The travel industry is among the hardest hit due to the COVID-19 pandemic. The Global Business Travel Association conducted a poll of its members regarding COVID-19’s effect on business travel. The poll was conducted March 18–21 and more than 1,150 of its member companies responded.
Members report companies have canceled or suspended all or most business trips to China (99 percent), Hong Kong (99 percent), Taiwan (98 percent), other Asia Pacific countries (97 percent) and Europe (97 percent). Ninety-six percent of all companies reported canceling or suspending all or most international business travel regardless of the location.
Work from home policies have been instituted in 86 percent of companies polled. Virtual meetings are 75 percent more frequent since the COVID-19 pandemic began. Seventy-one percent of companies instituted new trip approval policies.
Other key findings include:
- 73 percent report significant impact from COVID-19 on company revenue
- 40 percent expect to see business travel resume to those affected countries within the next three months
- 85 percent have canceled scheduled meetings, events and conferences due to COVID-19
- 70 percent of companies modified travel safety and security policies
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