Le Lézard
Classified in: Science and technology
Subjects: Survey, Economic News/Analysis

Businesses Increase Spend on Travel Despite Tighter Budgets and Economic Uncertainty, Emburse SpendSmart Reports


Emburse, the global leader in spend optimization, announced today the results of its Q1 2023 SpendSmart Travel Trends report. This quarterly report tracks how much organizations spend on travel, as well as trends for booking volume and trip length, and compares it to the previous year and the previous quarter.

In Q1 2023, business travel measures changed as follows:

Despite news that organizations are tightening their belts, the Q1 2023 SpendSmart Travel Trends report shows that these macroeconomic concerns have not dampened the momentum of the business travel industry. The number of domestic and international flights, hotel and car rentals, and spend across the board all increased as industry events like CES returned in full and executives sought a sense of normalcy in the new year. While international flight volume only grew by 1% against last quarter, that follows a 998% annual increase in the quarter prior, indicating that organizations are continuing to spend on international travel.

"Finance leaders may be surprised to see continued growth for business travel in the first quarter of this year given market conditions and budget cuts," said Eric Friedrichsen, CEO of Emburse. "Our data show that employees are instead finding ways to travel more efficiently. For example, length of stay in hotels saw a dip while car rental durations increased over the previous quarter as employees are taking more multi-stop trips to maximize their travel time."

Emburse plans to continue monitoring these figures and updating them quarterly. The next SpendSmart Travel Trends report will examine Q2 2023 and will be available in July.

About Emburse

Emburse is the global leader in spend optimization. Our expense, travel management, purchasing and accounts payable, and payments solutions are trusted by more than 12 million business professionals, including CFOs, finance teams, and travelers. More than 18,000 organizations in 120 countries, including FORTUNE 100 corporations, high-growth startups, public sector agencies, and nonprofits, count on our intelligent automation, sophisticated analytics, and unmatched spend control to streamline processes, increase spend visibility, enhance compliance, and deliver positive financial outcomes.

Our mission is to humanize work by eliminating manual, time-consuming tasks, so our customers and their teams can focus on what matters most in their personal and professional lives.

For more information on Emburse, visit emburse.com, or follow our social channels at @Emburse.

Methodology

The data in the Emburse Business Travel Index represents over 140,000 individual transactions made by travel management companies using Emburse's expense management platform for business travel expenses. It reflects the months of January, February, and March collectively (Q1) for the years 2019, 2020, 2021, 2022, and 2023.


These press releases may also interest you

at 17:05
The global E-commerce market  size is estimated to grow by USD 12.95 billion from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of almost 27.15%  during the forecast period. Advantages of E-commerce platforms is driving...

at 16:35
SMART Global Holdings, Inc. ("SGH") , a leading designer and developer of high-performance, high-availability enterprise solutions, today announced that SK Telecom ("SKT") , an affiliate of SK Group, is making a $200 million preferred equity...

at 16:35
CyrusOne, a leading global data center developer and operator specializing in delivering state-of-the-art digital infrastructure solutions, today announced it secured a $687.1 million Single Asset Single Borrower (SASB) CMBS loan for CyrusOne's DFW1...

at 16:35
Uber Technologies, Inc. will hold its quarterly conference call to discuss its second quarter 2024 financial results on Tuesday, August 6th at 5:00 a.m. Pacific Time (8:00 a.m. Eastern Time). A live webcast of the conference call and earnings...

at 16:35
The global voice assistant application market  size is estimated to grow by USD 21.93 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  40.94%  during the forecast period.  Digital transformation is driving...

at 16:34
NextStep Arthropedix, a growing orthopedic implants and procedures company, today announced the launch of TheRaytm Collared and Collarless Hip System....



News published on and distributed by: