Covid-19 sounds the death knell for business travel
The pandemic cost global business travel US$710 billion in losses. Even before the onset of Covid-19 pandemic in 2020, the growth of business travel was sluggish.
Although the global passenger air transport market is expected to grow 14% from US$460 billion in 2020 to US$524.8 billion in 2021, the demand is driven largely by leisure travel.
With the normalisation of remote work expected to remain in some form even post pandemic, it is estimated that business travel will only return to 80% of pre-pandemic levels by 2024.
How can airlines restrategise to counter these trends?
For media enquiries, please contact:
Manager, Group Marketing Communications
Spire Research and Consulting
Phone: (65) 6838 5355