08/18/2023
Updates 08/18/2023: Ohio's Travel Industry and Current Travel Research
MEETING PLANNERS AND ATTENDEES SAY IN-PERSON EVENTS AND CONFERENCES ARE CRUCIAL FOR SUCCESS
Key findings from Bizzabo, fielded June 2023:
- 52% of surveyed planners reported increased attendance at in-person business conferences in the past year, showing a growing preference for in-person events.
- 77% of planners said in-person conferences are critical for their organization’s overall success.
- Furthermore, 80% of planners also identified in-person events to be the most impactful marketing channel, increasing from 72% in 2022.
- 83% of planners also believe in-person conferences provide an ideal networking environment – citing conferences as the best place to learn about new services (70%).
GLOBAL BUSINESS TRAVEL ASSOCIATION SAYS GLOBAL BUSINESS TRAVEL IS EXPECTED TO SURPASS PRE-PANDEMIC LEVELS IN 2024; BUSINESS TRAVELERS CONTINUE TO BLEND BUSINESS AND PERSONAL TRAVEL
Key findings from Global Business Travel Association, published Aug. 14:
- Global business travel is expected to surpass pre-pandemic spending level of $1.4 trillion in 2024. In 2022, global business travel spending increased 47% and is continuing 32% growth in 2023.
- The two biggest stabilizers over the last 6 months for global business travel have been the return of in-person meetings and events and the recovery of some international business.
- Resilience of the global economy was a key factor in the rebound. Numerous challenges including the war in Ukraine, persistent inflation, tighter global financial conditions and deterioration in the manufacturing sector still remain.
- As for current estimation of business travel spending:
- Lodging averages $391,
- Food and beverage averages $189,
- Air transportation averages $182 while ground transportation averages $136,
- Bringing the total average to $1,018 per person per trip.
- 62% of business travelers are blending business and personal travel. 42% tend to add additional leisure days to their business trips.