The dynamic nature of business travel
Business travel has changed fundamentally, influenced by pandemic recovery, corporate strategy shifts, industry consolidation and emerging sustainability regulations
Business travel is undergoing significant changes post-COVID-19, according to Mat Orrego, CEO of Cornerstone Information Systems, and Miriam Moscovici, VP of Partnerships and Intelligence at BCD Travel, speaking at the Phocuswright Europe conference.
Key takeaways
- Impact of the pandemic: The pandemic has fundamentally changed how and why business travel is undertaken, with a notable shift towards event-driven travel to facilitate team cohesion in a remote working environment;
- Corporate policy adjustments: Companies are re-evaluating travel policies to accommodate remote working and 'bleisure' travel, although formal policies have been slow to adapt due to concerns about new risks;
- Industry consolidation: The trend of mergers and acquisitions continues, as exemplified by American Express GBT's pending acquisition of CWT. Consolidation is driven by the need for economies of scale and competitive pricing;
- Sustainability concerns: While sustainability is a frequent topic of discussion, it ranks low among companies' immediate priorities. Regulatory requirements and standards for measuring emissions are influencing corporate sustainability objectives, which are expected to become more prominent in the second half of the year.
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