Stat Of The Week: Off The Road Again
Clients are cutting budgets for their meetings with their friends.
For Biglaw’s corporate clients, business travel is set to permanently remain below pre-pandemic levels, and travel for internal meetings will see the deepest cuts.
That’s according to a Bloomberg survey of 45 large businesses, which found that 84% plan to cut their travel budgets after the pandemic, with most of these seeing reductions of 20%-40%.
While executives told Bloomberg they will still shell out for travel for important business development efforts, they also noted that other travel will be even more closely reviewed.
As the CEO of Europe’s biggest paint maker put it: “Trips to drum up business could drop by a third, and internal meetings by even more.”
‘Forever Changed’: CEOs Are Dooming Business Travel — Maybe for Good [Bloomberg]
Jeremy Barker is the director of content marketing for Breaking Media. Feel free to email him with questions or comments and to connect on LinkedIn.
