Meanwhile, leisure travel in the United States and Europe returned to pre-pandemic levels several months ago, business travel is showing a much slower recovery, according to a study conducted by the consulting firm Deloitte based on a survey of 334 managers and executives responsible for corporate travel in the United States and Europe.

According to the study, corporate travel spending is expected to reach levels by the middle of this year equivalent 57% of the levels reported in 2019, and that it will not exceed pre-pandemic levels until late 2024 or early 2025.

The main driver of the recovery in business travel has beenconference tourism, which has risen from fifth place among reasons for travel in 2022 to first place in 2023.

On the other hand, among the reasons hindering the recovery of business travel are higher costs—including more expensive airfares and hotel rates—and companies’ concern about reducing their carbon footprint. 

Four out of 10 respondents in Europe and three out of 10 in the United States said they will need to reduce travel per employee by 20% in order to meet their 2030 emissions targets. 

You can view the study at https://www2.deloitte.com/us/en/insights/focus/transportation/corporate-travel-study-2023.html?tpcc=nlceodaily