A new survey from the Global Business Travel Association (GBTA) reveals an anxious mood among travel managers worldwide. Buyer optimism is being referred as ‘muted’ in wake of Trump policies.
A Chilling Effect on Travel Volumes
According to the GBTA’s findings, a significant portion of global travel managers, about a third, predict a downturn in travel volumes this year attributed to a shifting geopolitical landscape.
In numbers, 34% of buyers foresee a dip in business travel within their organizations. International trips are expected to take a 19% nosedive.
Travel spending is also under scrutiny, with 31% of buyers anticipating a reduction in financial outlays. Budgets are expected to shrink by an average of 17%, slightly less than the 20% drop predicted earlier.
Declined Invitations
Interestingly, the survey highlights a reluctance among employees to accept work-related trips to the US. Around 18% of travel buyers have noted a hesitancy.
The meeting and events sector is also feeling the pinch with increased cancellations and relocations of US-based meetings. Cancelled meetings have jumped to 18% and relocated events have increased to 12% since April with many opting to stay closer to home.
Overall, the study highlights concerns over the long-term economic impact of US policies. However, safety concerns are also a factor, with worries about border detentions and duty of care making the list. There’s also a growing sense of budgetary caution, alongside a marked decrease in enthusiasm for US travel among employees.
