Research published by Harvard’s Growth Lab in 2020 confirmed something we’ve known for a long time at TravelPerk. Corporate travel plays a really important role in the
growth of a country’s new and existing industries. The travel restrictions imposed around the world as a result of the outbreak of the coronavirus brought the travel industry to a halt, having a massive impact on business and economics worldwide.
Before the outbreak of the coronavirus pandemic, business travel was valued at
1.28 trillion U.S.dollars in 2019. The “moving of brains”, as it’s referred to by the researchers of the study, has to and will return or it could result in a double-digit loss of GDP. No matter how digital our lives seem, we humans are social creatures. We crave interaction, and intra-personal connections and videoconferencing or zoom meetings just do not reap the same results. In 2022 it is clear business travel has returned. It just looks a little
different than it was before.
From business travel trends to industry disruptors, we’ve collected a range of statistics that illuminate the shape of corporate travel in 2022. We’ve also assessed our own data from our
business travel booking platformto share never-before-seen statistics.
- Nearly 50% of passengers now find reducing their carbon emissions and sustainability more important than they did before COVID-19 (GlobalData).
- Airfares could rise by as much as 54% in a post-pandemic world. This will be due to the growing need to keep planes at a higher standard of cleanliness than before, more contactless solutions, and 24-hour service at airports. Travel managers will therefore need to find ways to optimize their business travel spending and consider savings as a significant part of their company’s travel policy (BBC).
- In 2021 the United States led global spending on corporate travel with a bill of $322.42 billion (World Bank).
- The cost of the average American business trip is $1293. While domestic trips average at $990 per itinerary, for international ventures, the number rises to $2525 (Runzheimer and Expert Market).
- Domestic flights within the U.S are increasing in cost, with roundtrips averaging around $330 compared to $235 at the start of 2022 (Travel Pulse).
- Economy fares for international flights cost $1368 on average (US Passport Service Guide).
- In 2020 the breakdown of spending for business trips was 34% for accommodation, 27% for air tickets, 27% for meal costs, and 19% for car rental (Travel Pulse).
- In 2022 the IRS's recommended per diem rate for meals and other incidental costs for US business travelers was set at $59, and the average cost for accommodation was set at $96 per night (Federal Pay).
Still dealing with travelers booking business trips on consumer sites?
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Answer: Who’s paying.
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Download our guidefor choosing a business travel tool that gives travelers the freedom to book for themselves in a place you can monitor, track and control