77% of Indian businesses expect to increase their travel budgets in 2023: Survey 

With business travel across domestic and international markets showing a rebound post-Covid pandemic, the majority of Indian businesses (67 per cent) expect a rise in business travel in 2023, while 77 per cent of companies are expected to increase their travel budget in 2023 compared to 2022.

These findings were revealed in the business travel and entertainment (T&E) survey report titled ‘Revival of business travel: An India perspective’ by American Express, India, with the Centre for Economics and Business Research (Cebr).

The report further indicated that 79 per cent of Indian businesses surveyed use business travel data analytics to assist with travel booking and expenditure, showing how important technology has become for the travel sector.

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Along the broader technology ambit, the travel technology sector is constantly innovating. In the post-pandemic period, 43 per cent of financial decision makers surveyed said that using better software to manage expenses and travel is a crucial innovation.

“The sentiment is upbeat for corporate travel in India. While the past two years resulted in a temporary decline in business travel, domestic travel has resumed, and almost surpassed the pre-pandemic level. International travel is also picking up and we can expect a sustained recovery,” Manish Kapoor, Vice President and Head, Global Commercial Services (GCS),American Express Banking Corp., India said.

“With increased average ticket prices expected to remain high in the medium term, Indian companies will be exploring technologies, and should adopt smarter solutions for better cost efficiencies,” he added.

In terms of the practical methods used to pay for travel expenses, two-thirds of companies (66 per cent) say they utilise third-party booking systems.

However, the report said that most businesses use multiple methods, with 61 per cent letting employees pay, while 57 per cent saying that they provide employees with access to a company credit card.

The survey report was conducted amongst 500+ Indian businesses across cities in the nation. It focuses on larger businesses, with half of the respondents seeing annual revenues greater than Rs 6 billion. About 82 per cent of businesses in the survey have 250 employees or more.

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