The Uncertain Future of Business Travel
A new report by Morning Consult suggests that business travel will never return to normal as tighter corporate budgets and new ways of virtual working have permanently changed business travel. The report also notes that business travelers are now younger and more likely to fly in economy class, with about half earning less than $50,000 a year. Businesses are cutting back on travel, with fewer people traveling for business and those who are traveling doing so less often. The report also highlights sustainability as a factor that is affecting corporate travel gains for years to come. However, there are bright spots for business travel, including the expected pick-up in international business trip spending in 2023 and the rise of "bleisure" travel.