The Latest Insights On What Lies Ahead For Business Travel’s Recovery
I’ll take progress over perfection every day because progress is what truly gets you where you need to go. In our latest GBTA Business Travel Recovery Poll released last week, we definitely saw more signs of progress based on what almost 600 global business travel professionals told us.
Those surveyed say their domestic volume is back to 63%, and international is back to 50% of 2019 pre-pandemic levels, with 26% even reporting they are back to 70% or more. And even with economic concerns, 75% of travel buyers say their company has no immediate plans to limit business travel as a result. A majority of travel managers (78%) expect the number of company business trips will be higher or much higher in 2023. Among travel suppliers, 85% expect corporate client bookings to be higher or much higher, and 80% expect the same for travel spending as well. You can check out more from the October GBTA poll here.
This week I’m spending a few days in Washington, DC, including at ATPCO’s sold-out Elevate event for a panel discussion on the “Corporate Travel State of Play.” I’ll also be touching base with several others including Nick Calio, president and CEO of Airlines for America, and GBTA’s US government affairs agency, Cornerstone, and spending time with GBTA committee leaders and our very own GBTA team on the ground here. Definitely a multi-purpose business trip! So much can be done collaboratively to keep our industry and recovery moving forward – it’s our privilege to work together with other great groups, initiatives, leaders and teams toward achieving the greater good that business travel instills.
With the fourth quarter in full swing, our eyes are squarely on GBTA in-person events in three great global centers for business: New York City for the WINiT Gala in October; Brussels for our Sustainability Summit and European Conference with VDR in November; and finally, in Bangkok for our first-ever APAC Travel Summit with PATA in December. There’s so many opportunities to join GBTA and our partners to be part of community, learning and advocacy in action for our industry. Please join us and add your voice to our collective purpose.
News to Know:
States adopt net-zero 2050 global aspirational goal for international flight operations
Culminating two weeks of intensive diplomacy by over 2,500 delegates from 184 States and 57 organizations at the 41st ICAO Assembly, ICAO Member States adopted a collective long-term global aspirational goal (LTAG) of net-zero carbon emissions by 2050. The achievement of the LTAG will rely on the combined effect of multiple CO2 emissions reduction measures, including the accelerated adoption of new and innovative aircraft technologies, streamlined flight operations, and the increased production and deployment of sustainable aviation fuels (SAF). (Travel Daily News)
UK firms plan to increase business travel during the next year
Two-thirds of UK companies plan to increase spending on business travel by at least 50 per cent over the next year, according to research from corporate card company American Express. A survey of business leaders and travelers also found that 42 per cent of SMEs were looking to take more business trips in the next 12 months. More than 80 per cent of companies believed that travel played a key role in increasing revenue, with 60 per cent planning to expand around the UK and 35 per cent wanting to enter new international markets. (BTN Europe)
Europe to Overtake Asia Pacific as World’s Largest Travel Region for a While
The Asia Pacific region will no longer be the world’s largest travel region by the end of 2022, ceding the title to Europe. That’s according to a new report from international travel industry analysts at the Centre for Aviation. The organization discussed how aviation in the region remains down by 45 percent compared to pre-pandemic levels while European air travel has recovered to roughly 85 percent of pre-pandemic levels. That being said, we believe the reason is that China is still locked up/locked down. (Skift)
Travel Industry Seeking Immediate Action on Visa Delays Amid Spending Losses
On the heels of lawmakers pushing for visa processing improvements, the U.S. Travel Association has called on the State Department to make first-time visitor visa processing an economic priority, even sharing policy recommendations to help resolve the problem. On Thursday, U.S. Travel shared an economic analysis revealing that the department’s low prioritization of visitor visa (B-1/B-2) processing continues to hamper U.S. economic recovery, preventing an estimated 6.6 million potential visitors from traveling to the U.S. in 2023 at a loss of $11.6 billion in projected spending. (Travel Pulse)
GBTA News and Reminders:
From COVID, to civil unrest, to war, the increase in risk events which impact travelers around the globe is increasing. At the same time, the number of employees working remotely is rising. Nearly 70% of HR and Managed Travel departments believe that the dominant way of working will by hybrid in the future. Join us on October 18th as industry expert, Eric Chetwynd from Everbridge explores the evolution of Travel Risk Management programs and more.
Pioneers and thought leaders in meetings, procurement, and travel management have collaborated to create a road map and share best practices on how to create and manage an effective strategic meetings management program for your company. The program covers 6 modules and includes 3 two-hour live sessions with an instructor.