Small and medium companies boost business travel rebound in 2023
Booking activity by SMEs hit 80% of 2019 levels during Q3 2022, 19% above multinational corporations
SME executives were some of the first business travelers back on planes after the pandemic-induced slump. They have since emerged as the fastest-growing segment within corporate travel according to Amex GBT.
- The recovery by SMEs has far outpaced the recovery by the multinationals;
- Spending on business travel globally is expected to recover to 80% of 2019 levels in 2023, up from 65% in 2022;
- North America is expected to experience the sharpest rebound with compound annual growth increases of 23.4%.
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