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While leisure travel is on the rise this summer, flight disruptions and high-cost corporations are taking a closer look at travel costs, giving them the opportunity to highlight business trips, wondering if the experience will return to normal.
According to a US Travel Association (USTA) survey in May 2022 Q2, “more than two-thirds of corporate executives are expected to spend less on business travel over the next six months.” it’s true.
One-fifth of those surveyed said they were not sure when they would travel to meetings or trade fairs in the next six months. The most frequently mentioned reasons include the increase in video conferencing, international travel restrictions, costs, and other restrictions.
In a separate blog post, USAA said: “While it is agreed that reducing business travel will hurt long-term sales, more than two-thirds of executives expect their company to spend less on business travel in the next six months. Same season in 2019. In addition, half of the companies still have policies that restrict business travel.
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This comes as major airlines prepare to release quarterly revenue, which is expected to improve significantly in the next quarter, based on the need for leisure travel packaged by holiday makers, but not many business travelers.
Interestingly, much of the research that is being done focuses on those who have returned to business and those who are not happy about it. According to a 2022 SPP Concor Global Business Travel Survey for Business Travelers and Managers, “83% of their company seems to have taken more travel on smaller shoulders, so it is clear that business travel is not available to all employees. Return to pre-epidemic travel levels ”but only for key personnel.
This is the case for travel managers. According to a SAP Concur study, 100% of travel managers “are expected to be more challenging in the next 12 months compared to last year. Come on in, take a look at the ROI from the top management.
Dueling Outlooks
Although the attitude is somewhat cruel to corporate street fighters, some encouraging trends in corporate travel indicate that the business is still worthwhile in person.
The Las Vegas Convention and Visitors Bureau (LVCVB) reported in May that trade shows and conference activity were 878% impressive compared to last year.
Jim Gibson, a board member of the LVCVA and chairman of the Clark County Commission, told FOX News Las Vegas: “All the shows are still back in town. We have signed more special scenes than ever before. We continue to sign new shows every day. We probably predict 2024 before we return in full. I think someone might have argued earlier.
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While U.S. magnet cities, such as Chicago, Las Vegas, New York, and San Francisco, may see significant share of business trips due to convention infrastructure, companies are now considering travel as a good option, and the reduction is now more expensive than COVID-19. It is not necessary to live, but to live.
For their part, the travelers are ready to return to the district. According to a March study for the American Hotel and Lodge Association (AHLA), nearly two-thirds of business travelers say an increase in imaginary workload during the epidemic is having a negative impact on both productivity (64%) and the workplace. Culture (65%).
The study also found that “80% of employed Americans and 86 percent of business travelers meet in order to increase the success of the company.
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