The era of extravagant, high-flying business travel may be coming to an end.
Morning Consult, a research firm, has recently conducted an analysis indicating that business travel will never fully return to pre-pandemic operations
New report claims on business travel
According to the report titled “Business, but Not as Usual,” reduced corporate budgets and emerging methods of online collaboration have irrevocably altered business travel.
As per the study, business travelers are becoming younger, more probable to travel in economy class, and have an average annual income of less than $50,000.
With this, a new business travel model is steadily but surely taking root and solidifying a “new normal” for the sector.
Stagnant trips, yet increased spending
Despite the fact that the number of trips may not be increasing substantially, the data from Deloitte shows that company expenditure on business travel is increasing.
According to the report, corporate travel expenditure in the United States and Europe almost doubled last year and will likely surpass pre-pandemic levels by the end of 2024 or the beginning of 2025.
Despite what would seem to be a robust recovery, the research warns that firms are still being forced to spend more due to inflation and rising travel expenses.