The spread of coronavirus is forcing companies to drop meetings and institute blanket business travel bans, new research reveals.
Business travel is slowing at an “alarming rate” with corporate traveller safety the main worry.
The Global Business Travel Association study of more than 1,000 member companies worldwide found that Asia has been hit hardest.
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Three out of every four companies has either cancelled or suspended “all” or “most” business trips to China (95%), Hong Kong (87%), Taiwan (79%) and other Asia-Pacific countries (Japan, South Korea and Malaysia; 77%).
More than four in ten (41%) Gbta member companies report their company has cancelled or suspended all international travel, regardless of region.
Chief operating officer and executive director Scott Solombrino said: “Coronavirus is significantly impacting the business travel industry’s bottom line.
“As the virus continues to spread across the world, business travel is slowing at an alarming rate.
“The impact to the business travel industry – and to the broader economy – cannot be underestimated.
“Traveller safety remains the industry’s primary concern, and we are continuing to monitor conditions and respond appropriately.
“We encourage our member companies to heed the advice from all global health officials such as the CDC and the WHO when thinking about their travel plans.
“I am confident in our efforts to ensure the health and safety of all travellers and know that we will emerge from this downturn with an even stronger industry.”