Business travel trends are rapidly changing, says a new report by Concur. The report analyzes business travel booking and expense reporting data collected between Q1 2015 and Q1 2016.
It looks at six types of executives. They are:
- Savvy Sam. A power traveller who takes approximately 25 trips per year.
- Jet setter Jeremy. A C-suite executive who travels frequently, preferring to fly first-class and stay at five-star hotels.
- High-tech Hannah. A young millennial who travels once per quarter, often combining personal and business travel. She stays budget conscious.
- Cautious Carl. travels once or twice a year for business. He typically plans far in advance but isn’t that familiar with policies and process.
- Approving manager Alan. He doesn’t travel much himself, but approves travel and expense reports and keeps budgets in line.
- Travel arranger Tanya. Books trips for others and files expense reports for teammates several times a week.
Read: What happens when business expenses are claimed as personal
Business traveller trends
While more than half of all business travellers are cautious Carls, this type only account for 14% of total business travel spend each year. Meanwhile, the savvy Sams and Jet Setter Jeremys contribute to 46% of total business travel spend, given they’re more concerned about comfort and convenience.
One growing trend is the use of like Airbnb, VRBO, and HomeAway by business travelers. Concur’s report finds usage of such services grew by 56% between Q1 2015 to Q1 2016. On average, business travellers stay five nights when home sharing, compared to three nights when staying at traditional hotels.
When it comes to international travel, costs vary widely from city to city. In 2015, business travelers spent the most in New York, Chicago, and San Francisco, among U.S. cities, while the U.K., Canada, and China took top rankings for spend outside the U.S., says the report.
For more on travel trends, read:
Canadians to spend less on travel, recreation this summer