Gaining momentum

GBTA Business Travel Recovery poll reveals, as international travel resumes, travel bookings, spending, and willingness are rising, alongside policy, inflation, and sustainability factors.

Business travel is on the rise, international travel is back, and despite new challenges, the sector is on the mend. Furthermore, corporate travel policies are being revised, and employees are willing to travel for business.

This data comes from the Global Business Travel Association's April Business Travel Recovery Poll, the 27th in a series. The following are some of the findings in the poll:

HIGH GROWTH

Companies that allow nonessential domestic business travel have grown to 86 per cent, up from 73 per cent. International travel has increased significantly, with 74 per cent stating that their firm now allows it, a 26 percentage point increase from February.

LESS CANCELLING

Companies are continuing to resume international business travel, with just 45 per cent reporting that they have cancelled or delayed most or all foreign business trips, which is 27 points lower than the February figure of 71 per cent. One in every five respondents (20 per cent) reported cancelling or suspending most or all domestic business travel, compared to 33 per cent in February. Companies that previously cancelled or ceased most or all travel to a specific region or country intend to resume domestic travel, while 52 per cent intend to resume foreign travel within the next one to three months.

CORPORATE TRAVEL BOOKINGS RETURN

The majority of suppliers and travel management

There is a high level of optimism and employee willingness to travel for business

companies (TMCs) report an increase in reservations in the previous month (88 per cent). This is significantly higher than the 45 per cent who said the same in February. Travel buyers report that their company's travel bookings are presently at 56 per cent of pre-pandemic levels, up 22 points from February.

POLICIES CHANGING WITH THE TIMES

The pandemic forced many companies to rethink their business travel plans. A majority (80 per cent) of travel managers report that the pandemic has resulted in changes to their company's travel policies, including 39 per cent fewer business trips overall; 37 per cent of employees taking fewer business trips but with more goals assigned to each trip; 24 per cent more trip approval requirements; and a 23 per cent re-evaluation of how employees travel.

IMPACT OF INFLATION

As a result of inflation, many companies are increasing their business travel spending. Employee travel expenses for air travel have increased by 41 per cent, hotel stays by 34 per cent, car rentals by 33 per cent, and ride sharing and taxis by 26 per cent.

SUSTAINABLE TRAVEL

Corporate travel managers recognise that sustainability will have an impact on their travel programme. Expectations include fewer overall trips per employee (54 per cent), longer, multipurpose business trips (43 per cent), and more rail and multi-modal options (34 per cent). The majority of travel buyers (61 per cent) believe their company will not limit the number of times they fly in business class.

GETTING BACK THE KNACK FOR TRAVEL

GBTA stakeholders most often report that they and/ or their colleagues have experienced confusion about travel restrictions or documentation, are more anxious or stressed about business travel, or have had challenges when navigating airports and security rules.