As the world continues a journey back to pre-pandemic levels for many global industries, the business travel and relocation forecast for 2022 is of primary concern for those in the corporate world. By mid-2020, business travel and relocations had come to a definitive halt as travel for work ceased and people everywhere isolated in their homes. Fast forward almost two years later and there are still some challenges, but experts agree the road to recovery could be well within sight.
The Demise of Business Travel in 2020
While business in the workplace ceased for many, it did not deter people from working from home. Even with some companies and employees continuing to work away from the office for weeks at a time, many businesses continued to not only operate but move forward.
During 2020, the business travel industry decreased dramatically from normal standards down to a lackluster six hundred sixty billion dollars. This departure from normal was due in large part to:
- Fear of the disease itself
- Quarantine and isolation practices
- Consumer uncertainty during the first pandemic the world has seen in years
- The rise of state and local stay-at-home orders across the country
- Reduced seating on flights – social distancing/blocking middle seats
- Steep rise in international coronavirus hotspots prompting some countries to close their borders
In the absence of domestic and international travel to conduct important meetings, executives flocked largely to virtual videoconferencing to keep companies in business and moving forward, even during an unprecedented time.
It, no doubt, was a difficult time for millions of companies worldwide as they grappled with adjustments to the new normal, but if there is a silver lining it is that these unfortunate circumstances set the stage for a mighty comeback
The Return of Corporate Travel in 2021
After the dawning of a new calendar year in 2020, medical experts began to get a better understanding of COVID, vaccines had their debut, and stay-at-home orders began to be lifted in some states and countries. These three factors together are thought to have contributed greatly to the somewhat hesitant return of business travel later in the year.
Companies began bringing back workers depending on their unique COVID policies and protocols, in tandem with those of the state or country in which they were located. With many corporations at a smaller percentage of the regular workforce onsite, they began instituting hybrid office environments which blended virtual and in-person business meetings. The solution made business possible, but it left many executives feeling disadvantaged if a personal meeting was required or a client was not able to access the right technology to conduct a virtual meeting.
By the end of the year, companies were beginning to slowly reincorporate business travel back into their monthly expenses. Due to varying domestic and international health requirements, safety precautions, and quarantine protocol, travel was not exactly easy, but travelers remained determined.
For most, the year of 2021 was the return to domestic travel with signs of international travel to follow in 2022.
The Travel and Relocation Forecast for 2022
After two years of on-again and off-again coronavirus travel policies, there is some catching up to do in the business world and many companies are moving back to face-to-face interactions.
The travel and relocation forecast for 2022 is bright and characterized by industry experts as having an overall sense of optimism. In fact, it is estimated that work-related trip spending could come close to more than one trillion dollars this year. This is thought to be at least in part because:
- More countries are reopening their borders to visitors
- Less stringent travel quarantine policies are in place
- The increased availability of vaccines
- Increased access to COVID testing
- Rapid pace of returning to normal corporate practices
- Pent up demand for travel that was put on hold
Barring new developments, these factors together are expected to contribute to a healthier business travel and relocation industry by the end of the year. Experts believe that positive things are happening and if this trajectory continues, it is plausible that business travel will be closer to pre-pandemic levels by the year 2024.
Corporate Housing Trends for 2022
With the positive expectations for the travel and relocation forecast for 2022, there is expected to be a rise in consumer demand for corporate housing. While business travelers may have their choice of hospitality options, the housing choices of modern executives in 2022 are anticipated to trend toward professional corporate housing services.
Part of the attraction of corporate housing facilities are that they are designed with the consummate business professional in mind. Whether a guest requires short-term, longer term, or a stay that precedes a relocation, a reputable corporate housing company can help.
Although coronavirus is currently not as disruptive as it was in 2020, it is still expected to be a part of everyday life in 2022. The features of corporate housing that offer more privacy and the amenities of home are a huge attraction for business travelers.
Corporate housing units feature multiple spaces for maximum comfort, including at least one bedroom, bathroom, living area, dining area, kitchen, and laundry area. Of particular benefit to those who prefer to remain at their temporary housing when not at work are:
Private full-size kitchen:
These upscale units include a private full-size kitchen that features key appliances such as refrigerators, stoves, ovens, and microwaves. In addition, cookware and tableware is included. This allows guests to avoid the exposure than can come with eating out for every meal as well as the unwanted pounds that can come with it.
Private laundry area:
This amenity allows guests do their laundry in the comfort of their own living space instead of having to visit and spend hours at a local public laundromat.
We are on the brink of understanding what the first quarter of the business travel and relocation forecast for 2022 will look like. Choose to work with a reputable corporate housing company for the best in comfort and functionality, regardless of where your business travels take you.