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GBTA reports ‘upswing’ in corporate travel bookings and spending

Corporate travel bookings and spending are “on the upswing”, according to the Global Business Travel Association (GBTA) following its latest poll of members.

A GBTA poll of more than 600 travel buyers and suppliers in January found 60% of European-based respondents reported international bookings had recovered to pre-pandemic levels, and spending on international business travel to 61%.

That was ahead of the 50% who reported a recovery in international bookings in North America, although the domestic recovery in North America was ahead of Europe at 68% to 63%.

The poll found three out of four travel managers (78%) expect their company to make more business trips in 2023 than 2022, and 22% “a lot more”. Only 15% expected the same levels of travel as last year.

Travel suppliers expected increased travel spending by corporate customers, with almost nine in ten (86%) forecasting higher spending in 2023 and 26% “much higher”. Just 9% expected spending at about the same level as 2022.

More than half of travel buyers (54%) globally estimated international bookings have recovered to pre-Covid levels, up from 50% in October.

However, one third (34%) reported pre-trip approval for international trips was “always required” and an additional 20% that it was sometimes required.

Almost half the travel suppliers 47%) reported their company staff numbers were lower than pre-pandemic.

GBTA chief executive Suzanne Neufang said: “The return of business travel will vary across regions, sectors and companies.”

But she noted: “Despite global concerns of a recession, a majority of corporate travel managers indicate their companies are anticipating more business travel than last year.”

The GBTA poll was conducted on January 16-26 and received 637 member responses.

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