A New Roadblock to Business Travel Recovery in 2023
Business travel has been slow to recover compared to the leisure industry after the COVID-19 outbreak. Although COVID-19 has been the main obstacle delaying business travel, there is a new roadblock nearing 2023. Global economic concerns are the new obstacle replacing COVID-19 to complete recovery. A survey conducted by the Global Business Travel Association shows that international business travel has hit the halfway mark. Domestic business travel has reached 63% of 2019 volumes. GBTA CEO Suzanne Neufang, says “We continue to see progress as business travel makes its way back to being a $1.4 trillion global industry, pre-pandemic.”
Looking at the new year, only 4% of respondents believe that COVID-19 will be an issue regarding business travel. In comparison, 80% of suppliers feel the greatest threat to bookings is travel budget adjustments due to inflation or an impending recession. Suppliers and buyers both believe that business travel will be better in 2023 compared to 2022. Around 80% of travel managers have planned for their employees to take more business trips in the next year than they did in 2022. Suppliers believe that year-over-year bookings will increase in 2023 (85%). Although there are many concerns regarding business travel recovery, the odds are in its favor.
Research shows that travel won’t slow down as the seasonal transition occurs. Is your destination standing out from the competition this winter? H2R’s Branding Research can help you identify what sets your destination apart and how to attract the visitors you want. Schedule a free consultation today or send us an email at firstname.lastname@example.org.
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