Post by zahidislam on Mar 12, 2024 15:14:02 GMT 10
Across the world, leisure travel has been decimated in 2020. The same fate befell the business division, especially since companies, before taking responsibility for putting their employees at risk, looked for infinite other solutions. Hence the authentic explosion of video conferences, meetings via Zoom, job interviews and remote MICE events. A practice necessary to safeguard company productivity, which has demonstrated economic advantages (significant savings) as well as safety. Has the business travel we were used to now come to an end? Certainly not, on the contrary. Industry experts predict its full recovery in 2025 . The numbers of the collapse Global spending on business travel fell by more than half in 2020 to $694 billion, a figure supported by a relatively positive first quarter before the advent of widespread lockdowns around the world. The sector, however, seems to be seeing the first, timid signs of recovery at the beginning of the year, with concrete prospects for a restart starting from the summer .
According to the data, Europe is more optimistic Australia Phone Number than the United States, but new research published last week revises initial forecasts upwards. The Global Business Travel Association (GBTA) in fact projects a 21% increase in business travel expenses during 2021. The report does not hide the shadows of a year in the red: from April to December the turnover of the corporate sector saw an unprecedented collapse, especially in North America (79%) and Western Europe (77%). Despite the favorable first three months, in 2020 the two markets closed down 60% and 58% respectively. The equivalent of 400 million full-time jobs in the hospitality, travel and service delivery sectors have gone up in smoke in terms of global working hours. Recovery forecasts and times Although some reports suggest that business travel will never return to pre-pandemic levels, due to the success of remote meetings we mentioned earlier, the GBTA has no doubts and supports a full recovery of the sector within four years . After the initial restart announced in 2021, the association expects a further acceleration in spending during 2022, counterbalanced, however, by a slowdown in 2023, until reaching a threshold of approximately 1.4 trillion dollars in 2024 .
Dave Hilfman, interim executive director of GBTA, says: “ The pandemic is spreading to business travel and it is clear that our industry will take time to recover given the challenges we are facing on multiple fronts.” However, he turns out to be optimistic, referring to the current economic recovery, already underway although patchy in different countries and sectors. As with leisure travel , the availability and effectiveness of the vaccine remains the fundamental cornerstone of the process, combined, in Hilfman's words, with the new Biden administration 's decisions on global trade and policies related to border lockdowns and quarantines. An arduous recovery awaits business travel in the months and years to come, but there will be a recovery, this much is certain: it is a vital artery for the travel sector, as well as a precious opportunity for profitable collaborations and business networking.
According to the data, Europe is more optimistic Australia Phone Number than the United States, but new research published last week revises initial forecasts upwards. The Global Business Travel Association (GBTA) in fact projects a 21% increase in business travel expenses during 2021. The report does not hide the shadows of a year in the red: from April to December the turnover of the corporate sector saw an unprecedented collapse, especially in North America (79%) and Western Europe (77%). Despite the favorable first three months, in 2020 the two markets closed down 60% and 58% respectively. The equivalent of 400 million full-time jobs in the hospitality, travel and service delivery sectors have gone up in smoke in terms of global working hours. Recovery forecasts and times Although some reports suggest that business travel will never return to pre-pandemic levels, due to the success of remote meetings we mentioned earlier, the GBTA has no doubts and supports a full recovery of the sector within four years . After the initial restart announced in 2021, the association expects a further acceleration in spending during 2022, counterbalanced, however, by a slowdown in 2023, until reaching a threshold of approximately 1.4 trillion dollars in 2024 .
Dave Hilfman, interim executive director of GBTA, says: “ The pandemic is spreading to business travel and it is clear that our industry will take time to recover given the challenges we are facing on multiple fronts.” However, he turns out to be optimistic, referring to the current economic recovery, already underway although patchy in different countries and sectors. As with leisure travel , the availability and effectiveness of the vaccine remains the fundamental cornerstone of the process, combined, in Hilfman's words, with the new Biden administration 's decisions on global trade and policies related to border lockdowns and quarantines. An arduous recovery awaits business travel in the months and years to come, but there will be a recovery, this much is certain: it is a vital artery for the travel sector, as well as a precious opportunity for profitable collaborations and business networking.