While leisure travel leisure travel in the U.S. and Europe reached pre-pandemic levels several months ago, business travel is showing a much slower recovery, business travel is showing a much slower recovery, according to a survey of 334 travel managers and executivesAccording 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, by the middle of this year, corporate travel spending is expected to stand at levels equivalent to 57% of those reported in 2019 and will only exceed pre-pandemic only surpass pre-pandemic levels in late 2024 or early 2025.

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

On the other hand, among the reasons that are inhibiting the recovery of business travel are higher costs, with more expensive airfares and hotel rates, and companies' concerns 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. reduce employee travel by 20% in order to meet their 2030 emissions targets.

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