Digitalization is changing the way we live, work and do business. While digital solutions like video conferencing, document sharing, and collaborative tools can support business operations and help companies achieve significant savings, they can’t replace human interaction and experience. These 12 corporate travel stats will show you why.

1) Companies allocate 28% of their corporate travel spend to sales trip

Based on a recent report by the Global Business Travel Association, companies tend to spend the highest share of the travel budget on sales and account management meetings with current or prospective customers.

2) Businesses spend 18 their travel budget on employees attending events

Sending employees to industry events, trade shows, and conferences is another important part of business travel, whether you run a startup or a large organization. While the spread of virtual conferencing tools is certainly helpful when it comes to weekly meetings or catch-ups, the physical presence of a company’s representative is essential in major events where networking opportunities and exposure to competing offerings are key.

3) Employees Are Increasingly Willing to Travel

The previously mentioned report also showed that employees are increasingly willing to travel for business. When asked, 69% of them answered that they were very willing to travel, 22% replied that they were somewhat willing, and only a negligible percentage manifested unwillingness to go on business trips.

4) Three-Quarters of travel managers predict their company will travel more this year

Asked if they think their employees and representative will travel more or less this year, 55% of travel managers answered they would take a lot more business trips, 22% they will take more trips, and only 21% replied that their workers are going to travel less or much less. 

5) Corporate travel budgets are increasing regardless of economic considerations

While the current outlook for the global economy is not the rosiest, many companies are not letting this affect their plans to increase their travel budget. As a matter of fact, almost half of the travel managers claim their current program’s travel budget is higher than it was the previous year, while only 10% have cut it.

6) Companies don’t think remote or hybrid work will reduce corporate travel

Managers were also asked about the impact remote and hybrid work models will have on their business trips. Interestingly, 72% of respondents don’t see the higher flexibility provided by these new models as a cause for a reduced number of business trips. 

7) Face-to-face interaction is 34 times more effective than an email

Harvard Business Review published the results of a study conducted on 45 participants. Each had to ask ten strangers to complete a short survey. However, while half of the participants made their request by email, the other half made it in person. The results were unequivocal. Face-to-face interaction is far more effective than virtual communication.

8) Most business executives prefer face-to-face meetings

The previous findings are reinforced by insights published by Forbes and highlight that business executives overwhelmingly believe that digital communications cannot substitute face-to-face meetings,

9) Face-to-face meetings help create more solid relationships

The main reasons why executives tend to prefer face-to-face meetings include the fact that they allow the parties to build stronger and more meaningful relations, the possibility to read the other individual’s body language and the fact that they create more productive interactions with coworkers.

10) In-person interaction is more suited for persuasion and leadership

Here are some additional business travel stats on the subject of in-person interaction: 91% of business executives believe that in-person meetings are better when trying to persuade the other party, 87% consider them best for leadership, 86% think they can generate better engagement, 82% believe they improve decision-making processes, and 79% think they increase accountability.

11) 5% Increase in customer retention can lead to up to 95% higher profits

Customers tend to see providers with whom they entertain regular interaction as more trustworthy. Business trips can help you increase customer retention, which is going to have a multiplying effect on your profitability.

12) Acquiring a new customer can be up to 25% more expensive than retaining a current one

Finding new clients is paramount for an ambitious business, but it should never come at the expense of your current ones. Cultivating healthy and robust relationships with your current customers should always be your priority.

Getting the most out of your business trips with a modern corporate travel platform

These business travel stats make a pretty compelling case for corporate travel in the era of digitalization. Certain goals can simply be achieved better with in-person interaction. 

Corporate travel platforms like TruTrip allow both SMEs and large corporations to make the most of their business trips by giving you access to the best travel fares, policy customizations, expense tracking and duty of care tools that will ensure you achieve the main objective of your trips while also maximizing efficiency and cutting costs. 
Discover the benefits of these innovative solutions by booking a demo or signing up for a free account today.