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The recovery in air flight bookings has stalled — and business travel is to blame
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Nearly every corporate giant from Google to Goldman Sachs is bringing workers back to the office — but a return to business travel is shaping up to be a more sluggish affair.
Online domestic flight bookings totaled $5.1 billion in May, according to data released on Monday by Adobe Analytics. That’s off 4 percent from April and down 20 percent from the same month two years ago — and the big culprit is a stubborn lack of business travel, the firm said.
Only 11 percent of workers are planning on traveling for business in the next six months, according to the firm — and 29 percent of those surveyed still don’t feel safe traveling.
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"An increase in vaccinations and consumer confidence have unleashed some pent-up demand, but the lack of business travel is beginning to slow the comeback," the data firm said. "The lack of business travel (as companies take a careful approach to re-opening) and lingering consumer hesitation are prolonging the road to recovery."
According to the Global Business Travel Association, this year spending on work travel will increase 21 percent in 2021 — especially toward the end of the year as vaccinations become more widespread. But the group doesn’t expect a full recovery until 2025.