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Wednesday, June 29, 2022

Corporate travel industry could see $47B per month hit from coronavirus

The Global Business Travel Association has estimated the coronavirus outbreak could cost the industry almost $47 billion a month.

The organization, which last week held a lightning poll of members, says the figure amounts to 37% of the industry’s total forecast spend for 2020.

In the survey, two thirds of member companies have cancelled a “few” meetings or events while 18% say they have cancelled “many” and 25% have cancelled “some.”

Of companies who have canceled or suspended business travel because of COVID-19, 54% say they are uncertain about when travel might resume. 

The survey shows that 31% expect travel to resume in the next three months while 14% expect the delays could last up to six months.

As a result a quarter of GBTA supplier companies have reported that the virus has had a “significant” affect and 31% says a “moderate” affect on their revenues.

Many GBTA members are changing their travel policies because of the virus with the survey showing that 43% have introduced new trip approval policies while 51% say travel safety and security features have been modified. 

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