McKinsey’s insights into the return of corporate travel

Hotels – As businesses start to bring employees back to offices and in-person meetings and events are in the offing, management consultancy McKinsey & Co. sees 80% of corporate business travel volume to return by 2023 (or a 20% reduction of corporate trips by 2023). In a new report, it identified four categories of business travelers and suggested how key players in the travel space can best prepare to for this next phase.

McKinsey discusses the COVID-related changes made in corporate cultures and goes into detail about these four travel groups – the “never left,” the “never returning,” the “fear of missing out” (FOMO), and the “wait and see” segments.

In a recent survey, around 30% of executives say they have not heard about specific plans for corporate travel after the pandemic, while another 28% described their companies’ plans as vague. With that in mind, it goes deeper into breaking down corporate trips into different segments to help travel planners and suppliers plan for the return of corporate travel.

The report further stated that key players in the ecosystem, including hoteliers, need to master four critical skills: leveraging real-time data, planning with agility, aiming for comfort and safety, and communicating with clarity.