Business Travel Will Accelerate in Second Half of Year, Says Deloitte Survey
Report shows just over half of companies will reach 2019 levels by fourth quarter of 2022 >>
by: Harvey Chipkin
A Deloitte survey of US-based travel managers and executives with travel budget oversight showed that business travel would accelerate in the second half of 2021, but just over half of respondents said their companies would reach 2019 levels of travel by the fourth quarter of 2022. The reopening and return to office-based work will be a primary trigger to reinitiate corporate travel, though executives are cautious of the impact that continued uncertainty around the pandemic will have. Just a third of companies expect to reach or surpass 50% of 2019 travel spend levels by the end of 2021. Until immigration policies of major US trading partners allow for border crossing without the need for quarantine, said the report, US corporate travel will remain primarily domestic. And, even when policies enable better ease of movement, the unpredictable and uneven nature of the pandemic across countries and regions will depress international corporate travel demand. As travel returns, both cost containment and a corporate commitment to reduce carbon emissions will impact the volume of travel, as many companies see limiting trip frequency as a means to address both. Travel use cases that support client relationships have been identified as the most crucial to business success, and the most dependent on in-person interaction. Visits to prospects and clients, said the report, “will lead the business travel comeback.”
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