Business travel shows full recovery after pandemic dip
Business travel is on track to exceed pre-pandemic levels sooner than expected and is expected to reach a record $1.5 trillion this year
The extent of the recovery was highlighted in an Economic Impact Trends report published by the World Travel & Tourism Council. As the global economy has recovered from the pandemic, companies have been able to allocate more resources to business travel.
Key takeaways
- In 2023, leisure travel will be only 2.9% below its 2019 peak, while business travel will lag further behind, still down 5.4%;
- The rise of remote working during the pandemic disproportionately impacted business travel, with virtual platforms replacing many face-to-face meetings;
- However, corporate travel is making a strong comeback and is expected to exceed 2019 levels by 6.2%, as business leaders reaffirm the value of face-to-face interactions.
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