In the results released today of GBTA’s latest Business Travel Recovery Poll – the 29th in the association’s ongoing survey series – global industry responses reflect that bookings and spending continue to recover, international travel is closing the gap on domestic travel, and economic concerns have risen above COVID-19 concerns, even as higher expectations prevail for business travel for 2023.
“We continue to see progress as business travel makes its way back to being a $1.4 trillion global industry, pre-pandemic. Even as this latest poll shows economic considerations have eclipsed COVID-19 concerns, the industry is showing positive indicators and sentiment for 2023, a strong sign as business travel continues to come back over time,” said Suzanne Neufang, CEO, GBTA.
Here are some of the key takeaways from the October GBTA Poll:
- Domestic travel volume is back to 63% and international travel is back to 50% of 2019 pre-pandemic levels, while 26% of buyers estimate their international business travel volume has recovered to more than 70% of pre-pandemic levels
- 78% of travel managers expect the number of employee trips at their company will be higher in 2023
- 85% of suppliers expect corporate bookings volume to be higher in 2023
- 65% of buyers expect more company internal and external business travel
- 75% say their companies are not currently planning to limit business travel due to economic concerns
- When asked what primary factors are more likely to limit business travel in 2023, 80% of travel suppliers cite economic concerns while only 4% cite COVID-19
- For companies that allow hybrid or remote working, 44% allow employees to work for extended periods outside the city, state, or province where they are based, and 22% of those even allow employees to work outside their home-base country
