Is Business Travel on the Rebound?
Many are wondering if the upcoming year will prove to be a rebound for business travel. According to the World Travel & Tourism Council (WTTC), business travel spending is set to rise more than 25 percent this year and reach two thirds of pre-pandemic levels by 2022.
This forecast is presented in an extensive report by WTTC in collaboration with McKinsey & Company titled ‘Adapting to Endemic Covid-19: The Outlook for Business Travel’.
It’s a clear fact that business travel was disproportionately impacted by the pandemic and is one of the slowest to recover. However, the fact remains that business travel is critical in various sectors of the global economy. Fortunately the future looks promising.
According to this new report, we should expect an overall global increase in business travel spending rising 26 percent this year, followed by a 34 percent rise in 2022. These numbers show promise in the heel of a 61 percent collapse in business travel spend during 2020.
Julia Simpson, WTTC Chief Executive, stated: “Business travel is starting to pick up. We expect to see two thirds back by the end of 2022.”
While business travel only accounted for approximately 21 percent of all worldwide travel in 2019. Pre-pandemic, business travel was responsible for over 70 percent of the global revenue at high-end hotel chains and somewhere between 55-75 percent of the global revenue at mid-range hotels.
Business travel is giving us signs of life and expected to rebound to nearly pre-pandemic numbers very soon. See how Rocketrip can help you save up to 20% in business travel spending. Learn more here.
