Reinaldo Pereira, Business Fundamentals Analyst at GlobalData comments: “Zoom calls were very frequent during 2020 and 2021 for sales, marketing or other activities. The increase in references to business trips for each company points to points in companies looking to restore face-to-face meetings despite the continued presence of a significant amount of COVID-19 cases. all over the world “.
In 2022, more than 1,500 public companies discussed business travel. Many travel and tourism companies are optimistic about businesses returning to work, as the increased demand for business travel will help shorten recovery timelines.
Ralph Hollister, Travel and Tourism Analyst at GlobalData comments: “Airlines rapidly increased their schedules for Spring/Summer 2022, as vaccination programs demonstrated strong progress in several key markets of the travel industry, driving up booking confidence in 2021. However, many airlines found it difficult to recruit, screen and train staff Newcomers to meet unexpected demand for international flights from travelers and now have to cancel hundreds of flights.”
Companies are discussing generating more sales leads through business travel and are confident of filling in the gaps that opened during 2020 and 2021 when marketing activities or trade fairs took a hit. However, other companies are still debating travel cuts. For example, Internet company Baidu has commented on limiting business travel due to COVID-19 restrictions.
Companies from sectors such as financial services, retail, construction and technology got the most number of references to business trips per company and are optimistic about resuming this type of travel in 2022. These companies include PayPal, American Express, Microsoft and Vinci SA.
Pereira contact: While optimism about business travel has grown in 2022, it is also important to note that many companies will continue to offer employees work-from-home options and reduce business travel budgets. With uncertainties remaining due to the ongoing pandemic, companies are likely to consider business travel only when necessary.”
*Tags are calculated for each company based on the total number of “business travel” mentions and related keywords divided by the total number of companies discussing the keyword in financial documents. ** Until June 13th
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