Strategic Meetings Summit London, 26 September,
September 29 2022, Kimpton Fitzroy London
Friday 30 September 2022, JW Marriott Grosvenor
Business travellers will keep their budgets down for the foreseeable future, according to a recent study, with the tightened travel policies seen during the recession set to continue.
The majority (33%) of managing directors, financial decision-makers and procurement teams who responded to the American Express Business Travel Study said they expect the age of austerity business travel policies to continue until 2012.
Nearly one quarter (24%), however, believe it will continue to be the blueprint for the future.
Michael Rouse, VP and general manager, head of client acquisitions, American Express Business Travel EMEA, said employees and employees have developed a much more "frugal" mindset.
The research also shows that 78% of staff are more conscious of their own business travel costs than before the recession, while 62% said they have been motivated to cut their own costs due to the travel habits of their colleagues, including bosses.
Nearly half (46%) said their bosses practice what they preach when it comes to cutting business travel costs.
"Many UK employees and employers are clearly working together to achieve return on investment for their travel," said Rouse.
According to Amex, some bosses have downgraded from business class, choose the train over flying, and, perhaps taking inspiration from the expenses scandal in Westminster, have shown their expenses to employees.
Of the companies who have changed their business travel to save costs, nearly half (47%) have saved up to 20% of their annual travel budget, while more than a fifth (22%) have saved between 21% and 30%.