Corporate travel is expected to pick up significantly in the second half of 2021, but will still sit well below prepandemic levels. Total spend in Q4 2021 is projected to reach somewhere between 25%–35% of 2019 levels, although a third of companies say they will likely remain below 25% of 2019 spend at the end of 2021.
Is business travel ever coming back?
Both the U.S. Travel Association and Global Business Travel Association have predicted a full recovery by 2025. A recent report from professional services firm Deloitte projects U.S. corporate travel could reach a “new normal” of about 80 percent of pre-pandemic levels by the end of next year.
Is the business travel industry growing?
TOP BUSINESS TRAVEL TRENDS: Bleisure — the industry buzzword for travelers combining business and leisure — is on the rise, growing 20% from 2016 to 2017. Business travel is expected to grow to $1.6 trillion in annual spend by 2020. The year 2017 saw $1.3 trillion spent on global corporate travel.
How big is the business travel industry?
The global business travel market size was valued at $695.9 billion in 2020, and is expected treach $2,001.1 billion by 2028, growing at a CAGR of 13.2% from 2021 t2028. Business travel is a division of regular tourism in which people travel for a business-oriented purpose.
How much did business travel cost in 2019?
Direct spending on business travel by domestic and international travelers, including expenditures on meetings, events and incentive programs (ME&I), totaled $334.2 billion in 2019.
How often do people travel for business?
The average business traveler takes around 6.8 trips a year, but millennials average 7.4 trips per year.
Are the two main purpose of travel?
The purpose of travel is connected with building social relationships, opportunities to learn and grow, and commitment. It gives us the chance to be truly engaged in an activity, to develop new skills and to discover new cultures.