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1、TRAVEL BUYER SURVEY:PAYMENT AND EXPENSEJune 2023BY BCD TRAVEL RESEARCH&INTELLIGENCESURVIEWABOUT THE SURVEYWith this survey,we sought to explore the topic of payment and expense in business travel.We looked at the payment and expense priorities and pain points of travel buyers,forms of payment offere
2、d by travel programs,and payment and expense tools used.We compared these insights with the results of the Payment&Expense survey we conducted in 2021 and traveler views collected in April 2023.The results are based on an online survey of 164 travel buyers conducted from May 10-25,2023.Survey partic
3、ipants at a glance PaymentExpenseTrendsSurvey participants at a glanceGlobal75%Regional16%Local9%HOMELATAM10%NORAM44%EMEA42%APAC4%Travel program typeGeographyof travel buyers have global responsibilities54%IndustriesHOME19%Manufacturing15%Life sciences8%Retail8%Information Technology8%Financial serv
4、ices8%BiotechHOMECompany sizeof companies have more than 10,000 employees.64%23%20%22%35%Dont knowUp to 10M10-50MMore than 50MTravel spendTravel program prioritiesPayment and expense prioritiesPayment management pain pointsPayment methodsVirtual paymentsDigital walletsFraudPaymentHOME50%49%45%44%39%
5、36%33%24%21%20%37%39%42%43%49%48%52%54%37%52%12%11%12%9%10%13%12%18%30%22%9%6%Duty of careTraveler satisfaction and wellbeingSavings and cost controlPolicy compliancePayment and expense managementData analytics and business intelligenceValue of travelSupplier managementEnvironmentally sustainable tr
6、avelTraveler digital experienceExtremely importantVery importantModerately importantSlightly importantNot at all importantTravel program prioritiesOut of all travel program priorities,Payment and Expense(P&E)management has grown in importance the most,reaching its highest level in the last three yea
7、rs.In 2023,88%of travel buyers considered P&E management to be extremely or very important,vs.76%in 2021.Duty of care and Traveler satisfaction remain being the top two travel program priorities,followed by cost control and policy compliance.All four have preserved their ranking since last year.HOME
8、58%47%46%45%45%45%39%27%36%31%38%31%37%41%9%10%15%9%11%10%16%6%5%6%7%10%7%3%6%5%6%7%10%7%3%Simplifying/streamlining processesGains in operational efficienciesDirect cost savingsTraveler satisfactionCombating fraudFrictionless payment and expenseTravel data insightsExtremely importantVery importantMo
9、derately importantSlightly importantNot at all importantNot surePayment and expense prioritiesAll travel buyer P&E priorities have increased in importance since our 2021 survey.The rankings are largely unchanged.Simplifying processes held onto top spot with 85%of travel buyers rating it as extremely
10、 or very important.Out of all priorities,gains in operational efficiencies or,in other words,indirect cost savings,increased its significance the most.Payment setup and administration pain pointsSuppliers not accepting specific payment methods or charging extra fees is the top challenge of travel bu
11、yers,along with managing payment needs of non-employees:over 4 in 10 cite them.This hasnt changed since 2021.Meanwhile,managing service fees has become more complex,while cost centers management,on the contrary,has become less of an issue,having dropped close to the end of the list.10%20%22%30%31%32
12、%34%34%35%36%43%46%Issuing cards to remote employeesManaging cost centersManaging corporate cards distribution and useRisk of credit card fraudManaging different types of travelersPaying for meetings and eventsManaging payment methods in emerging marketsManaging payment methods in multiple countries
13、Managing virtual cardsManaging service feesManaging payment needs of non-employeesSuppliers not accepting payment methods or charging additional feesHOMEPayment methods used in travelCorporate cards are most frequently used in business travel,as reported by travel buyers:84%offer this payment method
14、.This is followed by central billed accounts,mentioned by 7 in 10.Over a third of travel buyers offer virtual payments to their travelers,while only 1%of travelers admit using this payment method.HOME2%13%25%38%41%71%84%OtherConsumer cardPersonal cash/Cash advanceVirtual cardInvoiceCentral billedacc
