Financial leaders at US companies say business travel is likely to boom by the end of 2022. According to a poll from SAP Concur, more than half (52 percent) of the finance managers surveyed say it’s very or extremely likely that their industry will see a substantial increase in business travel by the end of 2022.
Business travelers are even more positive, with nearly three out of four (73 percent) saying an increase is very or extremely likely this year, and nearly two-thirds (62 percent) anticipate an increase in their own business travel compared with 2021.
The survey also found a significant majority of finance managers (88 percent) say their company lost revenue over the past year as a direct result of employees’ inability to travel at pre-pandemic levels.
Nearly half of business travelers (44 percent) say their company needs an increase in business travel to remain viable beyond 2022. Nearly a third (35 percent) say the same for their career, and almost as many (30 percent) say the same for their entire industry.
The SAP Concur survey results reflect a growing optimism in business travel circles that the long-term outlook for the industry remains positive.
A January poll of Global Business Travel Association members finds that despite the rise of the omicron variant and inconsistent government restrictions, corporate business travel volume are expected to be higher in 2022 than it was in 2021,
However, most finance managers (84 percent) say their company is less than completely prepared for the boom in business travel, with almost two-thirds (62 percent) concerned their company will fall behind their competitors if financial systems and staff aren’t prepared to handle the increase in travel in 2022.
Most business travelers surveyed felt there were areas where their company could have better prepared for an increase in business travel during the past year. These include increased flexibility and control for business travelers, prioritization of in-person trips that drive business value, and new or improved travel management technology.
Tags: Business travelers, GBTA
