Business Travel’s Return Depends on Who You Ask
Corporate Bookings Pace Increases, Yet Business Travelers Anticipate Taking Fewer Trips
As we enter the third year of the COVID-19 pandemic, some sectors of the hotel industry have recovered, and some are still waiting.
As we enter the third year of the COVID-19 pandemic, some sectors of the hotel industry have recovered, and some are still waiting.
Leisure travel recovered much sooner than most people expected, going from surprisingly solid summer travel in 2020 to the summer of pent-up demand in 2021 to the “summer of all summers” in 2022.
Conventional wisdom says that for true travel recovery to occur, the travel and hospitality industry needs to see business travel return to pre-pandemic levels. When will business travel recover?If You Ask Business Travelers, They Are Not Optimistic
Results from a February 2022 STR survey of just under 500 global business travelers indicates that some business travel will return, but not to its pre-pandemic levels. When respondents were asked to think about their likelihood to travel for business both now and when the pandemic is over, the results were more negative than positive. More planned to travel less for business compared with their pre-pandemic levels.