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AICPA Study: Travel Resuming But…

 A study by the American Institute of CPAs has found that 34 percent of business executives expect travel spending will reach pre-pandemic levels by the end of this year. But 46 percent of the 770 respondents surveyed said the cost savings they experienced during the shutdown mean their own travel will remain restricted.

 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.

 

The sur

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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