Key Trends in Business Travel (2021)

Business travel is an extremely important part of the travel space today, as even though business travel comprises only a small percentage of total trips compared to leisure and VFR, business travelers have a higher spending power and travel more often, making them a valuable traveler type to attract. After a period of growth of business travel in all aspects, the COVID-19 pandemic has caused, and will potentially continue to cause, business travel to completely slow down. The potential impact of COVID-19 will affect many companies, airlines, hotels, travel intermediaries such as travel management companies, and could be devastating due to the complete lack of travel, and need to travel in 2021 and beyond.

Key Highlights

• Traditional reasons for business travel may see a decline, but a new kind of business traveler may emerge. As many employees may have become remote workers due to the pandemic, the industry can see an uptick of visiting colleagues when restrictions fully recover.
• As vaccine rollouts are gaining traction across the world, it is opening-up the opportunity to travel for many. Important nations with high percentages of business travel are also far along with vaccination progress. The US, where 20% of domestic travel in 2019 and 2020 was for a business purpose, is progressing well with its vaccination program for example.
• Many companies are focused on reducing emissions and carbon footprint to reach a sustainability goal. These companies will have sustainability practices in place with a corporate sustainability policy. However, many companies do not incorporate business travel into a sustainability policy. Some methods of travel can be extremely harmful to the environment and it is the company's responsibility to ensure that sustainable options are always considered.

Scope

• This report looks at the key trends & issues within the business travel space, as well as the strengths, weaknesses, opportunities and threats. It also offers an insight into key destinations, traveler groups, and into the strategies of the leading companies.

Reasons to Buy

• Gain an insight into the key players in the business travel space.
• Look at the impact of the COVID-19 pandemic on this industry
• Gain a detailed understanding of the key trends, issues and challenges facing business travel