Millennials are more frugal when traveling for business than their older coworkers. Who would have thought — and who knows how long that will last?
The Skift Corporate Travel Innovation Report is our weekly newsletter focused on the future of corporate travel, the big fault lines of disruption for travel managers and buyers, the innovations emerging from the sector, and the changing business traveler habits that are upending how corporate travel is packaged, bought, and sold.
Dealing with the habits of millennials, particularly their penchant for ignoring corporate travel policy and booking whatever they want, is a big challenge for travel managers.
New research on business travel spending from Concur, however, shows that millennial travel patterns are actually a bit more conservative than older workers.
Concur’s research shows that younger travelers spend 18 percent less overall than workers aged 35 to 65 on dining, entertainment, and hotel bookings. Millennials spend less, in particular, when traveling to Asia, Europe, and the Middle East.
Strangely, millennials spend 3 percent more than older generations on hotel expenses, but that increase is offset strongly by savings on other aspects of their trips. (Speaking as a millennial who travels for business, I suspect this has something to do with purchasing Wi-Fi access for multiple devices, or high-speed access).
In other news, we got a briefing last week from Uber on their ambitions for a revamped Uber for Business platform. They’ve listened to their customers and created tools for travel managers to better manage business traveler spending.
We also take a look at what recent changes to hotel chain cancellation policies mean for business travel, and why hotel CEOs remain bullish on corporate travel growth.
— Andrew Sheivachman, Senior Writer
Business of Buying
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Hotel CEOs Discuss Recent Cancellation Policy Changes and Hint at More to Come: As hotels tighten up their revenue management practices, expect more of these cancellation policy changes to take place in the near future. Read more at Skift
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Disruption + Innovation
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Meeting Planners Are Struggling With the Fast Evolution of Event Technology: Innovation in event technology today relates as much to how planners use the platforms that already exist, as compared to new advancements in the technology itself. Read more at Skift
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Photo credit: Millennials usually spend less on business travel than their more experienced colleagues. Pictured are millennials at a meeting. ITU Pictures / Flickr