Business travel spend to reach two-thirds of pre-Covid level by 2022

The Covid-19 pandemic brought global air mobility and tourism to an abrupt halt. It also pressed pause on trillions of dollars worth of economic activity. Millions of livelihoods and businesses have been placed at risk. And while increasing vaccination rates are helping to kickstart the return of international aviation and restart tourism, much more still needs to be done.

A recent survey of 4,700 respondents from 11 countries around the world, conducted by the International Air Transport Association (IATA), revealed that 57 per cent of them expected to be travelling within two months of the pandemic's containment, and 72 per cent will do so as soon as they can meet friends and family. According to the survey, more and more respondents in China yearning for leisure trips further afield; 41 percent say they want their next trip to be outside China, the highest level we've seen, despite borders remaining sealed.

Worldwide business travel spending looks set to rise by more than a quarter this year and reach two thirds of pre-pandemic levels by 2022, according to the World Travel & Tourism Council (WTTC).

The forecast comes in a major new WTTC report in collaboration with McKinsey and Company called 'adapting to endemic Covid-19: The outlook for business travel'.It draws on research, analysis and in-depth interviews with travel andtourism business leaders to enable organisations to prepare for corporate travel in the post-pandemic world.

Business travel was disproportionately affected by Covid-19 and has been slower to resume. Given that business travel is vital for many sectors of the global economy, it is important that all stakeholders join forces to find solutions to aid its recovery. According to the new report, the modest boost for business travel with global business travel spend rising 26 per cent this year will be followed by a further rise of 34 per cent in 2022.But this comes in the wake of a 61 per cent collapse in business travel spend in 2020, following the imposition of extensive travel restrictions with considerable regional differences in the bounce back around the world.

To speed up the recovery of business travel, the report recommends businesses adjust their revenue models, expand geographic focus, and improve digital services.The shared challenge of restoring business travel will also depend on ongoing collaboration and partnerships across the private and public sectors and nurturing new relationships.

Julia Simpson, WTTC CEO and President, said: "Business travel is starting to pick up. We expect to see two thirds back by the end of 2022.

"Business travel has been seriously hit but our research shows room for optimism with Asia Pacific and Middle East first off the starting blocks".ICAO and UNWTO also call for equal access to vaccines, and for efforts towards vaccine equity to be intensified and accelerated. This is especially critical for developing countries still bearing the brunt of the pandemic and least able to cope with its economic and social impacts.