Global Business Travel Association (GBTA) research shows the devastating impact of the Coronavirus pandemic on business travel
54% of respondents expect a permanent change
While research conducted last week by Private Jet Card Comparisons showed 35% of subscribers expect to make critical business trips by private jet in the next 90 to 120 days, research from the Global Business Travel Association paints a much darker picture for the broader travel market.
Nearly three-quarters of respondents (73%) said Covid-19 has had a significant impact on company revenue, with 19% saying it was moderate, and 7% slight. Only 1% said the crisis had no impact at all.
Almost every GBTA member company (96%) report they have canceled and/or suspended all or most international business travel regardless of location.
More than four in five (82%) report they have canceled or suspended all or most domestic business trips.
The Private Jet Card Comparisons survey, which covered both business and leisure travel, revealed 61% had yet to cancel a planned trip using private aviation because of Covid-19.
And while 39% had canceled trips using private aircraft, including for business, 36% had scheduled extra trips because of Coronavirus, some to relocate employees. Some 16% expect to use private jet access to relocate employees or customers in the next three to four months.
According to the GBTA study, travel to China (91%), Hong Kong (87%), Taiwan (84%), Other Asia/Pacific (79%), and Europe (74%) saw all trips canceled.
More than nine in 10 respondents (96%) said all or most international travel has been canceled with 69% cutting it completely.
Over eight in 10 respondents (82%) said all or most domestic international travel has been canceled with 36% stopping all domestic travel.
How has the coronavirus impacted your company’s business travel to?
|Canceled All Trips||Canceled Most Trips||Canceled Some Trips||Canceled Few Trips||Canceled No Trips|
|All Domestic Travel||36%||46%||9%||4%||4%|
In terms of when business travel is expected to resume, 40% were unsure with another 40% saying three months and 17% estimating six months.
In terms of meetings, events, and conferences, while 85% reported many canceled and postponed (76%) meetings, 26% said many of those dates had been moved.
What action has your company taken regarding Meetings, Events, or Conferences?
GBTA respondents also noted they are now frequently (75%) holding virtual meetings.
Currently, 53% have canceled or suspended all non-essential trips but still allow some essential travel. An additional 41% have canceled or suspended all business trips.
In terms of other actions taken, 86% have instituted work at home policies while 59% are limiting the number of people who work in the office.
In March, GBTA members estimated 89% of all business trips will end up being canceled. Another 54% expect permanent changes even after the threat of Covid-19 recedes.
“The coronavirus is having a devasting effect on the global business travel industry the likes of which we have never seen,” said Scott Solombrino, COO and Executive Director of the GBTA.