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Global Business Travel is Forecast to See an Uptick in 2023 Versus 2022

Report cover - Global Business Travel Forecast 2023

Global Business Travel is Forecast to See an Uptick in 2023 Versus 2022

New research from GBTA points to continued industry recovery, easing of supplier staffing constraints, and mixed outlook on China travel

Companies are expected to send more employees on trips and travel suppliers anticipate an increase in corporate travel spending. Sectors such as finance, insurance, professional services, and consulting are showing stronger signs of growth in business travel spending. Despite potential economic challenges and uncertainty surrounding the post-COVID return of China−the world’s largest business travel market–the industry remains optimistic about continued recovery and employees’ willingness to travel for work.

These are among the key insights from the Q1 2023 Business Travel Outlook Poll released today by the Global Business Travel Association (GBTA), the premier association serving the worldwide business travel industry. GBTA surveyed over 600 business travel buyers, suppliers, and industry professionals around the world, marking the 30th poll in its series tracking the ongoing evolution of business travel.

“GBTA continues to draw on the collective, diverse perspectives and insights across our industry to closely track the evolving state of global business travel. The return of business travel will vary across regions, sectors and companies. And despite ongoing global concerns of a recession, a majority of corporate travel managers indicate their companies are anticipating more business travel than last year,” said Suzanne Neufang, CEO, GBTA.

Here are the key takeaways from this latest GBTA poll:

Back on the road and in the air − more business trips are expected in 2023.

Companies are also expected to increase their business travel spending.

Business travel bookings and spending continue making their way back to 2019 levels.

What industries are leading and lagging in returning to business travel spending?

Trip type and intent continue to drive business travel spending and approvals.

Staffing for travel suppliers is still suppressed but help may be on the way in 2023.

Company travel programs hold their (pre-pandemic) ground when it comes to staffing.

Industry sentiments are mixed on business travel and China.

Methodology: A total of 637 responses were received for the GBTA Q1 poll which was fielded from January 16-26, 2023. View the complete Q1 poll results and key highlights.

Posted by on January 31, 2023.

Categories: Trends

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