business travellers and tourists

What is business tourism and why is it so big?

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In 2017, the world travel and tourism industry contributed more than $10 trillion dollars to the global economy. Of this amount, business tourism contributed a significant proportion, with a total of $1.23 trillion dollars.

Modern society transportation and infrastructure systems continue to revolutionise and therefore business tourism has the means to provide greater economic power than it has previously.

In this post, I will focus on the growing tourism industry of ‘business tourism’. I will explain what business tourism is, why business tourism is part of the tourism industry and provide a few examples of where business tourism takes place.

What is business tourism?

Definitions of business tourism, why is business tourism important, international exhibitors, corporate hospitality events, conferences, leisure time activities, benefits of business tourism, top business tourism destinations, business tourism in hong kong, business tourism in london, business tourism in new york, business tourism in toronto, business tourism in san francisco, business tourism: a conclusion, further reading.

Business tourism, or business travel, is essentially a form of travel which involves undertaking business activities that are based away from home.

The  United Nations World Tourism Organization  (UNWTO) defines tourists as people ‘traveling to and staying in places outside their usual environment for not more than one consecutive year for leisure, business and other purposes’, thus making business an important and integral sector of the tourism economy.

Business tourism activities includes attending meetings, congresses, exhibitions, incentive travel and corporate hospitality.

Academically, there isn’t a huge amount of literature on the characterisation of ‘business tourism’ or ‘business travel’. However, to quote from Davidson (1994) ‘Business tourism is concerned with people travelling for purposes which are related to their work.’

Business tourism represents one of the oldest forms of tourism, man having travelled for the purpose of travel since very early times” (cited in Bathia, 2006, p.272). To elaborate, business tourism is a means of travel that takes place for the primarily importance of a work-related activity.

Often the term ‘business tourism’ is described as ‘business traveller/travellers’.

There is a strong and correlative relation amongst a country’s economy and business tourism.

Business travellers are less cost sensitive on their expenditure as they themselves generally devote only a fraction of the cost. Research has shown that business travellers spend up to four times more during their trip than any other types of tourists . In fact, early research by Davidson and Cope , discovered that the ratio of daily expenditure by business travellers to that of leisure is generally situated somewhat between 2:1 and 3:1.

Therefore, business tourism provides significant economic contributions to the local and global economy. Business tourism also promotes the development for advanced infrastructure and transportation systems which also benefits other forms of tourism as well as the local population .

Business tourism also supports the hospitality industry, i.e. hotel bookings and restaurant bookings. This form of tourism also supports leisure tourism as business travellers tend to combine both activities together. This is referred as ‘bleisure tourism’, the combination of ‘business’ and ‘leisure’.

Business tourism activities

There are many forms of business tourism activities. Here I have demonstrated four key examples.

Business travellers may travel for the purpose of attending an exhibition. Exhibitions offer opportunities for businesses to connect with the international industry community. The exhibition industry entices two groups of people: those with something to sell and those who attend with a view to making a purchase of getting information.

Exhibitions come in all shapes and sizes depending on a person’s area of interest or work. As I have an interest in tourism I have attended a number of relevant travel exhibitions in recent years including ITB in Berlin and The World Travel Market in the UK.

Throughout many business excursions, the business traveller will have some form of meeting to attend during the course of their trip. Meetings may be appointments with clients; a board meeting at the present company or interstate of international branches; or an orientation meeting with staff at a new branch. Meetings can take place face-to-face or electronically using means such as Skype or FaceTime.

Corporate hospitality is a form of business travel that takes place when a corporation invites their guests to attend an event or an organised activity at no extra charge.

Corporate hospitality is a valuable tool used by corporations to foster relations, both internal and external to the company or to brand in influential circles. The extent to which corporate hospitality can yield tangible and intangible benefits is covered really well in the bestselling business book from award-winning restauranteur Danny Meyer, of Union Square Cafe, Gramercy Tavern, and Shake Shack entitled Setting the Table: The Transforming Power of Hospitality in Business .

A conference is a formal meeting of people with a shared interest. Conferences may last a day or they may last several days.

Conferences are common across a number of industries. Having worked in academia for a number of years, I have attended and presented at many conferences such as the ICOT conference in Thailand in 2017 and the International Conference on Sustainable Tourism in Nepal in 2018. I even won the three minute thesis competition at a PhD conference that I attended at the University of Staffordshire!

There are also many conferences and get togethers for travel bloggers that I am interested, such as TBEX , Traverse and Travel Massive .

Often in the business tourism literature you will come across the term MICE. MICE is a reference for Meetings, Incentives, Conferences and Events. The term MICE has been recognised as ‘The Meeting Industry’ according to the United Nations World Tourism Organisation .

The MICE industry contributes significantly to the wider business tourism sector. It is becoming increasingly recognised as a prominent part of the industry and is beginning to receive growing attention amongst the academic community. You can read a detailed article about MICE tourism here.

Along with the examples demonstrated above, business travellers also participate in leisure activities outside of their business commitments. These activities could range from dining out, sightseeing and other recreational activities. When I attended a conference in Nepal in 2017, for example, I took my mother in law and daughter along for the conference gala dinner where we took part in traditional Nepalese evening celebrations!

