The trend for travel managers to support event managers
or take on their role entirely is continuing throughout 2024, according to a
new Cvent report.
Cvent Travel Managers Report: Europe Edition reveals that 88
per cent of European travel managers are involved in sourcing hotels and venues
for their organisation’s events programme.
Additionally, 60 per cent are sourcing them for larger
company conferences. And in the UK specifically, sourcing for conferences has risen
from 66 per cent overall to 80 per cent.
The report, which gathers findings from more than 600
respondents, also reveals that 60 per cent of UK and European travel managers
anticipate an increase in their annual budgets this year and that 83 per cent of
respondents "feel positive about the state of business travel
activity."
However, countering this positive outlook are the 62 per
cent of travel managers who expect higher business travel costs in 2024. Despite
these concerns, travel managers are finding cost-saving opportunities, with 31
per cent timing business travel to coincide with meetings and events, 24 per
cent negotiating lower rates in exchange for convenience and 22 per cent
sourcing hotels across different brands and price scales.
Graham Pope, Cvent vice president of international sales,
said: “This report is the most positive we have seen in recent years, buoyed in
particular by the confidence shown by the millennial respondents and the fact
that the corporate travel market has returned to pre-pandemic levels well ahead
of original projections. Despite the ongoing headwinds of inflation and rising
costs, it’s exciting to see that organisations continue to prioritise in-person
interactions and that corporate travel managers expect their teams and budgets
to grow – which we believe will help further accelerate the sector’s growth in
the years ahead.”
Other report highlights reveal that cost increases are creating
new strategies, sustainability and DE&I continue to be factors, and staffing
is set to increase.
To view the full report, click here.
