News to Know

Study Predicts Rebound of Business Travel in 2023
(SOURCE: SMART BRIEF)

Although business travel still lags behind pre-pandemic levels, a survey from the Global Business Travel Association shows expectations of a rebound in 2023, with 78% of travel managers anticipating that their companies will take more business trips in the new year and 85% of business-travel bookers estimating there will be more overall bookings. Domestic business travel is at 63% of levels seen before COVID-19, and international trips are at 50% of prior totals, the study found.

“We continue to see progress as business travel makes its way back to being a $1.4 trillion global industry, pre-pandemic,” said Suzanne Neufang, CEO, GBTA.

The survey finds that the coronavirus pandemic is receding as a factor impacting travel, with most travel suppliers citing economic conditions as the factor that may limit business travel next year, though 75% of travel buyers say that there are no plans currently to limit travel due to the economy.

Industry Spotlight

Payment Solutions Committee Virtual Payments Toolkit

GBTA’s Payment Solutions Committee presents the Virtual Payment Toolkit for Lodging. Items within this toolkit are a compilation of recommendations and suggestions for ways to minimize VCN usage conflicts by travelers, buyers, and suppliers - created based off stakeholder experiences with VCN. The toolkit includes: what is a virtual card number (VCN), what are players, PCI rules, best practices for TMCs, hoteliers and buyers, RFPs, and typical information contained in a VCN payment.

PATA - GBTA APAC Travel Summit 2022
Fireside Chat With Darrell Wade

As the Chairman of Travalyst, Co-founder of Intrepid Travel, and Executive Chair of the Intrepid Group, Darrell Wade has unique insights into the state of business travel, tourism, and MICE.

Join this fireside chat session at PATA - GBTA APAC Travel Summit with him and Suzanne Neufang, CEO, GBTA, as they sit down to discuss the industry's current situation and the specific opportunities within the Asia Pacific region.

Resources

Crisis24 Intelligence Brief

Belarus, Russia and Ukraine - Russia extends flight restrictions until Nov. 21, Belarus increases border security, and Russia intensifies cyberattacks, as of Nov. 15.

Canada - Adverse winter weather forecast across parts of eastern Canada through at least Nov. 18. Hazardous travel conditions likely.

South Korea - Heightened security measures and flight delays likely during national exams in South Korea Nov. 17. Transport disruptions probable.

United States - Adverse winter weather forecast across parts of the northeastern US through at least Nov. 17. Hazardous travel conditions likely.

More Information