Business travel is expected to exceed pre-pandemic levels faster than previously predicted, a new report by the World Travel & Tourism Council revealed. It is set to exceed 2019 levels globally by 6.2% to reach $1.5 trillion this year, as business leaders re-emphasized the importance of face-to-face interactions.
The rise of remote working during Covid had a disproportionate effect on corporate travel, compared to leisure trips, with virtual platforms replacing face-to-face meetings. Firms have been able to reallocate more funds towards corporate travel once again as economies around the world have rebounded since the pandemic. The growth of “bleisure” travel, which combines business trips and personal holidays, has also enhanced the appeal of corporate travel.
The meetings, incentives, conferences, and exhibitions (MICE) industry has also made a strong comeback, resuming in-person events after a long period of cancellations and postponements.
Corporate travel in the U.S., which accounted for 30% of the global total in 2019, is expected to reach $472 billion this year – 13.4% above the pre-Covid record.
Source: Travel Weekly
