Great growth forecasts in Business Travel!

The sustained growth in the Business Travel sector is proposed as the common point of the various studies that are making forecasts for the coming years.

Recently, a study prepared by GEBTA and Braintrust I collected that business travel in Spain will generate around 15.6 billion euros in 2025.

The projection of this study, based on econometric data, highlights the strength of business travel and face-to-face meetings, which have not only been able to register growth in the last 8 years, but also Will as many others continue to grow, at a cumulative rate of 22% until 2025.

On the other hand, at the global level, this sustained growth is also expected. Since according to the projections of the World Travel and Tourism Council (WTTC, for its acronym in English), growth of 41.1% is expected this year and an average annual growth of 5.5% between 2022 and 2032.

In its latest report on the economic impact of tourism, the WTTC recalls that spending in this tourism segment plummeted by 56.2% in 2020, but the following year the recovery began, with an increase of 30.9% over the previous year.

The WTTC report notes that the corporate travel will continue to be an important part of the travel ecosystem, because they believe that face-to-face meetings will never be completely replaced by online meetings.

Both WTTC and GEBTA remember that tourism MICE (meetings, incentive trips, congresses and events) also has the potential to attract numerous high-spending visitors to a destination and the capacity to Extend the tourist season. In addition, this segment could account for up to 30% of the travel spending basket of companies by 2025.

GEBTA points out in its analysis, that we should not just focus on the positive side of seeing these large numbers. Since other aspects must also be considered, such as the possible impacts or changes of scenery that will occur during the period under study. From the point of view of the Spanish company, The document suggests the advisability of increasing levels of digital adoption, as a strategy to continue maximizing the return on investment in business travel. The road to greater use of technology is an essential factor to increase productivity and optimize export activities, an absolutely necessary element in an environment that is increasingly fragmented, complex and uncertain like the current one, in which companies will increasingly need technology, both to access all the data inventories of travel providers and to ensure maximum safety for travelers, as we have stated on several occasions.

The second derivative of this statement implies that the acceleration of the pace of integration and digitalization of the processes associated with travel, will entail a greater concentration on the segment of big players, an influx of new players and an expulsion of many agencies that are unable to adapt to the speed of the changes that will take place, and that do not have the technology and expertise required to compete in a much more complex context than the current one.

How does Vyootrip fit into this scenario?

At Vyootrip, we are thankful for these findings from GEBTA, as they are indicative of the great path we have followed over the years.

We were born as a native digital platform. Creating from the start a travel management system that would provide autonomy and optimization of spending and processes to the companies that use it. This allows us to provide a technological environment created entirely to facilitate business travel, which meets all the requirements faced by the sector, and which places us in an excellent position in the face of this new paradigm.