Business travel spending could soon significantly recover from drastic reduction caused by the pandemic. Hospitality industry is optimistic that travel spending would bounce back by 2022.
What to Expect in Years to Come
The rebound has already started, but it will not be instant. Experts say that we will need at least several years before business travel returns to its pre-pandemic levels – that’s not to say we won’t see a surge in business travel in 2021/22. This estimate comes from a projection from Tourism Economics. That prediction says that we should not expect to return to 2019 levels until 2024. This prediction is both for the number of trips and travel expenditures. Tourism Economics also shared figures to put the drop in business travel in perspective. The domestic business travel expenditure in 2019 and 2020 was $270 billion and $88 billion, respectively. This is a drop of 67% (source: businesstravelexecutive.com/news/gbta-survey-shows-growing-optimism).
Aerial view of airport. Airplane taxiing to runway before take off.
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