OPINION
The future is bright for business travel Catherine Logan, Regional Vice President, Europe, Middle East and Africa, Global Business Travel Association (GBTA), takes a look at the new corporate travel landscape
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here is no doubt the global business travel industry has been heavily impacted by the pandemic, and recovery hindered, as travellers and suppliers navigated the diverse range of government restrictions including lock-downs, COVID-19 policies and border closures. Many corporates implemented non-essential travel bans and suppliers quickly adapted their business models to meet the lesser demand. At the turn of the year, as global travel Business travel is restrictions loosened, returning; it may we saw many positive indicators to show just look a little that business travel different was returning. Among the GBTA membership, business travel bookings continue to build momentum with reports of month-onmonth increases. Travel managers report an increase in employees’ willingness to travel and to blend business travel with leisure time. Global business travel is now forecast to make a full recovery by 2024, ending the year at $1.48 trillion or just above the 2019 pre-pandemic spend of $1.4 trillion (source: GBTA busines travel index–the BTI™ Outlook). After the sharp downturn brought about by the COVID-19 pandemic, M AY 2 0 2 2
declining 53.8 per cent in 2020 to $661 billion, global expenditures are expected to have rebounded 14 per cent in 2021 to $754 billion. A year-over-year surge of 38 per cent is expected in 2022 as recovery and pent-up demand kicks into a higher gear, bringing global business travel spending back to over $1 trillion. As we have seen in the past, with all challenges come new opportunities. During the pandemic, the way we live, work, travel and think about how we treat our planet and people has changed irreversibly; new trends have emerged creating new opportunities. The pandemic has redefined business travel as we once knew it. Travel for business could now include ‘travel for work’ as remote and hybrid working models become the norm and corporates look for ways to bring dispersed teams together for collaboration and to instil company culture. Duty of care is now at the forefront of any employee policy, the health, safety, and wellness of all employees, especially travellers, matters now more than ever. Sustainability and how we protect our environment is now a firm fixture on the corporate agenda, contributing to company objectives. There is an urgency toward carbon neutrality and the need to make responsible choices that weigh up the ROI of a business meeting with the cost, time, and environmental impact.
Remote working has fuelled digital innovation and it continues to accelerate across the end-to-end business travel experience – booking, travel, expense, payments, and reconciliation. Mobile and the desire to DIY everything – all in the name of efficient and contactless travel and hospitality – has accelerated innovation across the industry. After two years of interacting online with colleagues, prospects, partners, and clients, it is wonderful to see and hear stories of business travellers meeting and benefitting from in person connections. Business travel is returning; it may just look a little different. ABOUT
Catherine Logan is GBTA’s Regional Vice President for EMEA, responsible for the development and delivery of GBTA activities in the region. Prior to joining GBTA as Marketing and Membership Director in 2012, Catherine worked in a number of senior marketing roles with Capita Plc and Bank of Ireland followed by four years establishing and running successful events and marketing company in partnership with a colleague and friend. She is based in Northern Ireland but enjoyed the extensive travel that came with her role in the pre-COVID age. She is enjoying getting back on the road again.
