Corporate travel agents and TMCs across APAC
outline the new trends in the corporate travel landscape, and how
they are adjusting their business models to adapt to them
SINGAPORE, Oct. 17,
2022 /PRNewswire/ -- Sabre
Corporation (NASDAQ: SABR), a leading software and
technology provider that powers the global travel industry, today
announced the results of a new survey of travel agents and Travel
Management Companies (TMCs) in APAC, which reveals the changing
face of corporate travel as industry recovery continues to gain
strength.
The research was carried out with respondents across
Asia Pacific, in five languages in
21 countries, to gain insight into the evolving expectations of
business travelers, and how corporate sellers in the region are
adapting to service these new demands.
Respondents pointed to a growing need for the corporate travel
industry to tailor service offerings for new workforce realities,
such as remote and blended working arrangements, while embracing
technology to capitalize on, and drive, ongoing recovery. Key
findings included:
- The majority of corporate travel agents (84%) have changed
their business priorities as a result of the pandemic, and are now
focused on optimizing costs and efficiencies, while meeting
customer and business demands with fewer employees.
- Four-fifths of respondents have adopted new technological
solutions to manage Covid-19 related risk over the past two years.
And, of those who haven't, 42% plan to do so within the next two
years. The most popular solutions are travel risk management tools,
automated workflows and virtual payment tools.
- Half of agents said a rise in internal corporate travel, to
bring remote workers together, will create recovery opportunities,
while 45% said emerging corporate travel markets are important for
growth.
- There's strong optimism in the market, with 82% saying they
expect a return to pre-pandemic corporate travel levels, and 15%
expecting a boom greater than pre-Covid-19, within the next 12
months.
- More than two-thirds of respondents have seen an increase in
bookings in the three months to August. Most are reporting an
increase of not more than 30% but there's a notable 14% with an
increase of more than 50%.
- 55% say company Covid-19-related travel restrictions are
easing, and 38% say total travel spend is increasing.
- Cost remains a key consideration. More than two-thirds have
seen a moderate or significant increase in bookings with low-cost
carriers. The trend is most prevalent in North Asia where there's been a 42% switch
from FSCs to LCCs.
- Corporate travelers place high priority on information,
flexibility, and hygiene. However, companies are also turning their
attention to sustainability as one of the key personalization
priorities for corporate travel.
"Sabre's own booking data is showing that corporate travel
is coming back strong," said Brett
Thorstad, Vice President, Sabre Travel Solutions, Agency
Sales, "so, it's heartening to see those same results borne out
among our travel agency partners through our new research.
"However, while business travel is rebounding, what is clear is
that it is returning differently," added Mr Thorstad. "It is
important, as an industry, that we understand these changes, and
the reasons for them, and we are prepared to drive our own
evolution, supported by robust technology. In this way, we can
power increased revenue and efficiency across the travel ecosystem,
while ensuring corporate travel agents are best placed to create
the frictionless, tailored experiences that business travelers want
and expect."
About Sabre Corporation
Sabre Corporation is a leading software and technology
company that powers the global travel industry, serving a wide
range of travel companies including airlines,
hoteliers, travel agencies and other suppliers. The company
provides retailing, distribution and fulfilment solutions that help
its customers operate more efficiently, drive revenue and offer
personalized traveler experiences. Through its leading travel
marketplace, Sabre connects travel suppliers with buyers from
around the globe. Sabre's technology platform manages more than
$260B worth of global travel spend
annually. Headquartered in Southlake, Texas, USA, Sabre serves customers in more
than 160 countries around the world. For more information
visit www.sabre.com.
Sabre Media Contacts:
Kristin Hays
Kristin.hays@sabre.com
Heidi Castle
heidi.castle@sabre.com
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SOURCE Sabre Corporation