Corporate travel spending will increase 14%-15% this year and next, according to a report from Deloitte called Upward Climb With Uphill Struggles: 2024 Deloitte Corporate Travel Report. It found that spending is expected to meet or exceed pre-pandemic levels by the end of this year as companies seek to balance the need for more face-to-face interaction with financial and environmental considerations.

Key findings include:

• The road warrior returns. Company travel spend is on the rise, with average expected increases of 14%-15% this year and next. Trip frequency per traveler is also up year over year: 20% of travelers expect to take six to 10 trips (versus 15% in 2023), and 10% say they will take more than 10 trips (up from 7% in 2023).
• Most business travelers are positive about the experience, with 83% considering business travel “enjoyable.” Corporate travelers see both professional and personal benefits, including networking opportunities (51%) and exploring different cities (47%). Two-thirds also found an opportunity to extend a business trip for leisure in 2023.
• Events and client visits fuel business travel’s ascent. More than 6 in 10 business travelers (63%) expect to attend at least one conference in 2024, while half of travel managers rank industry events among the top two growth drivers. Frequent travelers also say they are traveling more often for clients, as 1 in 5 say they traveled once per month or more for client work (23%) or relationship building (21%).
• Higher prices impact plans. Travel managers say pricing’s impact on travel volume is 1.5 times more significant than budget cuts. To mitigate this, 55% of travel managers cite booking compliance as a top cost control measure — ahead of all other options — but only 56% of travelers say they always use compliance tools.
• Companies continue to navigate sustainability demands. Most travel managers believe companies need to reduce travel to meet 2030 sustainability goals. More than half say they need to cut trips by 10%-20%.

Eileen Crowley, vice chair, Deloitte & Touche LLP, and U.S. transportation, hospitality and services attest leader, said: “Business travel has been slower to come back following pandemic slowdowns, but this could be the year that it accelerates to new heights. More employees are traveling for business — and enjoying it — underscoring that in-person connection often remains a critical component. As companies see a renewed benefit in the opportunities business travel provides, business leaders can capitalize on the enthusiasm and prioritize travel experiences that are valuable to both the organization and employee.”

The report is based on two Deloitte surveys. The first surveyed 104 US-based corporate travel managers, with various titles and travel budget oversight, between May 16 and 18. The second surveyed 1,389 US-based corporate travelers, 834 of whom said they either oversee a travel budget or approve travel requests for their teams, fielded May 28 through June 3.

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