According to a recent Morgan Stanley survey, corporate travel managers are projecting that virtual meetings will replace an average of 27% of 2022’s travel volume and an average of 19% of 2023’s travel volume.

When asked why virtual meetings will continue to replace travel volume, respondents indicated that the top reasons were that…

1. they represent a more efficient use of employees’ time,
2. reduce costs to the company,
3. are a safer way to conduct business and
4. that employees noted higher engagement and participation in virtual meetings and conferences.

The projected shift to virtual meetings seems to be reflected in slashed 2022 travel budgets, but respondents from U.S.-based companies were more optimistic about travel budget recovery of their budgets than were their peers elsewhere. Read more.