NAVAN finds that trade travel jumps by 15 % while companies send workers on the road

Companies return their employees to the office – and send them again on the road. the Commercial travel index Navan (BTI) 15 % commercial travel jumped on an annual basis. In addition, BTI showed a 54 % increase in travel severity since Q1 2023, the basic year of the index.

The Director of Navan Amy Butte imagined the idea of BTI after a short period of joining the company. When comparing the data from Airbnb and Major Airlines with NAVAN numbers, Butte saw that she was not lining up. I realized that most companies did not differentiate between business and entertainment, and there was no dedicated commercial travel data index – and therefore, Navan’s BTI was born.

“release Commercial travel index Navan It provides a clear and detailed vision of commercial travel activity on our platform, separated from consumer travel noise.

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NAVAN BTI was built on five basic principles, which focus on strong data sources, dynamic weighting system, and the methodology of this, the exact foundation line after birth, and validation of NASDAQ’s health.

Data points, derived from millions of commercial transactions across more than 10,000 companies, follow international and local aviation reservations, hotel reservations and business expenses. NAVAN uses these data points, and through the dynamic weighting system, it automatically adjusts for market fluctuations. In addition, the methodology behind the index “is closely consistent with the approach of the Conference Council index,” according to the report.

Nasdak, chief economist Phil Mackintosh says Navan BTI provides “a unique look at data on how companies invest in growth, relationships and personal cooperation.”

“This is not just travel data, it is a window in corporate strategy and the commercial travel industry is then heading,” McCaintech said in the report.

NAVAN data revealed that there is an inverse relationship between work and Entertainment travel. With high holidays and seasonal travel, the work travel decreases. In addition, TSA data showed a 1 % decrease in travel in general, which confirms that companies put face -to -face reactions.

BTI notes that the comparison between Navan and TSA data reveals visions not only about the amount of people’s traveler, but also why they travel at certain times. As the report stipulates, commercial travel mutations are linked to corporate planning courses and industry conferences.

“What I think is wonderful about this rate is not the number alone, the growth rate for all other travel,” Boti told Fox Business.

The travel management and expense management platform noted that companies seize more opportunities to make their employees communicate face to face with clients, colleagues and peers. Navan found that although economic uncertainty, there was an increase in indicators of individual flights, such as car rental and personal meals on the team’s events.

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While there is a total growth in commercial travel, there are still differences between many industries. BUTTE FOX Business told Navan that has witnessed a growth in financial services (+3 %) and media and entertainment industries (+25 %).

On the other hand, the report showed non-profit organizations (-5.1 %), the hospitality and travel sector (-8.4 %), health care and life sciences (-15.2 %) reduced all their travel spending. Government travel witnessed a modest increase of 4.4 %.

NAVAN in BTI states that it aims to prevent Covid from storing the data provided in the report – a point that has also been confirmed on Fox Business. This awareness How can travel restrictions affect Covid The data that has chosen NAVAN assigned the baseline for comparison.

“When we think about postpartum, we look at 2023. As the financial manager, in addition to a member of the board of directors of a public company, I think in reality that a post -attendees require more travel,” Bouti said. “In some respects, our data reflects some kind of importance, even if you work remotely, you still need to contact, and it can be with clients or colleagues.”

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Navan also noticed a total growth in commercial travel, Pot pointed out that international travel grew more than local. In BTI, NAVAN found that spending on local hotels grew by 12 %, while the international grew by 17 %, and Butte has a theory about the reason for this – it is related to American policies.

“Our assumption is that companies may not travel much to China, but perhaps travel more as a way to find sources of manufacturing in other geographical areas. So, we do not see the end of international travel. In contrast, we see companies somewhat finding newer relationships,” told Pot Fox Business.

Butte does not see the trend slowing down any time. Although she admits that she is “bullish by nature”, Botti predicts that travel growth will continue, not only between large companies, but also between small and medium -sized companies.