Business travel trends and forecasts in 2023 for Australia
Business travel or travel in general was probably the most affected industry due to the pandemic.
It has been two years since and the economies of the world seem to be slowly recovering and inching their way to pre-pandemic levels of economic activity.
Australia has always been a major travel destination be it for leisure or business. The market size for corporate travel in the year 2022 was approximately $3.0bn and saw a 9% growth from the previous year.
The business travel trends in 2022 within Australia are showing a positive incline and it is forecasted to continue the trend in the coming years.
In the past 5 years from 2017 to 2022, Australia has seen a negative trend with an average of 1.1% decline in the corporate travel industry. The major cause of this is of course the pandemic in 2020 but also high competition from private firms.
Thankfully, the year 2022 as compared to the previous year has shown a positive trend with a 9% growth in corporate travel services.
Businesses have not fully recovered from the brunt of the pandemic.
This will keep all companies on their toes making sure to spend their resources efficiently using smarter solutions while also ensuring there is growth in the attitude and perspective towards the practice and importance of business travel.
Business travel trends in 2023 and the years to come are definitely going to evolve and adopt the needs and preferences of business travelers.
As per experts of the industry who have seen and been a part of the Australian business travel industry for a long time, it is predicted that according to the current path, FY2023 will see Flight Centre Travel Group Limited’s corporate business arm likely surpass $8.9 billion in revenue and surpass 2019’s growth by 20%.
Volopay is an all-in-one expense management ecosystem that helps businesses make the most out of their capital.
We do this by allowing you to use our software platform which is a centralized system to track, manage, & control all kinds of business expenses.
Apart from the software solution, our ecosystem also includes access to financial tools such as corporate cards and a mobile app.
Volopay provides physical and virtual corporate cards to its users. The physical corporate cards are great for online and offline in-person transactions during business travel.
Virtual cards on the other hand can only be used for online transactions but they are a much more secure option to do so.
You can issue an unlimited number of virtual cards using our platform and 1 physical card for each employee. Every card can be given a custom spending limit that renews periodically.
All the transactions happening through the cards are automatically recorded in a Volopay ledger on the platform in real-time.
These cards help an employee easily manage their travel expenses while also giving the company control over their budget through spending limits to avoid any kind of overspending.
The Volopay mobile app helps an employee instantly submit receipts for reimbursements or expense verification without having to collect receipts for the entire month.
Employees can also request additional funds through the app in case they have urgent requirements.
TruTrip is a complete business travel management platform that helps companies book and manage their travel requirements through their software platform.
Volopay has an integration with TruTrip that allows organizations to book their travel accommodations using TruTrip and pay seamlessly through their funds in Volopay.
There are many advantages of using TruTrip through Volopay’s integration as opposed to directly using the platform:
• You get the free plan for TruTrip through Volopay. You also save a lot of money when making international travel bookings using our multicurrency wallets.
• TruTrip’s ‘Essential Plan’ limits its users to add up to 8 team members. When you create an account and use TruTrip through Volopay, you will be able to add more users to the Essential Plan.
• All your business travel expenses remain on a single dashboard within Volopay giving you complete visibility.
While business travel trends will keep changing, companies definitely need to adopt modern ways to spend smartly and make the most out of their capital resources. In order to do this, they must opt for smart solutions like Volopay and TruTrip.