The Coronavirus has the Potential to Jeopardize the Global Business Travel Industry

Published on : Friday, February 28, 2020

The coronavirus has the potential to threaten the entire global business travel industry. According to a new lightning poll released today by the Global Business Travel Association (GBTA), the virus could potentially cost the industry $46.6 billion per month. That translates into $559.7 billion annually, or 37% of the industry’s total 2020 forecasted global spend.

 

GBTA members routinely send their employees to meetings and events throughout the world, with the primary destinations being North America, Europe, China, and the Asian Pacific region. To understand the coronavirus’s effects on this travel, GBTA conducted a poll of its worldwide membership on February 25, 2020. It received responses from 401 companies. View the entire poll results here.

 

Among the poll’s key findings are:

 

 

According to Scott Solombrino, GBTA’s chief operating officer and executive director, these findings are cause for alarm. “It is clear that the coronavirus is having a significant – and potentially very costly – effect on our members, their companies and on the overall business travel industry. It is fundamentally affecting the way many companies are now doing business. If this turns into a global pandemic, the industry may well lose billions of dollars – an impact that will have negative ramifications for the entire global economy.” At the same time, he praised members for their responses. “Our industry’s first priority is the health and safety of the business traveler, and our members are being appropriately cautious and pro-active in their approach to the situation.”

 

 

Source:- GBTA


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