According to a GBTA report, 74% of travel managers expect most types of business travel will reach pre-pandemic levels by the end of 2023.
According to a GBTA report, 74% of travel managers expect most types of business travel will reach pre-pandemic levels by the end of 2023.
In 2022, Europe was forecasted to be the fastest growing business travel market with spend growing at 61.7%. Europe’s business travel spend is expected to grow another 25.3% in 2023.
Over three-fourths (78%) of travel managers expect the number of business trips taken by employees at their company will be higher or much higher in 2023 versus 2022, according to a recent poll by the GBTA.
Global spending is expected to make it fully back to the $1.4 trillion dollar mark in mid-2026, according to the 2022 GBTA Business Travel Index Outlook. This adds an estimated 18 months to the industry’s recovery than was previously predicted.
Business travel is still nowhere near its pre-pandemic levels, but transaction recovery in the last week of February 2022 hit 51% of 2019 levels, a 23-point improvement from mid-January 2022.
Because fewer employees have been traveling during the pandemic, companies have gotten used to saving money on travel. Employees are now encouraged to bundle visits to multiple clients or events into a single trip.
Three in four travel managers expect business travel volume at their company will be much (17%) or somewhat (58%) higher in 2022 than in 2021. However, 32% report that Omicron will likely have a “very negative” impact on their company’s revenue derived from business travel.
Compared to June, a recent Global Business Travel Association (GBTA) poll shows a 12% increase in companies opening business travel, but government policies relating to international business travel continues to impact companies.
The Global Business Travel Association (GBTA) says the financial impact of global travel decline is expected to be 10 times worse than the Great Recession and 9/11. A 21% increase in business travel spending is projected in 2021, mostly at the end of the year.
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