ABSTRACT
The abrupt halt of global travel during the COVID-19 crisis, aside from delaying personal trips and vacations, has had a major impact on businesses across sectors. Companies with workforces used to frequent travel—along with the airlines and hotels that depend on revenue from that travel—have been particularly affected. This entire sector is experiencing a rapid and sharp drop in demand and a surge in job losses at global level, putting many small- and medium-sized enterprises (SMEs) at risk. Despite tourism's proven resilience in responses to other crisis, the depth and breadth of the current pandemic will likely have a longer lasting effect on international tourism compared to other industries, more likely to recover once major restrictions will be lifted. This is also due to the potential long-term changes in behaviors with people likely to become more cautious about traveling overseas in the future. As companies continue to enforce travel restrictions and workers resort to virtual meetings, travel-industry players are looking to rebound from the crisis, but it may be a years-long road to recovery. The aim of this chapter is to cover some analysis that shows that, historically, business travel rebounds from crises at a slower pace than leisure travel (exhibit). As outbreaks in some regions stabilize and travel resumes, travel providers can work to accommodate changing needs and, in turn, boost customer confidence.
