The last 18 months have had a profound impact on the business travel space, with rapid developments underway in areas such as the future of office and work culture, changing travel policies of business, employee safety and overall refocusing of business travel planning and scheduling in the afternoon. pandemic environment. But as 2021 draws to a close, business travel and spending are recovering at a marked pace. So while there are still reasons for uncertainty, there are also plenty of signs of optimism as the industry looks to 2022. ‘business will come back fully. Domestic travel in the United States rebounded dramatically in the summer of 2021, with travelers returning to major urban centers they had avoided at the height of the pandemic.
Comparative data from TripActions reveals that summer volume increased across the board in 20 major US cities, led by Las Vegas and New York, up 519% and 471%, respectively, during the summer of 2020. Assuming this trend continues, domestic travel is on track to reach pre-pandemic levels as early as 2022. Although lagging the leisure segment, business travel is expected to catch up. their delay at a similar rate. Another area of evolution relates to the products and services offered by corporate travel and expense platforms, which must continue to adapt to meet the changing needs of business travellers.
This includes a growing focus on employee safety, as well as new topics such as better management of employee expenses and overall management of company expenses. Amidst all this, companies are bringing employees back to the office – and even, in industries such as banking and finance, are demanding their return – while other industries navigate a future of remote working and online travel. team. And in hot destinations like Las Vegas, large-scale meetings, conventions and live events are resurfacing.
The impact of these developments on business travel remains to be determined. However, early industry data suggests that the impact of remote working on employee travel is not an all-or-nothing proposition. Some business travel may decrease, while other new forms of business travel, such as offsite travel and team meetings, may increase in frequency.
This latest report from Skift and TripActions incorporates survey-based feedback on all of these topics from more than 1,100 global finance and corporate travel and expense managers, as well as more than 500 business travelers, with information from industry leaders.
And he sees a general improvement in the outlook over last year, aligned with the developments noted above. Of course, the environment remains dynamic, as markets and economies grapple with the spread of coronavirus variants in the United States and abroad. The lack of universal access to vaccines, compounded by a patchwork of divergent government policies and travel limits, also presents short-term challenges to a globalized recovery. Yet, amid these curves, new technologies and innovations born during the pandemic will help alleviate the challenges, while setting business travel on a reinvented and revamped path for the future. In every crisis are the seeds of opportunity; and as with any departure from the status quo, new assumptions and paradigms point to the silver linings’ playbook for business travel.
In this report The results of a survey of over 1,100 business travel and spend decision makers and over 500 business travelers examining changing attitudes towards business travel business and expenses. An examination of the growing importance of business travel payments and expense management in corporate decision-making; A review of the impact of the transition to remote working on business travel habits and spending; An exploration of how organizations and business travel platforms are improving their employee support and health and safety features; In-depth interviews with corporate travel managers, meetings and events managers and leading thought leaders on the evolution of the industry.