Industry Insights

Business Travel is coming back with vengeance, expected to surpass to $1.7 trillion by 2022

Even though we live in a telecommunication-dominated era, face-to-face business meetings are still essential for building stable and continuous relationships with clients. In fact, the business travel economy has grown rapidly since the Great Recession, with spending reaching $1.6. trillion in 2020.

FinancesOnline - 93 Critical Business Travel Statistics: 2020 Spending & Concerns Analysis

TMC volumes see recovery from a 90% reduction rate at the beginning of COVID-19 to 65% at the start of Q4

As a result of the coronavirus pandemic, the global business travel market is predicted to see a loss of $810.7 billion U.S. dollars in revenue in 2020. Business travel spending in China, the origin country of the virus, is projected to see the biggest loss from COVID-19, decreasing by a total of $404.1 billion U.S. dollars.

Statista - Predicted Loss in Business Travel Spending Revenue Due to COVID-19 Pandemic 2020

TMC volumes see recovery from a 90% reduction rate at the beginning of COVID-19 to 65% at the start of Q4

Statista - Predicted Loss in Business Travel Spending Revenue Due to COVID-19 Pandemic 2020

Growing optimism for 2021, as two-thirds of companies expect their employees to return to in-person meetings and events

According to the latest poll conducted by GBTA, 45% of companies expect attendance for in-person meetings and events to resume in the first half of 2021, with an additional 25% expecting a return to in-person events in the second half of the year.

Global Business Travel Association - Attention turns to 2021 as two-thirds of companies plan return to in-person events

Over half of destinations worldwide (53%) have now started easing travel restrictions

The research carried out by the United Nations World Tourism Organization found that a total of 115 destinations (53% of all destinations worldwide) have eased travel restrictions. Within advanced economies, 79%, while in emerging economies, 47% have already eased restrictions.

Travel Trade Report Weekly - More Countries Ease Travel Restrictions

Over half of destinations worldwide (53%) have now started easing travel restrictions

Travel Trade Report Weekly - More Countries Ease Travel Restrictions

65% of all global itineraries are still booked using travel agencies

The rise in prominence of online booking has been well documented, however people still desire the personal touch and assistance that a travel agent can offer. In a $1.3 trillion dollar travel industry, which is expected to rise to $1.7 trillion by 2020, the role of travel agents have never been more important.

Phocuswright - Global Online Travel Overview Third Edition

68% of business travelers book at least half of their travel outside approved tools

When a business traveler books travel outside of company approved tools, companies lose the ability to ensure their employers stay within policy. 31% of business travelers said there were “no benefits” to using their employer’s tool, and that they only use it “because it is required”.

Expedia Group - How TMCs are keeping up with the corporate traveler

68% of business travelers book at least half of their travel outside approved tools

When a business traveler books travel outside of company approved tools, companies lose the ability to ensure their employees stay within policy. 31% of business travelers said there were “no benefits” to using their employer’s tool, and that they only use it “because it is required”.

Expedia Group - How TMCs are keeping up with the corporate traveler

69% of travelers save time and money by using a travel agent

Travel agents are able to filter results and provide curated recommendations much more quickly than your average traveler. We believe in empowering travel agents to do so even faster, further augmenting their value and importance to the business travel booking market.

The TravelNet - Global survey conducted by ASATA/TNS