Are you and your finance team still wondering exactly what to expect for business travel recovery during the rest of 2021 and beyond?
There’s new insight: The Global Business Travel Association (GBTA) published its twelfth annual BTI Outlook. It includes an evaluation of business travel in 2020, as well as projections for 2021 and the following years. And notably for CFOs, their teams and travelers, it incorporates a current forecast on business travel recovery in terms of the COVID-19 pandemic.
The next 5 years
Check out and share with your people what the BTI Outlook predicts for the next several years:
- 2021: Business travel spending is expected to increase 21% this year. Experts think this will occur mostly toward the end of the year, as vaccinations rise across the world and companies gain more confidence in getting back on the road.
- 2022: Biz travel will continue to pick up. The BTI Outlook forecasts a significant boost in things like group meetings and international travel.
- 2023: GBTA’s experts predict business travel spending growth will slow down a little this year. But given how much growth has dipped in recent years, it’ll still be well above the historical average rates of growth.
- 2024: By the end of 2024, annual business travel spending is projected to reach approximately $1.4 trillion. This is about the same as where things were in 2019, before the pandemic.
- 2025: A complete recovery to pre-pandemic levels of business travel is anticipated this year.
Spread the word
Given how long and distressing the pandemic has been, it’s clear why business travel will take time to bounce back. But economic recovery is happening, says GBTA’s Dave Hiflman. And the increasing vaccine rollout and the new administration’s policy decisions should continue to aid recovery, he adds.
When talking with your people, be sure that they get an encouraging yet realistic perspective. Travel will return, but it’ll be in slow stages. For example, they may take domestic trips to visit specific clients in 2021 before they head to international client meetings in 2022 or large, congested conferences in 2023.
As you know, keeping your people informed of what’s coming will help ensure cooperation and engagement.