By Andy Medici | Cleveland Business Journal
Business travel will take years to recover from the body blow delivered by the Covid-19 pandemic, according to new forecasts by the U.S. Travel Association.
Domestic business travel fell from $270 billion in 2019 to just $88 billion in 2020, a 67.5% drop. International business travel mirrored that fall by dropping nearly 80% from $36 billion in 2019 to $7.3 billion in 2020. The drop in business travel spending far exceeded leisure travel across the U.S., which fell just 23.4% from $724 billion in 2019 to $555 billion in 2020. It’s a drop that heavily affected airlines and other travel-dependent industries.
And while leisure travel is expected to bounce back to its pre-pandemic levels by 2023, according to the forecast, it will take business travel at least until 2024 to get back to 2019 spending.
Read the full story on cleveland.com’s sister site, Cleveland Business Journal.
Get the best in local business news sent straight to your inbox with the Cleveland Business Journal. Free to sign up.
Originally Appeared On: https://www.cleveland.com/business/2021/06/business-travel-collapsed-during-covid-19-it-could-take-years-to-recover.html