June 15, 2024

SilverDoor: Geopolitical changes and workforce preferences driving demand

Geopolitical changes and workforce preferences are driving a demand for business travel, according to a report released today from SilverDoor.

The second Quarterly Market Update of 2024 has identified shifting political landscapes and legislation, as well as an increased demand for hybrid working, as key drivers of growth in global corporate travel. 

The report claims business travel spending in India is expected to reach up to $38 billion this year, with its general election and the “largest democratic event in history” underway.

It also cites Biden’s bill to assign $50million to reduce passport backlogs and visa wait times as a positive move for corporate travel to the US.

Meanwhile, the shift back towards more office-based working continues to gain traction. According to a recent market report by IPSOS, 71% of respondents believe hybrid working is important and over half of those 18-30 prefer it.

Al Butler, Senior Client Programme Manager atSilverDoor, said: “It’s reassuring to see governments in several key markets making changes to support inbound travel, like the US visa bill and continued investment into developing regions in India, which will help to boost travel volumes for the second half of 2024. 

“For those businesses keen to encourage a return to the office, albeit a hybrid one, demand for accommodation that offers shorter commute times remains high. Time, as ever, will tell how the hybrid model evolves in the future and the impact that has on the demand for corporate housing from the traveller and design and supply from developers.”  

SilverDoor has produced the report using its own booking data, wider economic context, and its experts’ experience and predictions.

The findings were presented at a recent Industry Insights Breakfast, hosted by SilverDoor for some of its global mobility and business travel clients.

Read the full report here.