Business Travel Market Trend and Analysis of Traveller Types, Key Destinations, Challenges and Opportunities, 2022 Update

Business Travel Market Trend and Analysis of Traveller Types, Key Destinations, Challenges and Opportunities, 2022 Update

Summary

Analysis of the business travel sector including insights in business travelers, market trends influenced by COVID-19, consumer trends, destinations, sector deals, challenges and opportunities.

Key Highlights

• 2021 has proven to be a challenging year for international business travel. The sector has seen a drop in trips YoY from 2020. Early in the pandemic, many experts had predicted that international business trips would start to recover in 2021.
• However, business travel has proven to be a much more complex sector than leisure travel during this time. Leisure travel detractors often center around economic, environmental and safety issues.
• However, business travel encompasses not only all these issues but also the added layers of corporate responsibility, budgeting, and the evolution of hybrid working. These factors have significantly slowed international business travel’s recovery in particular. As a result, it is not expected to recover until at least 2026.
• Domestic business travel, on the other hand, has faired slightly better. Many domestic travel restrictions were lifted in 2021, and there is a growing positive sentiment from workers about returning to the office. However, the increasing popularity of conferencing tools and collaboration programs such as Monday.com may mean the traditional workplace may never be the same again, with many companies embracing flexible and hybrid working. These are important factors for stakeholders in the business travel industry to consider, as the necessity for corporate travel could reduce.
• The future of domestic business travel looks more optimistic than international. A full recovery is expected by 2023 and will continue to grow YoY until at least 2025. Sustainable initiatives within business travel will also be a key area of focus affecting purchasing decisions and corporate travel policies. As a result, many travel and tourism businesses such as TMCs (Travel Management Companies), airlines, hotels and car rental firms are adopting more environmentally-friendly strategies while noting that business travel is of significant economic importance.

• This report provides an analysis of the business travel sector including insights in business travelers, market trends influenced by COVID-19, consumer trends, sector deals, challenges and opportunities.

• Gain an insight into Business travel's leading players.
• Understand how they have adapted to the threat of COVID-19
• Understand the key business travelers that companies can look to attract
• Gain a detailed understanding of the key trends, issues and challenges facing business travel companies (TMCs)