Business travel operators will have to be patient, according to figures published on 2 February by the Global Business Travel Association (GBTA). In its report BTI OutlookThe association believes that we can expect a full return to pre-pandemic levels by the end of the year. 2025. Nonetheless, GBTA expects to see an upturn as early as this financial year. 2021business travel expenditure rose by 21%. This increase is expected to be concentrated towards the end of the year, under the impact of the various vaccination around the world. International business trips and meetings should contribute to...
Business travel operators will have to be patient, according to figures published on 2 February by the Global Business Travel Association (GBTA). In its report BTI OutlookThe association believes that we can expect a full return to pre-pandemic levels by the end of the year. 2025. Nonetheless, GBTA expects to see an upturn as early as this financial year. 2021business travel expenditure rose by 21%. This increase is expected to be concentrated towards the end of the year, under the impact of the various vaccination initiated around the world. International business travel and meetings should contribute to a further increase in 2022. " Between now and the end of 2024Annual spending on business travel is expected to reach around $1.4 trillion, almost equalling the peak revenue of $1.43 trillion before the 2019 pandemic. "According to the authors of the report, which covers 75 countries and 48 sectors of activity.
" The economic recovery is already underway, albeit very unevenly across countries and sectors "says Dave Hilfman, Interim Executive Director of the GBTA. He continued: " Continued vaccine deployment will be critical to global economic recovery, as will decisions by the new Biden administration and other governments around the world on global trade, quarantine and border policies. The GBTA will continue to work to restore consumer confidence so that travel can return safely. ".
losses linked to business travel spending in 2020 are expected to be ten times greater than the impact of 9/11 or the Great Recession of 2008
While we wait for this upturn in mobility, the world of business travel will have to lick its wounds. And they are deep ones, as the BTI Outlook report confirms. " The scale of these losses and their impact on travel suppliers is unprecedented: losses linked to business travel spending in 2020 are expected to be ten times greater than the impact of 9/11 or the Great Recession of 2008. "According to the authors of the BTI Outlook report. According to the report published by the GBTA, the decline in business travel activity in 2020 will be equivalent to 400 million full-time jobs full time in hotels, airlines, airports, ground transport, catering and other service providers. " The pandemic has been devastating for business travel and it is clear that our industry will take some time to recover given the challenges we face on a number of fronts "warns Dave Hilfman
