According to a report released on Friday, May 12th, Spain's business travel industry is experiencing an extraordinary resurgence, with its revenue doubling in 2022, and with plans to exceed pre-pandemic figures in 2023. The report called the Business Travel Barometer Report by Braintrust for the Spain Convention Bureau, estimates that the revenue for 2023 will be more than 12.1 billion euros.
The report, backed by corporate travel industry experts, states that in-person meetings are still prevalent, despite some companies' preference for virtual and hybrid systems. The report also found that more than 80 percent of business meetings are expected to return to in-person formats in 2023, with an average annual occupancy rate of more than 75 percent projected for the country's meeting spaces.
In 2022, the average daily spending per business traveller reached 335 euros, surpassing the 2019 figure of 319 euros. Although the figure has been impacted by inflation, it still indicates the sector's pandemic recovery.
Business experts suggest that the report's excellent findings prove the value of corporate travel for the Spanish economy. This optimistic outlook demonstrates that Spain is a top destination for business travel due to its business opportunities, pleasant weather, excellent accommodation options, and straightforward connections with the rest of the world. Spain's value for money and vast expertise distinguish it from contenders such as the UK as a business travel destination.
However, industry experts caution that the sector must innovate to continue to attract corporate travellers to the country, particularly as the "champagne effect" of returning to normality begins to wear off. The sector is also likely to face ongoing problems, including inflation, geopolitical conflicts, and rising corporate costs.
The report suggests four key areas of improvement for the Spanish corporate travel sector to ensure that business tourism remains a significant driver for the economy. These areas include fostering innovation and sustainability, embracing digital talent, improving marketing and brand image, and delivering personalised opportunities for companies. The Spanish corporate travel sector's success lies in continuous innovation and adaptation to remain competitive in the global market.
September 26, 2023
September 22, 2023