GBTA and American Express shows millennials to take the lead in newer travel science

Published on : Thursday, May 14, 2015

american-expressBusiness travelers value convenience over cost savings, according to new research from the GBTA Foundation, the education and research arm of the Global Business Travel Association (GBTA), in partnership with American Express. According to the first in a series of GBTA Business Traveler Sentiment Index reports, U.S. business travelers put a high premium on convenience, particularly when it comes to their flight schedule choices. When booking flights domestically or internationally, more business travelers say their top consideration is convenient flight schedules (36%), compared with ticket price (24%) and ability to earn miles (20%).

 

 

The GBTA Business Traveler Sentiment Index in partnership with American Express is a proprietary, data-centered barometer based on business travelers’ attitudes toward five key components of business-related travel:

 

 

 

Because this is the first period analyzed for the GBTA Business Traveler Sentiment Index, initial results will serve as a benchmark against which future research will be measured. Currently index values are set at 100.

 

 

Travelers Generally Satisfied With Trip Experience, but Airports and Flights Frustrate

For the most part, business travelers are “satisfied” or “very satisfied” with their time on the road. However, in general only slightly more than half are “satisfied” or “very satisfied” with airline travel (57%) and getting through airport security (55%). In fact, survey respondents cite airline delays (45%), airport security (33%) and airline fees (29%) as the main reasons why travel is more difficult today than it was three years ago.

 

“Time is money for business travelers, so it comes as no surprise that U.S. travelers place such a high premium on convenience,” said Joseph Bates, Vice President, GBTA Foundation. “While a more convenient flight or a hotel closer to the meeting may cost slightly more, it is worth it to business travelers and their companies if it allows them to be more productive and maximize their time.”

 

 

Additional GBTA Business Traveler Sentiment Index findings include:

 

 

    Millennials lead the way in using newer travel services and social media. Thirty-seven percent of travelers ages 18 to 34 say they will “definitely” or “probably” use a mobile, cashless wallet in the next 12 months, compared with 20% of all business travelers. These younger travelers are more interested than travelers of other ages in rideshare services (46%) and room-finding services (35%). They are also the most enthusiastic users of social media for business travel, with approximately half of those ages 18 to 34 saying they use it to review travel suppliers and meet up with colleagues and friends (about 50% each), compared with roughly 40% or less of business travelers in other age groups.

 

 

    Employees are generally satisfied with hotel stays and booking travel. Three- quarters or more of survey respondents are “satisfied” or “very satisfied” with hotel stays for work (78%) and making their own arrangements (75%).

 

 

Connectivity is critical for traveler productivity on the road. Nearly nine-in-ten travelers (86%) say access to Wi-Fi is “vital to work productivity while traveling,” and free access to Wi-Fi is one of the top items travelers believe all airlines should offer (26%), surpassed only by free checked bags (37%).

 

 

    Frequent business travelers find tracking and managing expenses challenging. On average, employees who travel a dozen or more times a year for work are generally less satisfied with their ability to track receipts than those who travel for work less often (on a seven-point scale, 5.6 vs. 5.8 of those who travel four to 11 times a year). Nearly two-thirds of all travelers are highly satisfied with processes they use to track expense receipts (65%) and complete expense reports (63%). Overall, three-quarters of business travelers (75%) are highly satisfied using a corporate credit card to pay for trip-related expenses, and just about two-thirds (66%) are highly satisfied using their personal card to pay for expenses.

 

 

    Most are comfortable with their companies’ travel policies. Sixty-two percent of business travelers surveyed are generally satisfied with their company’s travel policies. If employees have concerns, it’s about changing itineraries; 59% said they are “satisfied” or “very satisfied” with for the ease of changing an itinerary, while 35% are neutral, and 6% are “dissatisfied” or “very dissatisfied.”

 

 

    Majority are generally satisfied with their companies’ safety efforts, but there’s room for improvement. Seventy-one percent of travelers “agree” or “strongly agree” that their employers care about their well-being and safety when they travel for work. Slightly more than half (56%) agreed that they “always feel safe” while traveling, and 55% said their desire to feel safe affects their travel choices.

 

 

“The Index identifies the greatest pain points for business travelers, indicating to organizations which areas to target for improvement,” said Susan Chapman-Hughes, senior vice president at American Express Global Corporate Payments. “In the area of expense management, for example, companies would be wise to invest resources into mobile apps and expense management solutions to help business travelers save time and be more productive.”

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