GBTA: Coronavirus has virtually obliterated business travel
The Global Business Travel Association says the business travel market has almost ground to a complete standstill due to the coronavirus pandemic.
In its latest survey, the GBTA says 96% of members have cancelled or suspended ‘all or most’ international business travel to all destinations.
At least 97% have stopped all business trips to China, Taiwan Japan, South Korea and Malaysia.
It is a similar number for European business travel.
"The coronavirus is having a devastating effect on the global business travel industry the likes of which we have never seen," said Scott Solombrino, GBTA COO and executive director.
In addition 84% of US companies have curtailed all domestic business travel
Overall, 89% of all planned business trips have been cancelled, which is double the previous estimate from a survey conducted in early March.
However 40% of members expect their business travel to resume in three months.
The GBTA poll found 85% of companies have introduced work-from-home policies for employees while 70% are employing tech-enabled alternatives to meetings such as video conferencing.
Almost all GBTA member companies have cancelled or postponed in-person meetings and events.
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