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Travel Market Report: When Could the Corporate Travel Market Recover?

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The corporate travel segment is a $1.4 billion industry, supporting millions of jobs worldwide, from air travel to hotels to travel management companies and corporate agencies. Now, eight months or so into the COVID-19 pandemic, corporate travel is still in a holding pattern, recovering largely at a slower pace than leisure travel.

When the corporate industry might recover is anyone’s guess. Some estimates, including one from consulting firm McKinsey, think it may take as long as five years for the industry to fully recover.

But, despite that ambiguity, what is known is that the segment – and the travel industry as a whole – won’t fully return until consumer confidence in travel returns. And getting there will require a concerted effort by the entire industry. That’s the goal of the Global Business Travel Association’s (GBTA) “Ready. Safe. Travel.” campaign, which was officially launched on Nov. 2.

The campaign focuses on mobilizing advocacy efforts to support the business travel industry, making sure that suppliers are able to make the moves needed to boost consumer and corporate confidence while spreading awareness of just how important the business travel community is for the industry.

Read the full article, here.

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