The State of Global Business Travel

If you search for updates on the state of global business travel on any given day, you can find opposing viewpoints. Some are of the opinion that the industry may not fully recover until 2025 and that this slow recovery will force consolidation among travel agencies. The concerns are valid, as there has been a 63% drop in business trips in 2020. But there is evidence that global business travel will be booming again before the end of the year.

People Are Ready to Travel

According to a YouGov survey across all age groups, 70% of those surveyed agree that traveling for work and conducting face-to-face meetings help strengthen business relationships.?In a recent poll of its members, the Global Business Travel Association (GBTA) found that 79% would be “very comfortable” or “comfortable” traveling for business after receiving the COVID-19 vaccination and that more than half of employees are “willing” or “very willing” to travel for business.

In a more recent survey, suppliers have seen a 62% increase in bookings from corporate clients.?About 83% of decision makers are optimistic that business travel will return to previous levels over the next two years.?Business travelers (82%) and corporate travel decision makers (79%) say the benefits of in-person events and meetings outweigh the convenience of virtual participation, according to the American Express “Back to Blue Skies” report.

Global Travel will Require a Different Approach

Global business travel will resume. We believe the recovery will happen sooner than 2025 but that there will be changes. Sustainability is becoming more important to many organizations, and many companies have established climate change policies.?Other additions to policies may include accommodations for those not willing to travel while there is still risk. As you may have seen in your own organization, some people have embraced the Zoom culture, while others are ready to get back on the road. Each company will need to reevaluate their global business travel policies and work with their employees to accommodate safety and health needs.

Preparing for the Future of Global Travel

Most of the workforce, whether working remotely or in the office, is experiencing screen fatigue and Zoom burnout. As business travel begins to resume and borders start to reopen, this is a good time to review travel policies, especially if you will be maintaining a remote or hybrid workforce. For some time, your global travel program may be in flux. Not only will the approved destinations change rapidly as borders reopen, but you may need to review your partnerships with travel vendors to align with those who meet your sustainability requirements.

__

Cathy Heyne is the president and owner of Living Abroad, a certified woman-owned business. Established in 1987, Living Abroad provides information and tools to corporations for their expatriate assignees and business travelers. Globally mobile employees get the knowledge they need to understand and succeed in any location. Covering over 235 destinations in depth, a subscription to Living Abroad is a necessity for everyone in your organization.

Living Abroad is a supporter of and participant in key industry organizations such as the Worldwide ERC, The Forum for Expatriate Management (FEM), Society of Human Resource Management (SHRM) and Global HRNews. Living Abroad also runs the New York City chapter of the Forum for Expatriate Management (FEM).