The U.S. is officially in a recession (since Feb 2020) and the global economy is forecasted to shrink by 5.2%.
That’s not good news for the travel industry (and industries that rely on people travelling) – in a recent poll by the Wall Street Journal and NBC News, two thirds of those polled said they would feel uncomfortable getting on a plane right now. [Source: BusinessVantage Morning Report].
Now that everyone is starting to get comfortable with Zoom calls and meetings, will companies start to discover the wasted expenses of business travel?
Personally, I never understood the need for so much business travel, I wonder how many companies actually tried to measure ROI on business travel?
In any case, the travel industry (and related industries like events) will have to think about how else to make up for lost revenue until people feel comfortable flying again (which could be well into 2021 or later).
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