The second week of March saw the biggest drop in domestic and international business travel since the start of 2022, according to the latest figures from The Business Travel Association and Travelogix.
Business travel trips departing this week fell by 49.64% compared to 2019. The first week of March, in comparison, was down by 42.44%
Clive Wratten, CEO of the BTA, said: “At a time of increased uncertainty across the world and rising fuel prices threatening our industry, it is disheartening to see a reduction in business travel. If this trend continues, we will be in the sad position of needing further Government support.”
The drop in business travel trips across 10 key international destinations has cost UK GDP £2.72 billion, and an additional £695.61million from domestic business travel, equalling a total of £3.41 billion loss to UK GDP in the second week of March 2022. This is the biggest loss recorded since the start of this year.
The data shows that in the second week of March, the lower levels of business travel to:
- Republic of Ireland has cost UK GDP £527 million
- Germany has cost UK GDP £487 million
- Singapore has cost UK GDP £465 million
- France has cost UK GDP £401 million
- US has cost UK GDP £281 million.