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Pent-up demand likely plays a role, as many industry conferences were canceled or held online for two years or more. But this strong interest also could signal events’ growing importance as remote and hybrid work remain fixtures of the corporate world. When it is harder to call on prospects and clients in their offices, conferences can offer appealing opportunities to connect.
As attendees return to industry events, many companies also are adjusting their internal events. Half report that they have split their larger gatherings into smaller, regional, virtually connected ones. Nearly as many (44%) say they have adopted a hybrid approach. Companies also are increasingly looking to use their own gatherings to foster external connections: Fifty-four percent of European respondents, and 42% of Americans, say they are integrating more clients into internal events. And some are adjusting when these events take place: Thirty-three percent of American respondents and 22% of Europeans say they are moving internal events to warmer months, and more Europeans say they are integrating more clients.
How we work affects how we travel: WFH and video conferencing are changing travel decisions
With COVID-19 being less of an acute health concern for many, and border restrictions increasingly similar to the prepandemic period, why would corporate travel not immediately snap back to its prior growth trajectory? Bottom-line concerns and sustainability are two of the biggest reasons. And these are supported by the ability to leverage technology to decrease the number of trips needed.
Companies continue to see some degree of tech replaceability for all types of travel use cases. But there are clear standouts. Internal trainings and internal team meetings are rated as most replaceable, with more than 44% of respondents rating each at the extreme low end on the need for in-person interaction. On the other end of the spectrum, only 7% and 11% of respondents gave similar ratings, respectively, to client acquisition and client rapport–building.
The same technology that is replacing some travel is used by some companies on a daily basis to enable working from home (WFH), which seems likely to stick going forward. Travel managers expect the future workplace flexibility model to have 3.2 times the WFH days compared to the prepandemic frequency (figure 5).
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