Corporate Procurement Leaders Cite Challenging Travel Market Dynamics, Growing Need to Leverage All Segments As 2024 Supplier Negotiations Begin

With flights to key corporate destinations mostly full and hotel rates stubbornly high, corporate travel and procurement leaders are faced with a uniquely challenging environment as negotiations with suppliers for 2024 business travel volume start this quarter. The return of volume from the depths of the pandemic is forecast to return to 80% in 2023 according to Global Business Travel Association data. While this revival is indisputably a sign of health for the global economy, corporate executives charged with managing travel budgets are increasingly concerned about long-term cost and program management ramifications.

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