July 25, 2024

Majority of finance chiefs expect travel spend to rise in 2023

A survey of nearly four dozen senior global corporate finance professionals found 84% voiced confidence their travel spending would somewhat or significantly increase in 2023 compared to 2022.  

The GBTA’s July 2022 of budget decision makers and over 400 frequent business travellers found that overall sentiment is positive but there are growing concerns about macroeconomic and geopolitical issues.  

The survey found:

  • 85% of business travellers said they definitely need to travel to accomplish their business goals
  • more than 75% said they expect to travel for work more or much more in 2023 than they did in 2022
  • 73% of business travellers and 86% senior global financial executives agree inflation/rising prices will impact travel volumes
  • 69% of business travellers and 75% of global financial executives are concerned a possible recession will impact travel
  • 68% of business travellers and 81% of financial executives expect Covid infection rates and variants to have an impact on their travel. 

The survey was released at this week’s GBTA Conference in San Diego.