new GBTA Research Shows Coronavirus Continues to Impact the Business Travel Industry

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New GBTA Research Shows Coronavirus Continues to
Impact the Business Travel Industry
News, Travel Policy, Travel Safety and Security, Travel Trends,
March 10, 2020
Alexandria, VA (March 10, 2020)—The coronavirus (COVID-19) continues to impact the global business
travel industry, with companies canceling meetings and instituting blanket business travel cancellations,
according to the latest research conducted by the Global Business Travel Association (GBTA).
GBTA members routinely send their employees to meetings and events throughout the world, with the
primary destinations being North America, Europe, China, and the Asian Pacific region. To understand the
coronavirus’s effects on business travel, GBTA conducted its third lightning poll of membership on March
4-6, 2020. GBTA received responses from more than 1,000 member companies throughout the world.
View the entire poll results here.
Among the poll’s key findings are:
Around the globe, more companies are canceling or suspending business travel due to the coronavirus. Business
travel to Asia has been impacted the hardest, with at least three of every four companies reporting they have
canceled or suspended “all” or “most” business trips to China (95%), Hong Kong (87%), Taiwan (79%) and other
Asia-Pacific countries (e.g., Japan, South Korea and Malaysia; 77%).Canceled and/or suspended business travel
to Asia has notably increased since GBTA’s previous poll, which was conducted on February 24, 2020. Over the
course of ten days, canceled and/or suspended business travel to Hong Kong increased by 19%, to Taiwan by
46%, and to the rest of the Asian Pacific countries by 71%.
Cancellations and suspensions of business travel to regions other than Asia have increased exponentially as well.
Half (51%) of GBTA members report their company has canceled or suspended “all” or “most” business travel to
Europe – up from 8% ten days ago. Almost one in five (18%) companies has canceled or suspended “all” or
“most” travel to North America – up from 2% ten days earlier.Nearly one-third (30%) of companies have
suspended or canceled “all” or “most” business travel to Latin America – up from 3% as of ten days ago. In
addition, almost half (47%) of companies have canceled or suspended business travel to the Middle East,
compared to only 8% who reported doing so in GBTA’s previous poll.
Many companies have instituted blanket business travel cancellations or suspensions due to the coronavirus.
More than four in ten (41%) GBTA member companies report their company has canceled or suspended all
international travel, regardless of region. This is a significant increase from GBTA’s previous poll, when only seven
percent of companies reported doing so.The trend is similar when looking at company actions concerning
domestic travel. Thirteen percent of GBTA member companies report their company has canceled or suspended
all domestic travel, compared to only two percent in the last poll.
GBTA member companies have canceled on average 43% of business trips (all global regions) previously
booked for March 2020 due to the coronavirus.
GBTA member companies report they are canceling or postponing scheduled meetings, events, and conferences
as opposed to moving the event to a new venue. Nearly three-fourths (73%) report their company has canceled
at least a “few” meetings, events, or conferences, with 30% canceling “many” such events.GBTA members are
also postponing meetings, events, and conferences due to the coronavirus, with 74% reporting they have
postponed at least a “few,” 26% having postponed “many,” and 27% having postponed “some.” Fewer GBTA
member companies (29%) report they have moved meetings, events, and conferences.
GBTA member companies, particularly business travel suppliers such as airlines and hotels, are feeling a direct
revenue impact due to the coronavirus. Nearly six in ten (59%) supplier members report that the Coronavirus has
made a “significant” impact on their company’s revenue, and another 27% report a “moderate” impact to date.
More GBTA member companies are altering their travel policies due to the coronavirus. Over half (55%) report
their company has instituted new trip approval procedures, an increase from the 43% who previously reported
doing so. In addition, 62% of companies have modified their travel safety and security policies in response to
coronavirus. (Only 51% had done so as of the time of the previous poll.)
“Coronavirus is significantly impacting the business travel industry’s bottom line. As the virus continues to
spread across the world, business travel is slowing at an alarming rate. The impact to the business travel
industry – and to the broader economy – cannot be underestimated,” said Scott Solombrino, COO and
Executive Director of the Global Business Travel Association. “Traveler safety remains the industry’s
primary concern, and we are continuing to monitor conditions and respond appropriately. We encourage
our member companies to heed the advice from all global health officials such as the CDC and the WHO
when thinking about their travel plans. I am confident in our efforts to ensure the health and safety of all
travelers and know that we will emerge from this downturn with an even stronger industry.”
Potential 2020 Business Travel Spend Revenue Loss Due to Coronavirus
Source: GBTA BTI™ Outlook Annual Global Report & Forecast (2019)
Methodology: GBTA conducted a poll of its members across the globe from March 4-6, 2020 and received responses
from 1,095 GBTA global member companies.
About the Global Business Travel Association
The Global Business Travel Association (GBTA) is the world’s premier business travel and meetings trade
organization headquartered in the Washington, D.C. area with operations on six continents. GBTA’s 9,000-
plus members manage more than $345 billion of global business travel and meetings expenditures
annually. GBTA and the GBTA Foundation deliver world-class education, events, research, advocacy and
media to a growing global network of more than 28,000 travel professionals and 125,000 active contacts.
To learn how business travel drives lasting business growth, visit www.gbta.org.
Contact
Meghan Henning, (571) 309-3961
Matt Swanston, (703) 236-1103
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