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Biz Travel Not Recovered from COVID

 Airplane LandingSpending on business travel is not expected to reach pre-pandemic levels until 2024, according to a Deloitte report. While travel is expected to increase significantly this year, it will not reach 2019 spending levels for two years.

The recently released report, “Reshaping the Landscape: Corporate Travel in 2022 and Beyond,” also products that sustainability goals will cut spending for three out of 10 companies by 2025. Deloitte surveyed 150 U.S.-based executives with travel budget oversight, between February 10 and February 18

The Delta variant of COVID-19 set back expectations of a quicker rebound so spending on travel is expected to reach 55 percent of 2019 levels this year and 68 percent of that rate by the end of 2023 with the return of live industry events now among the top five reasons for business travel. 

The study also found that one-quarter of companies predict working from home will result in more travel to headquarters, but less travel over all. Office-dominant companies are twice as likely to reach 2019 travel spending levels by the end of 2023.

International travel will recover more slowly as only one in four respondents expect frequency of travel to Europe to near or exceed pre-pandemic levels this year. Recovery of travel to Asia and Latin America will remain far behind.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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