Business Travel Projected to Rebound By 2022
According to a Deloitte survey of 150 travel managers and executives with travel budget oversight, business travel spending could soon significantly recover from the drastic reduction caused by the pandemic. The report compared projected travel budgets to what companies spent on travel in 2019. In the second quarter of 2021, fewer than one in five of companies were spending even 25% of what they spent on travel in the second quarter of 2019. However, respondents were optimistic that travel spending would bounce back by the end of 2022. Nearly 90% predicted they would reach 75% or more of their 2019 spending levels by the fourth quarter of next year.
As travel rebounds, more companies may look for ways to cut their contributions to carbon emissions going forward. The report stated, “Suppliers that show a real commitment to reducing their carbon footprint, and intermediaries who can help corporate travelers and travel managers identify and measure the most sustainable trip options, can be better positioned to compete for corporate travel dollars.”
Reprinted with permission from Risk Management Magazine. Copyright Risk and Insurance Management Society, Inc. All rights reserved.
Written by Adam Jacobson, 2021