Q3 Business Travel Tracker: Restricting Policies Limiting Business Travel are Diminishing

Company policies restricting business travel are diminishing for both small and large organizations. The negative impacts of reduced business travel are increasingly evident. 

The current state: Less than half of companies (42%) have policies in place restricting business travel as a result of the pandemic—down from 50% in Q2. 

• Go deeper: Larger companies are more likely than smaller companies to have numerous travel policies in place—particularly related to cost controls or spending limitations.

Looming hurdles: According to the latest Q3 Business Travel Index, business travel activity is expected to moderate in the coming months as a result of unfavorable economic conditions.

• With many economists now anticipating a mild recession in 2023, companies will likely pull back on their spending and business travel activity in the coming months.  

By the numbers: While four in 10 corporate executives surveyed plan to spend the same or more in the next six months on group business travel such as conferences, conventions and trade shows, more than six in 10 expect their company will spend less on all types of business travel over the next six months compared to 2019.

• A smaller share of business travelers in Q3 expect to take at least one trip in the next six months, compared to Q2.

What else: remote work does not appear to have a meaningful impact on business travel activity. Remote workers expect MORE business travel in the next six months than in-office workers.

Impacts of reduced business travel are increasingly evident for corporate executives.

• Business travel is considered essential for more than three-quarters of corporate executives.

Up from Q2, four in 10 corporate executives say reduced business travel is negatively impacting their company’s financial performance.
 
Developing relationships continue to be considered the most critical component of business travel to job performance for both business travelers and corporate executives.

• What else: Executives and business travelers see increasing value to employee professional development as a result of attending conference conventions, trade shows or meeting with customers and other stakeholders.

A bright spot: Nearly nine in 10 (86%) of corporate executives’ organizations surveyed have sustainable corporate travel policies in place.

• And if more sustainable business travel options were readily available and accessible, both executives and business travelers would increase their business travel overall.

View the Business Travel Tracker's Key Findings here.