Travel buyers estimate significant reduction in 2021 business travel volumes

Corporate travel is beginning to come back, although travel buyers are expecting significant drops in volumes in 2021.

A survey from the Institute of Travel Management reveals 38% of travel buyers estimate there will be a decline in business travel volumes of between 25% and 50%, while 36% believe volumes could drop between 50% and 70%.

The top three conditions cited for organizations to permit a return to business travel are for borders to open and restrictions to lift (97%), confirmation that travel is permitted from the World Health Organization (82%) and no quarantine either in the country of origin or the destination (71%).

Travel buyers were also quizzed on their travel program priorities for 2021, with 88% saying use of virtual technology would increase as an alternative to travel, while 80% say there will be more priority placed on traveler wellbeing.