Key findings from the latest CarTrawler and IdeaWorks report "The Journey Ahead: How the Pandemic and Technology Will Change Airline Business Travel":
- Analysis reveals a potential overall loss of airline business trips ranging from a low of 19% to a high of 36%.
- Travel for “sales activity and securing clients” is the largest category of business air travel (25% of the total); it’s projected to show a modest loss ranging from zero up to 20%.
- Intra-company meetings comprise 20% of all business air trips, and are projected to decrease up to 60%.
- Business travel booked by US corporate travel agents had a 95% year-over-year plunge in transaction value at the beginning of the pandemic in March 2020; this slightly improved to an 85% drop by November 2020.
- Airlines can recover the revenue loss by:
- Enhancing leisure travel retail efforts;
- Boosting ancillary revenue;
- Reducing lie-flat seat capacity; and
- Adding premium economy seating.