The Global Business Travel Association projected last summer
that business travel would reach $1.4 trillion in 2024—surpassing pre-pandemic
highs—and grow to nearly $1.8 trillion by 2027. We know there’s incredible
power in meeting face-to-face and these record-high projections show organizations
know it too. But spending isn’t the only thing shaping business travel. Generation
Z (born 1997 to 2012) along with the younger side of the Millennial generation (born
1981 to 1996) are giving business travel new contours as the spending and
transaction volume grow. Travel managers and event organizers will need to meet young
professionals where they are, if they want to continue to have successful
travel and meetings programs.
Capitalizing
on Bleisure
Employees are increasingly looking to maximize their time
spent traveling for business by incorporating leisure and cultural exploration
into their trips—i.e. bleisure travel. Incorporating bleisure planning options
as part of the business travel process can be a great way to increase employee retention
and satisfaction—especially amongst Millennials, who
are expected to continue dominating the
bleisure market. To meet this growing need,
corporate event organizers are incorporating hyper-local and cultural
experiences into their event agendas to bring leisure activities to their
attendees. To capture the attention of younger travelers, make destination
information readily available on event websites and allow time for attendees to
visit attractions, or plan networking opportunities that include exploring the city.
Having easy-to-navigate attendee guides is also a must for attendees to
maximize their time. This is becoming an
imperative, rather than a “nice to have,” as younger professionals enter the
workforce.
Tapping
into Digitization & Customized Experience
Younger
Millennial and Gen Z employees are more accustomed to integrating technology
into their workstreams. A recent Adobe study found that 70 percent of Gen Z
workers would leave their current company to work for an employer with a better
tech stack. In terms of travel and events, they will look for AI-powered
solutions in 2024, like chatbots to address event questions or even travel
issues quickly. They also want improvements to the user experience, such as
touchless payments and integrations with leading payment or travel apps for
seamless receipt organization.
Similarly,
Millennial and Gen Z employees like to “choose their own adventure,” in both
their personal and professional lives. So, giving them the opportunity to opt-in
to specific hotel amenities or locations or choose which sessions they’d like
to attend—and how they want to attend those sessions, whether in person or virtually—during
a multi-day conference puts them in the driver's seat of their experience.
Prioritizing
Sustainability
Sustainability is also top of mind for younger
professionals. According to a recent Deloitte survey, more than half of Millennial and Gen Z respondents
claim they researched a brand’s environmental impact and policies before
accepting a job. When it comes to business travel and meetings, travelers also
weigh whether an event program resonates with them, and if it doesn’t, they’ll
think twice about increasing their carbon footprint to attend. Professionals will
also look for sustainable options like carbon offset flights and eco-friendly
hotels.
Event hosts can help facilitate more sustainable travel
by aligning event dates and agendas to streamline flight needs and partnering
with hotels and venues to minimize environmental impact. Organizers should be
transparent about steps they’ve taken to minimize the event’s carbon footprint.
Additionally, venues should be able to give detailed explanations of how
they’re managing waste, another major component of event sustainability.
Including Inclusion
Ensuring
an inclusive and accessible travel planning process is also critically
important for event planners and travel managers alike as Millennials (and
really, all business travelers today) recognize that travel should be
accessible to people of all abilities, backgrounds, and identities.
Today’s digitized environment means savvier, more
connected and more informed business and meetings travelers. Younger professionals reap so many benefits to business
travel, from networking opportunities and fostering creativity to experiencing
new places and cultures.
It’s exciting to see how the new workforce is embracing
the revival of business travel and in-person meetings and events. Employers and
event planners will contribute to this momentum by creating spaces for these
newcomers to create a community among themselves and survey them on their
experiences to ensure travel and events are providing the value and networking
opportunities they need. Companies that have a firm grasp on these shifting
demographic trends are more likely to not just have a competitive advantage as
it relates to driving their businesses forward, but also in keeping their
employees engaged and happy for the long-term.