Deloitte: Business travel recovery experiences further delays

Corporate travel spend will be smaller than pre-pandemic as companies weigh ROI and sustainability goals

Corporate travel spending is tracking toward full recovery to 2019 levels by 2024 or 2025, but higher costs and climate concerns will keep trip volumes smaller than pre-pandemic levels in "real terms," according to a Deloitte study weighing responses from 334 corporate travel managers.

Key takeaways

• Live events are set to comprise a significant share of corporate travel, advancing from the fifth biggest driver of increased spend in 2022 to the top spot in 2023;
• Amid increased workplace flexibility and use of technology, travel for clients outweighs travel for team building and internal meetings;
• Travel buyers are renegotiating contracts with suppliers and balancing lower expected trip volumes with higher rates for hotel rooms and airfare;
• One-third of U.S. companies and 4 in 10 European companies say they need to reduce travel per employee by more than 20% to meet their 2030 sustainability targets.

Get the full story at Deloitte