Major rise in international business travel
According to the survey released by the Global Business Travel association membership, the enterprise level suspensions mainly of international business travel in the last two weeks’ have gained sharply because of the coronavirus epidemic. Nearly 41% of communicator firms have terminated all international travel as worries over coronavirus. As per the survey, there are a total of 1,095 member organizations throughout the world, 46% of communicators were travel managers, 10% travel management firms, 6 % sourcing professionals, 32 % suppliers and 7% other categories.
Only 7% of respondent firms had recorded international travel cancellations in a survey of 24th of February. Around 13 % of communicator firms in March reported halting all domestic travel, as compared with two percent in the prior investigation. Reportedly, COVID-19 is majorly impacting the international business travel. As the coronavirus continues to spread around the globe, international business travel is decreasing at an alarming rate. The collision to the business travel industry and to the broader economy cannot be undervalued.
Across all worldwide regions, respondent firms have suspended average of 43 % of business trips lastly booked for the month of March because of the virus outbreak. Almost 73 % respondent firms reported termination at least a few events, meetings or conferences, along with 30% halting many such functions.
The impact of the international business travel limitations is especially felt on trips to China, which 95 % of respondent have blocked, while, Hong Kong and Taiwan trips have also been banned by almost 87 % and 79 %. Reportedly, the Q3 of respondent firms have dome similarly on business travel elsewhere in Asia.