The Travel Revolution: Virtual Meetings, Budget Booms, and Hilarious Hybrids

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 INTRO:

          Welcome, fellow travelers and corporate globetrotters! If you thought the era of business travel was fading into the sunset, think again. According to the whimsical wonders at Morgan Stanley, travel budgets are not just holding their ground but are gearing up for a wild ride through 2024. Join me, Angelique Platas, your guide through this journey into the future of corporate adventures and misadventures.









Outlines:

  • Virtual and Hybrid Galore: The Unstoppable Duo
  • Hybrid Mania: Internal Meetings Edition
  • Budgets, Budgets, Budgets: The Money Talks
  • Conclusion: The Future of Corporate Adventures

















Virtual and Hybrid Galore: The Unstoppable Duo:

Virtual and Hybrid: The Bonnie and Clyde of Business Meetings

Picture this: virtual meetings and hybrid technologies waltzing onto the corporate scene, hand in hand, determined to shake up the traditional norms. Morgan Stanley predicts they'll be tag-teaming to replace a whopping 18 percent of corporate travel by 2024. It's not just about the Benjamins; there's a method to this madness.

Budget Savior: Where Money Meets the Matrix

In the quest to trim those pesky travel expenses, our savvy panelists suggest embracing the budget-friendly embrace of virtual and hybrid meeting technologies. It's like finding a golden ticket in your budgetary Wonka bar, especially for those companies that embraced remote work during the pandemic and now have to shuffle coins for those jet-setting employees.




Hybrid Mania: Internal Meetings Edition:

Internal Meetings: The Hidden Gems in the Corporate Crown

Hold onto your briefcases, folks! Hybrid options are riding to the rescue to tackle the surging demand for internal meetings. Corporate bigwigs are realizing the importance of internal gatherings for training and town-hall forums. Some attendees might jet off to the meeting site, while others prefer a cozy virtual seat. It's the best of both worlds, minus the Miley Cyrus soundtrack.

Well-being: Where Comfort Meets Corporate Comfort

Remember the days when meeting invitations were more like royal decrees? Well, those days are over. Now, we roll out the red carpet for those not-so-keen on traveling or dealing with family commitments. American Express Meetings & Events' Linda McNairy spills the tea on how we're making room for everyone, even those who'd rather not deal with airport security drama.

Personal Safety: The Hero We Didn't Know We Needed

Hybrid options are the unsung heroes for those attendees who'd rather not dance with danger in certain regions. Whether it's wild weather or unfriendly political climates, these options ensure everyone gets a slice of the corporate cake without the fear factor. Consultant Kevin Iwamoto even throws in a twist about anti-LBTQIA+ sentiments that might make some attendees hesitant to jet off to certain locations. Who knew corporate meetings could be so adventurous?




Budgets, Budgets, Budgets: The Money Talks:

Travel Managers' Crystal Ball: Predicting Budget Booms

Hold onto your spreadsheets, because the Morgan Stanley survey reveals that travel manager respondents are expecting a whopping 9 percent increase in second-half 2023 travel budgets. It's not just a blip on the radar; it's a full-on budgetary bonanza. With easy comparisons against the omicron-impacted first half of 2022, it's a financial fiesta in the corporate world.

2024: The Year of Materially Above Expectations

2024 isn't just a year; it's a financial extravaganza, according to Morgan Stanley. The projected budget increases for corporate travel spending are "materially above" the expectations for the largest hoteliers. While hotel companies are cautiously forecasting growth, our travel managers are gearing up for a spending spree that could rival a Vegas weekend.

Budget Battles: The Cost-Saving Chronicles

Rising prices, macroeconomic uncertainty, and spend expectations are the dragons our travel managers face. But fear not! These valiant budget warriors are scaling down hotel tiers like knights in shining armor. Mid-tier hotels are the new castles in the kingdom, with 39 percent planning to bunk there. The upper tiers? They're facing a downsizing dilemma, as 37 percent are looking to use fewer upper-tier hotels. It's a budgetary chess game, and our travel managers are the grandmasters.




Conclusion: The Future of Corporate Adventures:

As we bid adieu to this rollercoaster ride through the corporate travel landscape, one thing is clear: virtual and hybrid meetings are here to stay. Whether it's a budget-saving superhero or a savior for those seeking safety and well-being, these technologies have woven themselves into the fabric of our corporate adventures. So buckle up, fellow travelers, because the future of business is a hilarious, hybrid, and downright unpredictable ride!

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