15、ount/Businesstravel accountcardIndividualcorporate cardVirtual paymentsNearly half of travel buyers are satisfied with virtual payments,while 3 in 10 say the opposite.Lack of awareness,as well as complex setup and management are among the top reasons for not offering virtual cards5%5%23%20%34%13%Don
16、t knowExtremely dissatisfiedSomewhatdissatisfiedNeither satisfied nordissatisfiedSomewhat satisfiedExtremely satisfiedHOMESatisfaction with virtual paymentReasons for not offering virtual payments27%27%25%20%16%13%4%Lack of awarenessComplex setupComplexmanagementLack of interest ofinternalstakeholde
17、rsOtherLack of supplieracceptanceOur bank doesnot support virtualpaymentsHOMEVirtual paymentsTravel buyers who currently offer virtual cards typically for hotel stays-would like to extend their use to car rental,expenses of unprofiled travelers,air and train travel.Among those who havent yet introdu
18、ced this method,payments for hotels,guest travel and car rental evoke the highest interest.HOMEInterest in virtual payment among those who dont use themHOMEInterest in virtual payment among those who currently use them57%42%37%30%19%HotelGuest travelCar rentalAirTrain64%49%49%45%19%Car rentalGuest t
19、ravelAirTrainAncillariesDigital walletsA third of travel buyers are interested in providing travelers with a digital wallet that may store debit and credit cards,loyalty cards,tickets,etc.Among travelers,the share of those interested in using digital wallets provided by employers is higher half woul
20、d like to use them.Interest in digital walletsYesWe already use themDont know3%35%41%No20%HOMEFraudFraud is a serious issue for travel buyers its more important to them than it appears to be for travelers.A third of buyers have experienced fraud with central billed accounts.4 in 10 provide traveler
21、education on the risks of credit card fraud.HOMEExperienced fraud with central billed accountNoYesDont know32%53%15%Provided credit card fraud educationNoYesDont know42%38%20%ExpenseExpense management pain pointsVisibility into costs and compliancePre-trip approval Expense management systemsEMS feat
22、uresIntegrated solutionsExpense management and credit card reconciliation pain pointsSince 2021,collecting receipts and manual reconciliation preserved their ranking as the top two expense pain points.Managing invoice errors has become less painful,while managing credits and refunds,on the contrary,
23、was mentioned more frequently.Our surveys have revealed that dealing with complex expense categories is equally painful for both travelers and travel buyers alike:it is mentioned by nearly half of both samples.HOME15%25%28%29%34%36%41%45%45%52%Expense fraudSpend visibilityInvoice errors requiring re
24、workNot tax compliant invoicesManaging credits and refundsData integration to other systemsTime spent on reviewing and approving expense reportsManaging expenses of complex categoriesThe need for manual reconciliationCollecting receipts and missing invoicesHOMEVisibility into costs and compliance9 i
25、n 10 travel buyers have data on travel policy compliance at their disposal,most with full visibility.7 in 10 report having knowledge of the total trip costs(TTC).This number is considerably higher than 27%of travel buyers who had access to TTC in 2021.Two items that travel buyers lack visibility of
26、are out-of-program bookings and on-trip spend:A quarter report not having these insights.59%45%40%36%33%24%32%31%43%30%44%48%7%20%14%24%16%23%5%10%7%5%Travel policy complianceTotal trip costOn-trip spendAncillary fees/costsYesPartialNoDont knowUpdated booking data including cancellations,refunds and
27、 exchangesTravelers booking outside of the managed travel program Pre-trip approvalThe views of travel buyers on the role of pre-trip approval for controlling spend are split:Over 4 in 10 agree on its high value,while a similar share rate pre-trip approval as not important at all or slightly importa
28、nt.HOME18%26%12%18%25%1%Extremely importantVery importantModerately importantSlightly importantNot important at allDont knowRole of pre-trip approval for controlling spendExpense management systemsNearly 7 in 10 buyers offer mobile apps of their Expense Management Systems(EMSs),while 40%of travelers
29、 admit using them.Half of travel buyers report integrating payment data into expense systems.HOMEIntegration of payment data into EMSEMS app usedNoYes68%23%Dont know9%Yes,full integration of payment data42%No payment data integration20%Dont know 29%Partially integrated9%HOMEYes,in 1-2 years10%Yes,in
