What Is Business Tourism? Discover Its Key Benefits & Trends

Business tourism involves people traveling for work-related reasons, like attending meetings, conferences, or trade shows. It’s an important part of the global tourism industry. Let’s explore what business tourism is all about, why it’s helpful, and what’s new in this field.

Key Points:

Business travel is travel for work purposes, including meetings and conferences
It contributes significantly to the global economy, and is worth about £39.1 billion in the UK alone
Technology is changing business travel, with more virtual and mixed events
Being eco-friendly is becoming more important in business travel
The COVID-19 pandemic has changed business travel, leading to new safety rules and flexible booking options

Understanding Business Tourism

Business travel isn’t just about boring meetings in stuffy rooms. Today, business travelers often mix work with fun, creating exciting chances for both companies and the places they visit. This mix of work and play has led to bleisure travel, where people add some vacation time to their work trips.

Here are the main pillars of business or company tourism:

Meetings and Conferences

These are gatherings for business talks and sharing knowledge, from small team meetings to big industry conferences

Trade Shows and Exhibitions

These are industry events for networking, showing off products, and learning about new trends and ideas

Incentive Travel

These are reward trips for top employees, mixing business goals with fun experiences

Business tourism is really important for the world’s economy. In 2019, before COVID-19, the global business travel market was worth $1.28 trillion. Even though the pandemic caused significant problems, the industry has bounced back stronger having found new ways to work.

The Benefits of Business Travel

For Businesses

Networking: Meeting people face-to-face helps build stronger relationships with clients, partners, and others in the industry. These connections can lead to new business opportunities that might not happen through online meetings alone.
Learning: Conferences and exhibitions are great places to learn about new trends and ideas in your industry. You can listen to expert speakers, join workshops, and discover new products or services that could help your business.
Team Building: Company tourism can help employees work better together and boost morale. These events let coworkers get to know each other better in a relaxed setting, which can improve how they work together back at the office.
Brand Exposure: Being part of trade shows and conferences can help more people learn about your company. It’s a chance to show off your products or services to people who might be interested, get new leads, and establish your company as a leader in your field.

For Destinations

Economic Boost: Business travelers often spend more money than regular tourists, which really helps local economies. They tend to stay in nicer hotels, eat at fancier restaurants, and use more expensive transportation services.
Year-Round Visitors: Business events can help fill hotels and venues during slower seasons, providing a steady stream of visitors throughout the year. This helps keep the local tourism industry stable.
Better Facilities: Hosting big business events can lead to improvements in local buildings and services. This might include upgrades to convention centers, transportation systems, and internet networks, which benefit both visitors and people who live there.
Good Reputation: Successfully hosting business events can make a place known as a good spot for business. This can attract more events in the future and might even lead to more companies investing in the area.

For Individuals

Professional Growth: Going to conferences and workshops can help you learn new skills and stay up-to-date with what’s happening in your industry.
Career Opportunities: Networking at business events can lead to new job opportunities, mentors, and chances to advance your career.
Cultural Experiences: Business tourism lets you experience different cultures and broaden your perspectives. This global mindset can be really valuable in today’s connected business world.
Work-Life Balance: The trend of “bleisure” travel (mixing business and leisure) can make work trips more enjoyable. It lets travelers explore new places while still doing their work, which can reduce stress and make people happier with their jobs.

Trends Shaping the Future of Business Tourism

Business tourism is always changing. Here are some important trends to watch:

Sustainability

76% of event planners think about being eco-friendly when making decisions, showing a growing commitment to protecting the environment

Technology

80% of business events now let people attend virtually, showing how quickly the industry is adopting new technology

Wellness

83% of companies include wellness in their business travel policies, showing they care about keeping employees healthy

Personalisation

90% of business travelers expect personalised experiences, pushing for services and trip plans tailored just for them

1. Sustainability Focus

As more people worry about climate change, businesses are looking for ways to reduce their impact on the environment. This includes choosing eco-friendly venues, creating less waste at events, and using virtual meetings when possible. Sustainable practices in business tourism are becoming normal. Companies are using programs to offset carbon emissions, using renewable energy, and encouraging sustainable transportation for attendees.

