U.S. Corporate Travel Report 2020-2024

Summary

The U.S. corporate travel market flourished in 2019, amid ongoing economic expansion and high consumer and business confidence. Despite signs of a slowing global economy, stakeholders expected another strong year in 2020. In March 2020, however, the COVID-19 pandemic brought corporate travel to a near-total halt. The market saw deep losses and recovery is expected to be slower than for the domestic leisure market. While some have asserted that the newly established habits of online meetings and virtual events will permanently shrink the corporate travel market, this threat is overstated.

Based on a combination of executive interviews, a survey of travel managers and a comprehensive market sizing exercise, this Phocuswright travel research report explores the state of the U.S. corporate travel market, including sizing and projections through 2024.