30、 3-5 years5%No44%Dont know41%Involvement into decision about expense management systemChange of current EMS13%43%25%18%1%I am highlyinvolvedI am somewhatinvolvedI am onlyimformed ofthe decisionsNot involvedat allI am thedecisionmakerHOMEExpense management systemsOnly 15%of travel buyers consider cha
31、nging their current EMS in the next five years,while 4 in 10 dont know.At the same time,just half are highly or somewhat involved in the selection of their EMS.EMS featuresTravel buyers and travelers agree on the features theyd like to have when using an EMS:They are all related to automation of exp
32、ense reporting and include the possibility to automatically attach receipts to expense reports,have credit card transactions matched to expenses and have pre-populate expense reports.EMS most valuable features for travel buyersEMS most valuable features for travelers76%73%69%57%49%Having travel rece
33、ipts automatically attached to anexpense reportHaving credit card transactions automatically matchedto trip expensesHaving expense report automatically created and pre-populated when travelers book a tripHaving the errors in the expense report markedHaving expenses automatically marked to show thatt
34、raveler booked within the allowed limit76%72%67%46%31%HOMEYes,in 1-2 years13%Yes,in 3-5 years8%No42%Dont know38%Offer of an integrated travel booking and expense solutionHOMEPlans to introduce an integrated travel booking and expense solutionMain benefit of an integrated travel booking&expense solut
35、ion39%36%23%1%Reduced cost/time on expense reportsImproved traveler experienceIncreased travel policy complianceReduced fraudNoYes58%38%Dont know5%HOMEIntegrated solutionsNearly 6 in 10 travel buyers offer an integrated travel booking and expense solution that allows booking,managing,and reporting o
36、n travel,all in one place.Of the remainder,a fifth plan to introduce them in the future.Reduced cost or time spent on expense reporting,along with an improved traveler experience are the main benefits of these integrations.TrendsTrendsFrequency of use of payment methodsPayment and expense supportHOM
37、E23%25%38%39%40%52%54%56%New spend categoriesAuto-reimbursement without the need for approvalNew KPIs and improved reportingWide adoption of expense management appsInstant update and tracking of payment&expense policiesReconciliation of booking data with payment&expense dataHigher transparency and c
38、ontrol over expensesPaperless expense solutionsTrendsMore than half of travel buyers expect paperless expense solutions to become a new norm.Also,they predict strict controls over traveler expenses and easy reconciliation of booking details with P&E data,which will lead to improved reporting.P&E pol
39、icies will be instantly updated,and more travelers will be using EMS apps.The top three trends are ranked the same as they were when we last surveyed travel buyers for their predictions in 2021.HOME9%20%33%62%95%16%55%50%57%31%3%84%37%30%10%8%Virtual cardsCredit cardsCentral billed accountConsumer c
40、ardsInvoicesCashDecreaseStay the sameIncreaseFrequency of use of payment methodsTravel buyers expect the popularity of various payment methods to change.In five years,84%say virtual cards will be used moreoften,vs.52%in 2021.Meanwhile,cash is predicted to become less popular by 95%and invoices by 62
41、%.In 2021,these shareswere 73%and 55%correspondingly.The views of travel buyers on personal credit cards and central billed accounts are mixed,though around half estimate their frequency of use will stay the same.Payment and expense support4 in 10 travel buyers would like to have access to more repo
42、rts,and around a third are interested in having more data on P&E along with the assistance with traveler communication.20%23%26%31%33%42%Access to P&E suppliersAssistance with traveler formal and informal feedback around P&E,e.g.surveys and reviewsUpdating P&E policiesAssistance with traveler commun
43、ication around P&EExtended/specific data and reporting on P&EResearch and reportsHOMESURVIEWWe have carefully researched and checked the information contained.However,we do not accept any liability for any damage or loss as a result of the use of the information contained in this article.Natalia TretyakevichSenior Manager,Research&IntelligenceSpainnatalia.tretyakevichbcdtravel.euMiriam MoscoviciVP,Product Planning&IntelligenceColorado,USA