The Future of Business Travel – Revisited
The nature and impact of prospective changes in business travel – in both the short and longer term – has remained a regular topic in our Forum sessions as pandemic restrictions eased and were lifted in the region. Substantially reduced travel during much of the last three years has had a substantial short-term impact on not only companies and the travel industry ecosystem, but also the economy as a whole. Many executives were persuaded that much work previously done in person could be accomplished remotely. A Morgan Stanley survey of executives last December, for example, reported that a projected 18% of corporate travel will be replaced with virtual meetings this year, falling slightly to 17% in 2024.
Will these developments lead to more permanent shifts in the workplace, affecting the need to travel? What level of travel will be available and required/accepted by international companies and executives in the post-Covid world, and how will that experience look during the rest of 2023 and beyond?
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