Forecast Predicts Some Business Travel Recovery In 2021
Toronto Conference Moves to September
London (February 25, 2021) – The Global Business Travel Association (GBTA) – the world’s largest business travel association – held its Canada Town Hall yesterday, to present the annual BTI™ Outlook focused on Canada, and the Association’s regional plans for the year ahead.
Key findings of GBTA’s BTI Outlook include an analysis of 2020 challenges for the business travel industry as well as a recovery forecast.
2020 Losses and Challenges:
- Business travel activity in Canada contributed $25.7B of the $1.43 trillion global business travel spend in 2019. The region ranked 11th in the world in terms of business travel spend.
- Business travel spending plummeted an estimated -51% to $12.5B in 2020.
Forecast on Business Travel Recovery:
- GDP and business travel spend is expected to bounce back in 2021, but recovery will be gradual due to a slow start to the national vaccination effort, a restrictive national travel policy, lagging business confidence and unprecedented debt levels, which will delay economic growth.
- Canada is projected to reach a total business travel spend of $23.6B by 2024, 92% of annual pre-pandemic levels.
“The pandemic has had a huge impact on our region and while forecasts show some revival later this year, it is clear that the economy and business confidence is going to take time to recover,” said Nancy Tudorache, Regional VP, GBTA Canada.
GBTA Canada Announces New Dates for its 2021 Toronto Conference
GBTA Canada also announced new dates for the Toronto Conference. This annual event will now take place on September 20- 21, 2021 at the Sheraton Centre in Toronto.
“Due to the current national restrictions and our ambition to have a face-to-face event in this region, we have decided to move the Toronto conference to Q3. This event has always been a huge success and listening to buyers and suppliers alike, I know our members are keen to meet in person. I am delighted that we have been able to work with the Sheraton Centre in Toronto to accommodate the wishes of our members and I’m very much looking forward to hosting our first in-person event for some time,” added Tudorache.
In light of the change of dates for the Toronto Conference, the Calgary Western Canadian Conference will now take place in the fall of 2022.
Engagement Continues in the Region
The new Ready. Safe. Travel. Training Program starts May 5 and will deliver essential content to help transition business travel and its practices beyond the pandemic. The training program will run virtually for four weeks and is for all levels of the global business travel industry, buyers and suppliers alike. Those who complete the program will be designated as a Ready. Safe. Travel. Specialist and will receive a digital award of completion, signifying to their employer, peers, customers and the industry their knowledge and commitment to a safe restart and future for the business travel industry.
For more information and to register please click here.
In addition, there is an extensive webinar schedule for 2021 from the Canadian committees and a number of regional direct talk calls planned. All dates are available at gbta.org.
About the BTI™ Outlook
The report gives a detailed analysis of business travel in 2020, with projections for 2021 and beyond. The BTI Outlook, now in its 12th year, is an exhaustive study of business travel spending and growth covering 75 countries across 48 industries.
GBTA members can download a full copy of the BTI Outlook on GBTA.org. The report was conducted in partnership with Rockport Analytics, a research and analytical consulting firm, and made possible by the Combined Power of Enterprise & National.
About the Global Business Travel Association
The Global Business Travel Association (GBTA) is the world’s premier business travel and meetings trade organization headquartered in the Washington, D.C. area with operations on six continents. GBTA’s 9,000-plus members manage more than $345 billion of global business travel and meetings expenditures annually. GBTA delivers world-class education, events, research, advocacy and media to a growing global network of more than 28,000 travel professionals and 125,000 active contacts. To learn how business travel drives lasting business growth, visit www.gbta.org.