than a quarter (26 per cent) of those surveyed who said they were unhappy with their travel schedule also stated they will search for a new position if their schedule doesn’t change.
Close to 90 per cent of respondents said they were willing to decline a business trip for ‘safety, personal or environmental’ reasons. Four in five said the war in Ukraine has impacted them, including nearly half (46 per cent) who have directly experienced altered flight paths or cancellations as a result of the unrest.
Unsurprisingly, 89 per cent of travellers stated flexible travel and booking options were ‘essential’ to ensure their health and safety while travelling.