Travel buyers estimate significant reduction in 2021 business travel volumes

Corporate travel is beginning to come back, although travel buyers are expecting significant drops in volumes in 2021.

A survey from the Institute of Travel Management reveals 38% of travel buyers estimate there will be a decline in business travel volumes of between 25% and 50%, while 36% believe volumes could drop between 50% and 70%.

The top three conditions cited for organizations to permit a return to business travel are for borders to open and restrictions to lift (97%), confirmation that travel is permitted from the World Health Organization (82%) and no quarantine either in the country of origin or the destination (71%).

Travel buyers were also quizzed on their travel program priorities for 2021, with 88% saying use of virtual technology would increase as an alternative to travel, while 80% say there will be more priority placed on traveler wellbeing.

Further down the list of program priorities is sustainability, with 37% believing it will be more important, although 58% think it will stay the same.

A similar figure emerges for diversity and inclusion, with 35% believing it will be of increased importance and 63% saying it will stay the same.

Respondents were also asked what support they were looking for from travel suppliers currently: 61% say they’d like to see agreements rolled over for 12 months at the existing price, while 59% want more real-time data and communications.

In terms of additional investment required from booking technology or travel management company, 89% want more dynamic notifications and artificial intelligence related to travel risk, while 62% say they want live booking data and instant reporting.

The study, available here, was carried out in the first half of September with responses from 144 travel buyers.