According to the Quarterly Business Travel Tracker from J.D. Power, the U.S. Travel Association and Tourism Economics, 84 percent of business travelers expect to take at least one trip to attend conferences, conventions or trade shows in the next six months.
The survey also revealed that fewer than one in 10 U.S. business travelers are uncertain if they would travel in the next six months. The top reason for this uncertainty was that meetings and events are not occurring. Corporate policies restricting business travel was the second-highest reason for uncertainty.
Business travelers also expect to resume traveling at a slightly slower pace compared to pre-pandemic levels, averaging about 1.6 trips per month (compared to 1.7 monthly trips pre-pandemic).
“The return of in-person meetings and events—and business travel in general—is a welcome sight after more than two years of pandemic-related uncertainty,” U.S. Travel Association President and CEO Roger Dow said in a statement. “There is simply no substitute for a face-to-face meeting, which is proven to lead to more fruitful business opportunities and can help power an economic and jobs recovery in communities across America.”
While U.S. Travel forecasts that business travel spending was still down 60 percent from pre-pandemic levels in 2021, the Quarterly Business Travel Tracker’s latest data shows a shift in American business travelers’ desire to return to in-person meetings.
“While the data indicates a strong desire from American business travelers to hit the road again, there is a big difference between willingness to travel and actually taking a trip,” Dow said. “Corporate leaders should seize the competitive advantage, budget for business travel, and encourage their teams to get back on the road and reestablish those personal connections that only come with face-to-face interactions.”
Another component of the Quarterly Business Travel Tracker, a newly developed current and forward-looking Business Travel Index, shows that while business travel activity slowed somewhat in Q1 2022, business conditions for travel such as GDP and business investment are quite favorable, reaching an index of 105 for Q2 2022 (2019=100).
“In-person conferences have relational and financial impacts to corporations that are significant,” said Andrea Stokes, practice lead for hospitality at J.D. Power. “Nearly half of survey respondents indicated that conferences, conventions, and trade shows are critical to developing relationships with customers, suppliers or others. Nearly one in four respondents indicated these events are critical to closing sales.”