Business travel industry trends and forecast for 2023 in Singapore

Apr 05, 2024

Every business has professionals who travel to different places for conferences, meetings, seminars, etc. This is mainly done to showcase a broad business presence in the market and build profitable relationships with other companies and influential people.

However, with the advancement of technology and the pandemic that shut down the world, businesses had to resort to online meeting methods to keep the cycle going.

But, now that things are back to normal, the importance of business travel has increased, and purposes have become very specific.Many meetings or conference purposes can be fulfilled by connecting on online platforms, but there are some issues and topics on which people have to meet face-to-face.

Again, due to the revolutionized scenarios, business travel trends and manners have also evolved. So, let's have a look at some of the business travel industry trends to watch out for in 2023.

A recap of 2022 business travel industry trends

1. Growth of tech-empowered business travel

The omnipresence of technology cannot be overlooked. Business travel trends have seen a rise in terms of technology, including bookings of travel tickets to digital verification of passports.

Studies reflect that around 57% of business travelers look for travel apps that include every feature. The pandemic has added significantly to the growth of tech-empowered business traveling.

Now, business travelers can easily book online tickets and check in through the portal. 

2. Risk management for business travel will continue to be a top priority

In addition, one of the top priorities in 2022 will continue to be the employees' safety and well-being. Employees will now be looking for things like secure lodging, travel insurance, and additional facilities in addition to the travel guidelines.

Risk management, determining whether the employee is fit to travel for her age, assessing risks and business ROI for each trip, and robust scenario planning are all tasks that travel managers must complete.

A company's T&E policy should highlight its safety initiatives. It not only makes the employees feel more comfortable traveling, but it also makes their business travel joyous.  

3. Sustainable business travel policies

Travel that is good for the environment will get more attention because people are more aware of the climate crisis and are paying close attention to the company's efforts to be sustainable.

For instance, seventy-one percent of tourists want to reduce their carbon footprint. Additionally, nearly 70% of tourists anticipate more eco-friendly travel options from the industry.

As a result, travel managers must focus on lowering the company's carbon footprint and providing employees with more eco-friendly travel options. In 2022, business travel industry trends that involve low-carbon travel will also continue to evolve. 

What are the business travel industry trends to watch out for in 2023?

1. The growth of 'bleisure' travel

The term 'bleisure' includes business and pleasure. In 2023, a hybridized approach is likely to remain a business travel industry trend.

It has allowed business people from all over the world to participate and experience what it would be like to attend personally or digitally in the future.

Most of the time, international business travelers extend their meeting schedule to experience the pleasure factor in the business trip. Therefore, 'bleisure' travel is becoming the new business travel industry trend. 

2. Rise in the popularity of unconventional accommodations

Previously, business travelers used to stay in conventional hotels for their business purposes. Now, unconventional accommodations are in the business travel trend.

Travelers look for private apartments to make their stay more comfortable and delightful. Business people continue to look for a home-like experience by staying in boutique hotels.

Another reason why unconventional accommodations are in business travel trends is comfort and prioritizing of fun activities. Business travelers seek delightful experiences through this. 

3. Self-booking options

What's better than the ease of self-booking? The business travel industry trend of 2023 has introduced the option of self-booking to business travelers. It allows travelers to book tickets as per their preferences.

They can look for accommodations and travel tickets online. Sometimes, complexities relating to passports arise. In this situation, business travelers can reach the customer support team to resolve the issue on time.  

What is the business travel market forecast for 2023?

The year 2022 was a turbulent one for the business travel industries in Singapore. Inflation increased throughout the year, and the geopolitical wars had an impact on the global economy.

Despite all of these obstacles, some employees continued to travel for work, both domestically and internationally. The expenses for business travel are expected to grow by 2023 because of the introduction of business travel industry trends.

More business people are expanding their business trips to gain new experiences. The travel managers at GBTA have confirmed that their employees will have more business trips in 2023 as compared to 2022.

It has become obvious that business travel industry trends are expected to grow this year. Hence it is advantageous to have a business travel credit card that will make your business trip affordable and enjoyable.

In our article, "7 best travel credit card in singapore for businesses", we have reviewed the features and benefits of some of the best travel credit card in Singapore and compared it with Volopay cards.

How is Volopay helping B2B companies with business travel?

Business travel is an integral business function, and the expenses for this purpose are inevitable. The problem arises when it comes to managing those expenses.

The process of booking, making reservations, storing receipts, and making reimbursement claims can be very frustrating for employees and managers.

But there are smart corporate travel management platforms that help businesses automate the procedure. The best out in the market is Volopay. 

Volopay is a smart corporate travel and expenses management software that provides features like automated approval workflow, travel expense policy enforcement throughout the platform, corporate cards, both physical and virtual, for making spends, lowest FX transactions, expense report creation, flexible payment option, customizable travel budget creation and implementation, and seamless integration with TruTrip. 

The Volopay and TruTrip integration provides businesses with everything under one roof, i.e., make corporate travel bookings at the best deals and manage those simultaneously.

With this integration, the business can give its employees Volopay virtual cards through which all expenses can be tracked in real-time and managed with complete transparency.

The card information on the platform would show every detail, from who made the spend, where the money was used, and what the purpose was.

Along with this, you can take care of all your travel booking, car rentals, and reservations under one platform, and all the plans and costs can be managed with one dashboard.

Furthermore, the best part about the Volopay travel management software is that your employees do not have to chase receipts and bills for reimbursements.

They just have to either make expenses from the corporate cards or just scan the receipts from a mobile app for further reimbursement claims. Enjoy all these benefits with Volopay! 

What's better than a solution equipped for all your business needs?