37 Important Business Travel Statistics for 2022
Business travel has always been an important part of how work is done. In 2019, global corporate travel hit an all-time high. Even though more growth was expected, the industry as a whole was hard-hit by the global pandemic in 2020. Due to the COVID-19 pandemic, business travel statistics changed considerably, as countries began to lockdown.
The year 2021 has started to see the industry recovering, with more growth predicted for 2022 as COVID-19 becomes endemic, vaccines roll out, and global vaccine passports are introduced.
So, what important business travel statistics do you need to know for 2022?
General Business Travel Statistics
1. A McKinsey report found that international travel has consistently grown throughout various crises since 2000, including – 9/11, SARS, bird flu, the 2008 financial crisis, swine flu, MERS, and Zika. Yet, international travel significantly declined by 65% due to the pandemic in 2020 with severe effects across the world
2. The same report shares that two-thirds of the world’s aircraft fleet couldn’t fly as the world entered lockdown. Around 18 airline companies filed for bankruptcy in the first few months after the pandemic hit.
3. According to Bloomberg, the largest airlines reported a loss of $126 billion in 2020. It’s estimated that they will suffer losses totaling $48 billion in 2021. 4. McKinsey reports that the hotel sector may only recover in 2024 in terms of revenue value per room.
5. McKinsey found that in 2020, total global business travel expenses were reduced by 52%. In the USA, corporate travel spending declined by 71%, or $94 billion.
6. According to Deloitte, the fourth quarter of 2021 should see business travel increasing 25-35% since 2019. Fewer than 9 in 10 companies state they plan to reach 75% of their 2019 business travel expenditure.
7. The same study by Deloitte found that nearly 80% of companies are committed to reducing their carbon emissions. More than 400 corporations signed a pledge to ensure more sustainable travel and decarbonize by 2050 during the Davos World Economic Forum in 2021.
8. Bloomberg reports that companies mostly travel for customer support and professional services reasons (30%). This is followed by sales and securing clients (25%), conferences and trade shows (20%), training and internal meetings (also at 20%), and commuting (5%).
Impacts of COVID-19 on Business Travel
9. The World Travel and Tourism Council (WTTC) estimates that the financial impact of COVID-19 led to $4.5 trillion in losses and 62 million jobs in 2020.
10. Business travel statistics, by Bloomberg, revealed that 84% of the 45 big corporations from America, Asia, and Europe planned to spend less on travel in a post-pandemic world. These companies indicated they are going to cut their business travel budgets by 20-40%. More and more businesses are turning to innovative communication tools for meetings, webinars, and virtual events.
11. According to Airbnb, 6% of people missed traveling for business compared to the 48% who missed traveling with loved ones for leisure.
12. In the same report by the WTTC, 2022 should see a 34% increase in business travel spending, an increase from the 26% expected for 2021. Business travel in the Americas should rise by 35% in 2022, while it should be 28% in Europe, 41% in Asia-Pacific, 23% in Africa, and 32% in the Middle East.
13. The Global Business Travel Association (GBTA) predicts that future business travel will see a significant pick-up in 2022. However, general business travel by 2024 may be as low as $1.24 trillion compared to a pre-pandemic high of $1.43 trillion in 2019.
14. The GBTA found that 400 million full-time jobs in the travel and tourism industry were lost in 2020.
Business Travel Spending Statistics
15. According to Certify, for business travel budgets, the most is spent on food at 21%, followed by flights and miscellaneous costs at 17%, accommodation at 13%, followed by petrol, car rental, and other expenses.
16. The same company has reported that on average, companies spend just under $1,000 per employee for a domestic trip versus more than $2,500 per employee for an international business trip.
Business Travel Experience Statistics
17. The majority of business travelers are willing to share personal preferences in exchange for a customized travel experience, according to CWT.
19. Accenture also reports that nearly 70% of travelers want brands to use their previous travel data to improve their decisions about traveling.
20. According to MarketWatch, the demand for corporate flights has decreased 64%, since the COVID-19 pandemic hit. Now, discounts are easy to find for savvy travellers.
21. Stratos Jets states that 60% of all global business trips turn into business-leisure (bleisure) trips, in which work and leisure are combined. Only 56% of work travel in the UK become bleisure trips, while it is 65% for German business trips.
22. The same report found that bleisure travelers will take about 6.4 trips per year.
23. Domestic bleisure trips (71%) are more popular than their international counterparts (29%).
24. The most common reason for a business trip (turned into a bleisure trip) is a conference (67%), followed by external meetings (46%).
Business Travellers Statistics
25. Research shows that 30% of workers will work for a lower salary provided their job includes more business trips.
26. According to McKinsey, employees that are going on business trips, are concerned with easily changing or canceling flights (70%) and maintaining social distancing on flights (66%).
27. The OAG Global Traveler Sentiment Survey reports that nearly half of the passengers are worried about contracting COVID-19, while on an airplane, while nearly 80% believe that the most effective COVID-19 prevention method is if crew members and all passengers wear face masks.
28. The report by OAG also found that most respondents will rather travel domestically than internationally.
29. According to a Bloomberg article, Deutsche Bank expects that their client-related business trips will reach 90% of what they were pre-pandemic, in 2021. However, their internal meeting trips will only reach 25-30% of what they were in 2019.
Business Traveller Demographics
30. Trondent found that 45 years old was the average age of a business traveler. Millennials are traveling more with 7.4 trips compared to the 6.8 trips of the average corporate traveler.
31. According to Space Global, nearly 40% of business travelers are women.
32. According to business travel statistics from Trondent, over 20% of business trips are booked outside of business hours.
33. According to PhocusWire, the majority (two-thirds) of business travelers have a Bachelor’s degree and an average income of over $80,000.34.
34. Based on research from Fly Aeolus, half of all European corporate travelers, travel alone.
35. Forbes indicates that 75% of people (ages 23-35) see business travel as a significant work perk, with 65% considering it a status symbol.
36. Forbes also stated that nearly 60% of millennials will create a reason to go on a corporate trip.
37. The same Forbes article indicates that nearly 70% of millennials want to turn their business trip into a bleisure trip.
So what do these business travel statistics mean for you?
It’s no secret that the global travel industry was hard-hit by the pandemic but rest assured, recovery in the sector is on its way.
A slowdown for corporate travel is predicted in 2024 but the reasons for this aren’t clear. While some experts predict the rise of newer deadlier variants of COVID-19, others predict the end is near. With the possibility of another wide-scale lockdown, what will the world, and business travel, look like when the pandemic becomes endemic?
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