When countries went into lockdown to stop transmission of the coronavirus, travel — particularly business travel — took a brutal hit.
And though demand for travel is slowly picking up as the country heads into the summer, business travel will still face an excruciating uphill struggle, according to a new Barclays report.
“Global business travel — especially long haul — will likely be among the last markets to recover,” Barclays economists wrote in a special report on May 25. “Companies were quick to halt international travel as the pandemic struck, and businesses will also be careful when it comes to restarting travel for work purposes.”
Pre-pandemic, business tourism-related spending accounted for 21.4% of the global travel and tourism industry in 2019, with bigger contributions in countries like Canada, Japan, the United Kingdom, and the U.S., the authors stated.