Business travel, marked by a revival in aviation at the start of 2022, appears to be faltering once again as global recession looms and large companies plan to cut expenses.
Global trends indicate that corporate travel will decline steadily for the next six to 10 months until economies recover from the aftermath of the Covid-19 pandemic and the Russia-Ukraine war.
India presents a unique case as the country’s economy has remained largely unaffected by global developments so far. Even though large companies in India plan to reduce expenses, there is strong demand for travel from small and medium enterprises and an increase in meetings, conferences and exhibitions in the domestic market.
It's unclear whether the global recessionary environment will be a drag on corporate travel in India or if the segment will prove to be resilient.