Some of the world’s most frequent business travelers are optimistic about their future trips, according to a report released by the Global Business Travel Association (GBTA) at the organization’s convention in San Diego, California this week.
Last month (July 2022), GBTA surveyed more than 400 frequent business travelers and nearly four dozen executive travel budget decision makers in four regions around the world about their plans for the future and overall , the feeling is positive.
Headlining the results, executives say they have a strong need to travel to meet their business goals and the majority say they plan to travel more for work in 2023 than they did in 2022 .
The survey also confirmed that Covid concerns are taking a back seat to current macroeconomic and geopolitical issues.
Key findings include:
•85% of business travelers surveyed said they absolutely need to travel to achieve their business goals. More than three-quarters said they expect to travel more or a lot more for work in 2023 than in 2022.
• 84% of senior corporate finance professionals globally said they are confident that their travel spending will increase somewhat or significantly in 2023 compared to 2022.
• 73% of business travelers and 38 of 44 global finance executives agree that inflation/price escalation will impact travel volumes.
• 69% of business travelers and 33 of 44 global finance executives are concerned that a possible recession will impact travel.
• 68% of business travelers and 36 of 44 finance executives expect infection rates and Covid variants to impact their travels.
The survey was released at the GBTA 2022 convention in San Diego, which found that the recovery of the business travel industry has slowed and is now expected to reach spending levels of $1.4 trillion in 2019. in 2025-2026, about 18 months behind schedule.