Businesses around the world are signaling the end of business travel as we know it, due to a rise of new innovative communications tools. A Bloomberg study of 45 large companies in the U.S., Europe and Asia show that 84 per cent are planning to spend less on travel post-pandemic. A majority of the respondents are setting travel budgets cut by 20 to 40 power cent, and two out of three businesses are set to cut both internal and external in-person meetings. According to the report, the convenience of virtual software, cost savings and lower carbon emissions were cited as reasons for the reduction of meetings and business travel. According to the Global Business Travel Association, spending on corporate trips could drop to USD $1.24 trillion by 2024 from a pre-pandemic peak in 2019 of USD $1.43 trillion.
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