What is the future of business travel and what should you expect as hybrid work models develop?
The latest travel forecast from the U.S. Travel Association suggests that business travel won’t fully recover to 2019 level until 2024:
– Only ~35% of U.S. businesses are currently engaged in any business-related travel.
– Both domestic and international business travel will follow a similar recovery pattern.
– In contrast, domestic leisure travel is expected to recover already in 2022-2023.
Who is likely to resume business travel sooner? New research from McKinsey identified four business-travel profiles:
The profile mix varies from company to company, and all four can coexist within the same organization, although some might feature more prominently in some companies and less in others.
The future of business travel can only be predicted right now, but McKinsey projects uneven recovery of corporate travel and a 20% reduction of corporate trips by 2023.
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