Business Travel Executive, March 2020

6 Business Travel Executive askBTE com March 2020 IN INDUSTRY NEWS Buyers See Value in Simplifying Business Travel Travel managers are committed to simplifying the business travel experience but face multiple obstacles as they try to do that according to a new study from the Association of Corporate Travel Executives in collaboration with HRS In the report entitled Simplifying Managed Travel 20 nearly all travel buyers 97 percent said initiatives to streamline and improve the effectiveness of their business travel programs support the overall goals of their companies Travel managers generally express three core objectives for simplification cost savings for the organization enhancing duty of care and boosting employee productivity Each of these can be improved to varying degrees by streamlining the travel program The most significant barrier to simplification is competing organizational priorities a challenge identified by nearly half 46 percent of travel buyers Flat Hotel Growth Predicted in 2020 Health Bleisure Brand Loyalty Lead 2020 Business Travel Trends SPONSORS Health and wellness bleisure and brand loyalty are three trends that are potential game changers in 2020 according to a survey of 1000 business travelers The report 2020 Business Traveler Preferences from corporate travel solutions provider Lola com found 82 percent of frequent travelers said they exercise regularly at home and nearly half keep up with exercise while on the road So called bleisure travel extending a business trip to include some personal travel is a growing phenomenon Over 50 percent of frequent travelers say they prefer to extend their business trip to include personal time rather than come straight home after work And because corporate travelers are more empowered than ever to pick the options that work best for them said the report they are more likely to exhibit brand loyalty For the first time since 2009 the US hotel industry in 2020 is projected to have a non growth year in revenue per available room RevPAR according to a joint study released by STR and Tourism Economics The report projects flat growth in 2020 with a slight uptick in 2021 RevPAR growth in 2019 came in at an uninspiring 09 percent increase after nine years of basically 3 percent or higher according to Amanda Hite president of STR Supply growth has been manageable in terms of total numbers said Hite but there has been a disproportionate amount of new inventory entering the limited service marketplace Hite pointed out that the average daily rate has grown below the level of inflation for six straight quarters