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How COVID-19 recovery will impact the 14 top business travel markets
In the two and a half years since the COVID-19 pandemic began, nearly every industry has been fundamentally transformed, from health care and retail to shipping and manufacturing. But one of the first and most deeply affected industries to feel the initial brunt of the pandemic was travel.
Mass cancellations of flights, trains, and rental car reservations in March 2020 sent the travel sector into a spiral, with business travel being the most acutely affected. Pre-pandemic, the global business travel industry was responsible for $1.4 trillion in direct spending. While spending is expected to grow 38% this year to bring global business travel spending back over $1 trillion, a return to pre-pandemic levels likely won’t happen until 2024 at the earliest.
To better understand the future travel outlook in different global markets, TravelPerk used the Global Business Travel Association’s Business Travel Spending report to rank the countries that spend the most on domestic and international business travel
There are several challenges with forecasting business travel during such an uncertain period. GBTA’s report focused on the ability to analyze high-frequency data on flight and hotel demand and its relationship with other economic and epidemiological data. Generally speaking, business travel activity rises and falls with global output. However, there is a notable break in the trend in 2020 as the pandemic has affected business travel to a much greater extent than overall economic activity.
This study of global business travel activity looked at a total of 73…
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#14. Japan
– Estimated change in business travel spending 2019 to 2020: -57.0% – Estimated change in business travel spending 2020 to 2021: -36.7% – Projected change in business travel spending 2019 to 2025: +17.5%
COVID-19 trends: – Cumulative COVID-19 cases (as of July 13, 2022): 9,901,424 – Estimated cases per 1M people: 79,457.69 – Notable peak period: Feb. 1, 2022-Feb. 9, 2022 (758.28 cases per 1M people)
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#13. United Kingdom
– Estimated change in business travel spending 2019 to 2020: -60.0% – Estimated change in business travel spending 2020 to 2021: -17.2% – Projected change in business travel spending 2019 to 2025: +12.4%
– Estimated change in business travel spending 2019 to 2020: -58.4% – Estimated change in business travel spending 2020 to 2021: -14.4% – Projected change in business travel spending 2019 to 2025: +4.9%
COVID-19 trends: – Cumulative COVID-19 cases: 43,689,989 – Estimated cases per 1M people: 31,039.44 – Notable peak period: May 1, 2021-May 8, 2021 (277.95 cases per 1M people)
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#11. South Korea
– Estimated change in business travel spending 2019 to 2020: -60.5% – Estimated change in business travel spending 2020 to 2021: -14.3% – Projected change in business travel spending 2019 to 2025: +1.1%
COVID-19 trends: – Cumulative COVID-19 cases: 18,641,278 – Estimated cases per 1M people: 359,660.97 – Notable peak period: May 10, 2022-May 17, 2022 (7,893.94 cases per 1M people)
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#10. Canada
– Estimated change in business travel spending 2019 to 2020: -54.3% – Estimated change in business travel spending 2020 to 2021: -10.7% – Projected change in business travel spending 2019 to 2025: +7.9%
– Estimated change in business travel spending 2019 to 2020: -61.5% – Estimated change in business travel spending 2020 to 2021: -7.8% – Projected change in business travel spending 2019 to 2025: +5.0%
COVID-19 trends: – Cumulative COVID-19 cases: 29,460,249 – Estimated cases per 1M people: 353,204.17 – Notable peak period: March 24, 2022-March 31, 2022 (3,015.39 cases per 1M people)
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#8. Italy
– Estimated change in business travel spending 2019 to 2020: -62.1% – Estimated change in business travel spending 2020 to 2021: -4.3% – Projected change in business travel spending 2019 to 2025: +9.7%
– Estimated change in business travel spending 2019 to 2020: -55.4% – Estimated change in business travel spending 2020 to 2021: -2.7% – Projected change in business travel spending 2019 to 2025: -0.4%
– Estimated change in business travel spending 2019 to 2020: -56.6% – Estimated change in business travel spending 2020 to 2021: +1.4% – Projected change in business travel spending 2019 to 2025: +6.3%
– Estimated change in business travel spending 2019 to 2020: -33.7% – Estimated change in business travel spending 2020 to 2021: +6.8% – Projected change in business travel spending 2019 to 2025: -11.1%
– Estimated change in business travel spending 2019 to 2020: -60.9% – Estimated change in business travel spending 2020 to 2021: +11.1% – Projected change in business travel spending 2019 to 2025: -1.6%
– Estimated change in business travel spending 2019 to 2020: -57.0% – Estimated change in business travel spending 2020 to 2021: +12.7% – Projected change in business travel spending 2019 to 2025: +8.5%
– Estimated change in business travel spending 2019 to 2020: -61.2% – Estimated change in business travel spending 2020 to 2021: +30.8% – Projected change in business travel spending 2019 to 2025: +11.2%
– Estimated change in business travel spending 2019 to 2020: -41.4% – Estimated change in business travel spending 2020 to 2021: +31.7% – Projected change in business travel spending 2019 to 2025: +9.9%
COVID-19 trends: – Cumulative COVID-19 cases: 893,814 – Estimated cases per 1M people: 626.85 – Notable peak period: April 8, 2022-April 15, 2022 (18.63 cases per 1M people)
This story originally appeared on TravelPerk and was produced and
distributed in partnership with Stacker Studio.
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TravelPerk ranked the countries that spend the most on domestic and international business travel, as well as their future outlook as they recover from pandemic-induced loss of business.
