The coronavirus (COVID-19) continues to impact the global business travel industry which is expected to suffer a revenue loss of 820.7 billion dollars, according to the latest research conducted by the Global Business Travel Association (GBTA).
"Coronavirus is significantly impacting the business travel industry's bottom line," said Scott Solombrino, Chief Operating Officer and Executive Director of GBTA.
As the virus continues to spread across the world, business travel is slowing at an alarming rate. The impact on the business travel industry -- and to the broader economy -- cannot be underestimated," he said.
Business travel to Asia has been impacted the hardest with at least three of every four companies reporting they have cancelled or suspended all or most business trips to China (95 per cent), Hong Kong (87 per cent), Taiwan (79 per cent) and other Asia Pacific countries (for example Japan, South Korea and Malaysia 77 per cent), according to GBTA's third lightning poll of membership from March 4 to 6.
GBTA member companies have cancelled on average 43 per cent of business trips (all global regions) previously booked for March due to the coronavirus.
China, which has seen a 95 per cent drop in business travel since the outbreak, is expected to lose 404 billion dollars in revenue from corporate travel followed by 190.5 billion dollars in loss for Europe.
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"GBTA member companies, particularly business travel suppliers such as airlines and hotels, are feeling a direct revenue impact due to the coronavirus," said Solombrino.
Nearly 6 in 10 (59 per cent) supplier members report that the coronavirus has made a significant impact on their company's revenue, and another 27 per cent report a moderate impact to date," he added.
Disclaimer: No Business Standard Journalist was involved in creation of this content