2. Technology Integration

From virtual reality product demos to AI-powered networking apps, technology is changing business events. Business tourism solutions now often include things like contactless check-ins, digital business cards, and virtual venue tours. 5G technology is making it easier for people to participate virtually, while blockchain is being explored for secure and transparent ticketing.

3. Bleisure Travel

The line between business and leisure travel is getting blurry. Many business travelers are extending their trips to explore destinations, leading to the rise of “bleisure” travel. This trend is changing how companies plan business trips and how destinations market themselves to corporate travelers. Hotels are offering special packages for bleisure travelers, while cities are promoting their business facilities alongside their tourist attractions.

4. Wellness Focus

Companies are realising how important it is for employees to stay healthy during business trips. This has led to more wellness-focused amenities at business hotels, healthier food options at events, and even meditation sessions at conferences. Some companies are including fitness classes, quiet spaces, and nutrition advice in their corporate travel programs to help keep employees healthy and productive.

5. Personalisation

Thanks to big data and AI, business travel experiences are becoming more personalised. From suggesting events based on your interests to customising your hotel room, the future of business travel is all about catering to individual preferences. AI-powered travel assistants can create personalised itineraries, while smart hotel rooms can adjust lighting, temperature, and even artwork based on what a guest likes.

Challenges in Business Tourism

While company tourism has many benefits, it also faces some challenges:

1. Economic Uncertainties

When the economy isn’t doing well, companies might cut their travel budgets, which affects the whole business travel industry. The industry needs to be flexible and offer more cost-effective solutions or show clear benefits of business travel spending.

2. Safety and Security Concerns

From natural disasters to terrorism threats, safety concerns can really affect business travel plans. The industry needs to prioritise traveler safety through better security measures, tools that assess risks in real-time, and good emergency response plans.

3. Environmental Impact

The carbon footprint of business tourism is a growing concern, pushing the industry to find more eco-friendly practices. This includes investing in programs to offset carbon emissions, using renewable energy in venues, and encouraging more sustainable ways of transportation.

4. Technology Disruption

While technology offers many benefits, it also creates challenges. For example, the rise of virtual meetings could reduce the need for in-person business travel. The industry needs to find ways to use technology while still showing the unique value of face-to-face meetings.

The Role of Travel Trade Ready in Business Tourism

At Travel Trade Ready, we understand business travel can be complicated. Our platform helps make the logistics of trips abroad easier by giving travel trade businesses access to a whole network of support.

We offer a range of business tourism management solutions, including:

Event planning tools that consider sustainability and virtual participation options
Travel booking systems that follow company policies and help save money
Expense management software that makes reporting easier and helps control budgets
Data analysis to improve business travel results, including tracking networking outcomes and knowledge sharing

Our goal is to help travel businesses navigate the changing world of business travel, making sure they get the most out of the burgeoning corporate travel market, while also keeping operations sustainable and taking good care of their employees.

While traditionally aimed at leisure tourism, our tools and support can nevertheless be used to support bleisure travel too, and in the process make it easier to fit in more leisure time and sightseeing around business commitments,

To learn more about the platform, check out the information on our homepage, or alternatively, if you’re a DMO, supplier or buyer, click the relevant link to check out the benefits that our platform can provide you with!

Final Thoughts: The Future of Business Tourism

Business travel is an important (and changing) part of the global tourism industry. Despite challenges like economic uncertainties and environmental concerns, it continues to adapt and evolve. The future of business travel involves being more sustainable, using more technology, and creating personalised experiences.

As we move forward, business and leisure travel will continue to blend, creating new opportunities for both travelers and destinations. Companies that can adapt to these changes and prioritise their traveling employees’ well-being will be in the best position to benefit from this tourism.

Whether you’re a travel business looking to improve your corporate travel provision or a destination trying to attract more business travel, understanding these trends and challenges is crucial. At Travel Trade Ready, we’re here to help you navigate this exciting field and make the most of the opportunities that business travel offers.