Business travel has been drastically impacted during the pandemic. The pandemic caused borders to be shut down, planes grounded and conferences canceled, preventing business travel from happening in certain countries. With the need for social distancing, the pandemic meant that companies had to rely more on remote meetings and virtual workshops. Although not ideal, this shift has enabled more organizational bonding because employees from all over the world can connect virtually. As we move towards a post-pandemic future, it will be interesting to see how organizations reimagine how business travel works so that it is focused on bringing more value and connection within teams.
Don’t miss another episode of Truth In Data! Click on the red bell in the lower-left of your screen to receive notifications as soon as the episode publishes.
Data for today’s episode is provided by Javelin Strategy & Research’s Report: International Commercial Credit Cards: Market Review and Forecast, 2021-2026
Business Travel on the Upswing
In April 2022, the change in booking during the past month show:
- 7% decreased business travel bookings
- 5% had the same level of business travel bookings
- 88% increased the booking for business travel
The pandemic has taken a toll on the commercial credit card industry during the past two years, especially in regions outside of North America where business travel spending is the predominant source of revenue for the issuing participants. Improvements occurred during 2021 as domestic travel picked up and certain international routes also began to open, situations that continue into the first half of 2022. As such, a general spending recovery is expected by 2024, and potentially sooner depending upon the actual updated travel policies enacted and budgets approved by corporations across the globe.
This research report from Javelin Strategy & Research, International Commercial Credit Cards: Market Review and Forecast, 2021-2026, reviews the current situation and outlook as the industry continues to recover and business travel improves. This is Mercator Advisory Group’s annual review of the commercial credit card industry in markets outside of North America (NA). This research report includes overviews and estimated commercial credit card spending for mid-to-large corporates in Western Europe (WE), Asia Pacific (APAC), Latin America and Caribbean (LATAC), and Central and Eastern Europe, Middle East, and Africa (CEEMEA).