New Report Finds AI and Uncertain Economy Are Impacting Business Travel

Leaders and employees still see plenty of positives to business travel, according to a new report, but are also wary about economic, technological and geopolitical disruptions.

The latest edition of the SAP Concur Global Business Travel Survey, released last month, is based on responses of 3,300 business travelers, 800 travel managers and 700 CFOs from around the world, including the U.S. Overall, participants are upbeat about the importance of business travel—97 percent of CFOs say it supports growth, and 93 percent of employees say it bolsters well-being.

However, rising travel costs, many linked to the U.S./Israel war with Iran, have many respondents concerned. Eighty-two percent of CFOs say they have increased their travel budgets, up from 76 percent last year. But the bigger budgets have placed CFOs at loggerheads with travel managers; 89 percent of CFOs say they need more detailed justifications for business travel, while 84 percent of travel managers say they need more support from their CFOs. More specifically, managers are looking for more data to show ROI, more AI support and more resources.

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