IFTM-EPSA Barometer: "Companies are travelling less, but for more".

The event IFTM Top Résa closed its doors on Thursday evening, at the end of three days rich in lessons for professionals in the sector. Alongside the presentation of the first barometer of Meetings & Events published by KactusAnother study looked at the major trends in business travel. Based on a representative panel of 55 customers, the IFTM-EPSA Barometer intends to create a observatory of trends, particularly in comparison with the first half of the year 2022. And, of course, we'll be keeping an eye on the data for 2019, to watch for a return to pre-pandemic standards.

This "return to normal" is approaching, according to the information revealed by the barometer. At least based on the volume of expenses linked to business travel. This is now estimated at 28.5 billion euros for 2023, i.e. 95 % of the expenditure recorded in 2019 (€29.9 billion). Nevertheless, a number of nuances are needed to avoid misleading conclusions. According to the authors of the IFTM-EPSA Barometer, " companies travel less but for more ". The study estimates thatone trip in 5 has been replaced permanently by alternatives such as videoconferencing, or eliminated altogether. As a result, " travel volumes down sharply -20% compared with the pre-COVID period, but very high inflation in all segments (air, hotel, etc.) has offset this loss of momentum, bringing 2023 budgets back to pre-crisis levels. ".

In detail, theaerial posted double-digit fare increases compared with the first half of 2022: +18.8% on domestic routes, +12.5% on medium-haul routes, and even +22.1% on long-haul routes. This trend can also be seen on the railHowever, the proportions were smaller: +6.8% in France and +4.2% in Europe.

According to the study, this general rise in fares should force business travellers to rationalise. Even though the barometer forecasts a more moderate inflation in 2024. Rail and air fares, as well as the price of overnight stays, are set to rise again, but at a more bearable rate, as the IFTM-EPSA Barometer forecasts. The Barometer therefore predicts a moderate increase in spending for 2024, the year that should officially mark the return to pre-pandemic levels.

EPSA 29.2 to 31.3 billion next year, or 98% to 105% of 2019 levels. In this respect, the environmental parameter could play a decisive role.referee between these two scenarios. The IFTM-EPSA Barometer expects decarbonisation actions over the coming year. " In 2024, the urgency of climate change will be even more of a factor, with companies being even more vigilant about need to travel "summarise the authors of the report.