Business travel 'still vital' despite increase in virtual meetings
Will PayneBusiness travel remains "vital" to running a successful company despite the increase in popularity of virtual meetings, according to a new data.
According to a new report by the Business Travel Association (BTA), seven out of ten businesses recognise travel plays a "vital role" in the day-to-day running of an enterprise.
While the number of journeys remains below 2019 levels, 95% of firms recognise a return to business travel is important.
Research by CBI Economics shows the total impact of the business travel sector to the UK economy in 2022 was £27.5 billion in GVA (around 1.3% UK total).
Clive Wratten, chief executive of the BTA, said: "Our report unequivocally shows that business travel is so much more than suited executives turning left on a plane. It impacts the entire business network across the UK and worldwide."
Meetings with existing clients, prospects, and attending exhibitions and shows came out as the top reasons for travel.
Eight out of ten respondents said they preferred face-to-face meetings that give immediate feedback, the ability to read a room and develop deeper relationships, which often leads to swifter transactions.
However, seven out of ten businesses cite virtual meetings as the main reason for limiting business travel, along with concerns around cost (60%) and a growing concern for the environment (29%) also mentioned.
Wratten added: "We cannot let the hybrid legacy of remote meetings check economic growth that has for generations been stimulated by face-to-face meetings."
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