Forty per cent of buyers will have bigger business travel budgets in 2018, compared to under a third 12 months ago, new research reveals.
This is the highest increase in buyers reporting bigger budgets since the study by the Business Travel Show began in 2011.
Almost half of buyers (49%) claim they will also have more to spend on air travel and accommodation.
However, 45% expect to have more trips to manage and 47% expect total travel costs to rise.
The findings come from research carried out by among 243 buyers.
Business Travel Show event director David Chapple said: “This time last year, geopolitical events such as Brexit and the imminent inauguration of president Trump left many concerned for the economy and the widespread feeling of uncertainty about what the future holds undoubtedly leaked in to the corporate travel market.
“The results of our survey, however, indicate that caution in business travel was short-lived and budgets and growth appear to be healthier than ever.
“In fact, some commentators have even suggested corporate travel may do better than other industries, as companies invest more in travel to explore alternative trade avenues outside of Europe following the Brexit vote.”
Carrie Nederpel, travel specialist in the Netherlands and Business Travel Show advisory board member, said:
“From what I have noticed here in the Netherlands, business is booming and, along with that, travel.
“The need and financial ability for corporate travel is increasing, as are the budgets to do so.
“The challenge for a travel buyer is how to spend our increase in money wisely and ‘shop around’.”