There are still so many unknowns about the recovery roadmap for corporate travel. COVID variants, vaccination debates, mask mandates and continued unease leave a cloud of uncertainty lingering for companies and individuals around the world.
The greatest ambivalence relates to the near-term outlook, with more consensus that long-term – while the road will be uneven – corporate travel will return and be more like than unlike what it was pre-pandemic.
According to Phocuswright’s U.S. Corporate Travel Report 2020-2024, gross bookings in the United States will grow to $121 billion by 2024, which would be 91% of 2019 levels.
As business travel does pick up, one trend that seems likely to continue is the development of more non-traditional lodging options for corporate travelers – spurred in part by demand for longer stays in more “home like” properties and by the fact more consumers have sampled alternative supply during the pandemic and are now more likely to consider it for work.
According to Phocuswright, more than half of U.S. travel managers say short-term rentals are allowed in their company’s policy, double the share in 2017.