Companies cut back on travel
Company spending on co-working spaces is on the up, while business travel is declining, according to a new report
The latest Spending Benchmarks report from Ramp, which has tracked patterns over the last quarter of 2022, covers $10 billion of aggregate annual spend across 13,000 of its customers.
Company travel and expense spend as a percentage of total transaction volume declined from October to December. The report also said in December that as a category, travel and expense, as well as lodging, both declined on the previous month - the first time they’ve done so in six months.