The findings of the second-quarter AICPA Business and Industry Economic Outlook Survey suggest organizations that benefit from business travel will be challenged to grow as fast as in the past as companies give travel greater scrutiny. One in five surveyed believe it will take on to three years for travel to return to pre-pandemic levels and 10 percent think a complete rebound will never occur.
Forty-six percent predicted a “significant uptick in domestic business travel through the end of the year”, but the rebound in global travel is expected to take longer.
Top reasons given for resumed travel include client and sales meetings (66 percent), industry conferences and trade shows (55 percent), internal business meetings (52 percent) and company training (37 percent). Respondents were able to select multiple answers.
“While 91 percent of the respondents confirm that restrictions on domestic and international travel are being lifted, we’re seeing a reassessment or reset on what kinds of travel represent true value,” Ash Noah VP of CGMA learning, education and development for the Association of International Certified Professional Accountants, said in a prepared statement
The survey was conducting from April 27 through May 24. There were 770 qualified responses from CPAs who hold leadership positions, such as chief financial officer or controller, in their companies.