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Corporate travel across domestic and international destinations is expected to make recovery with as many as 77% of Indian businesses expecting a rise in their travel budget in 2023 as compared to 2022, said a survey conducted by American Express. The survey was conducted amongst over 500 Indian businesses across cities in India.
“The sentiment is upbeat for corporate travel in India. While the past two years resulted in a temporary decline in business travel, domestic travel has resumed, and almost surpassed the pre-pandemic level,” said Manish Kapoor, Vice President, and Head, of Global Commercial Services (GCS), American Express Banking Corp., India.
The survey showed that 67% of Indian businesses expect a rise in business travel in 2023 and that 79% use business travel data analytics to assist with travel booking and expenditure.
” As with the broader technology sector, the travel technology sector is constantly innovating. In the post-pandemic period, 43% of financial decision-makers surveyed said that the use of better software to manage expenses and travel is a key innovation” the survey said.
In terms of the practical methods used to pay for travel expenses, the most common way, used by two-thirds of companies (66%), is that the business has company accounts with third-party booking systems.
However, most businesses reported using multiple methods, with 61% saying they let employees pay expenses, and 57% saying they provide employees with access to a company credit card, the survey said.
Reasons for corporate travel
The top reason for business travel, selected by 41% of businesses, was attending, hosting, or presenting at conferences, presentations, or events.
Mumbai was the most visited city for domestic business trips (50% of respondents), while internationally, the United States (44% of respondents) emerged as the most popular destination.
Travel policy
The survey said that 92% of businesses have a travel policy with a further 6% in the process of making a travel policy. Also, 46% of businesses selected cost limits for bookings, including hotels, airfares, and ground transportation as the topmost component when asked about what is included in their travel policy.
43% of financial decision-makers also said that they consider special exceptions or rules for more expensive cities in their policy document, while 43% selected that routes and approval processes for trips that exceed typical limitations are included.
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