There are many benefits of business tourism. Notably, it brings economic value to the wider tourism industry as well as the local economy, for example through hotel bookings or sales of business travel backpacks . What many people forget to mention, however, are the benefits that business tourism can also have for the tourist!

I have travelled many times for business, whether this as part of my former Cabin Crew career, for an academic conference or to undertake consultancy work. Travelling frequently for work can yield many benefits for the individual, such as;

• Collecting frequent flier miles and redeeming these for personal use
• Becoming a member of hotel loyalty programmes and receiving associated benefits during both work and personal trips
• Saving money on things such as food and drink when attending corporate hospitality events
• Enhanced networking opportunities that may otherwise be inaccessible
• Taking advantage of leisure opportunities that may be otherwise inaccessible
• Enjoying the use of facilities, such as gyms or swimming pools, that may not otherwise be available to you

Business tourism destinations

There are a variety of business tourism destinations all across the world. However, this type of tourism is predominantly situated in global north countries. This is mainly because global north countries are developed countries and have the means to provide well equipped resources and infrastructure to makes business tourism easily accessible and thus desirable choices among business travellers.

According to Egencia , the corporate travel group collected data from flight booking and reservations during the years 2014 and 2018. Their collection of data led them to discover the top 20 destinations for global business tourism.

Following the list above, I have listed a set of examples of business tourism that are listed within the top ten destinations for global business tourism/travel.

Hong Kong ranks 8 th in the world for global business tourism and has been deemed one of Asia’s top choice for business travel. According to CTM , Central and Tsim Sha Tsui are the most popular commercial areas for business travel, with several hotels and business headquarters.

Hong Kong is the perfect destination for MICE (meetings, incentives, conferences and events) and in 2014, this form of tourism accounted for 1.82 million visitors.

There are around 283 hotels in Hong Kong.

There are a variety of things to do in Hong Kong during a business trip of the traveller is wanting to blend business and leisure together. A list of things to do are:

• Victoria Peak
• Tian Tan Buddha
• Victoria Harbour The Peak Tram

London ranks 2 nd in the world for global business tourism. London is the financial capital of the world and with this status comes several high-profile companies and is thought to be one of the best places to network and seek new business opportunities. This is why so many business tourists visit London for conferences, meetings and exhibitions.

London has around 1500 hotels.

There are a variety of things to do in London during a business trip of the traveller is wanting to blend business and leisure together. A list of things to do are:

• Buckingham Palace
• Coco Cola London Eye
• The British Museum
• Palace of Westminster

In 2019, New York was named the world’s top destination for business tourism for the fourth consecutive year. At no surprise when business travel flight bookings increased by more than 120% between 2014 and 2018.

New York is also a popular destination for business tourism as it offers a great deal of leisure activities and promotes the idea of blending business with leisure travel.

There are a variety of things to do in New York during a business trip of the traveller is wanting to blend business and leisure together. A list of things to do are:

• Statue of Liberty National Monument
• Central Park
• Empire State Building
• The Metropolitan Museum of Art

Toronto has been ranked the 5 th destination for global business tourism, outranking major commercial centres in the U.S.

Toronto (pronounced as “Traw-no” by the locals), is the financial capital of Canada. And according to Business Events, Toronto is the top Canadian domestic travel destination and the most popular choice for U.S sponsored association meetings outside the U.S.

In Toronto there are over 170 hotels which collectively has around 36,000 hotel rooms.

There are a variety of things to do in Toronto during a business trip of the traveller is wanting to blend business and leisure together. A list of things to do are:

• Royal Ontario Museum Art Gallery of Ontario

San Francisco has been ranked 7 th in the world for global business tourism.  According to The San Francisco Travel Association , San Francisco welcomed 18.9 million leisure visitors and 5.8 million business travellers in 2015.

According to Joe D’Alessandro, president and CEO of San Francisco Travel, San Francisco is “experiencing sustained growth in all market segments – domestic, international, leisure and business – as a result of our highly professional and sophisticated community of hotels, restaurants, cultural organizations and SFO, one of the finest airports in the world.” 

There are a variety of things to do in San Francisco during a business trip of the traveller is wanting to blend business and leisure together. A list of things to do are:

• Fisherman’s Wharf
• Golden Gate Bridge
• Golden Gate Park

Where business exists, the demand for business travel follows. Business tourism is predominantly located where good transportation systems are allocated, i.e. airports, taxis, railways. The choices of hotels and restaurants also attracts business travel.

Do you travel for business? What things do you look out for on your business trip? Are you a lover of combining business and leisure activities? Leave a comment below.

Like this post? For more on different types of tourism, I’d suggest reading my tourism glossary !

• Setting the Table: The Transforming Power of Hospitality in Business – The bestselling business book from award-winning restauranteur Danny Meyer, of Union Square Cafe, Gramercy Tavern, and Shake Shack
• Event Planning: The Ultimate Guide To Successful Meetings, Corporate Events, Fundraising Galas, Conferences, Conventions, Incentives and Other Special Events – An academic text focussing on MICE in the events industry
• The Business of Tourism – A introductory text to the tourism industry

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Travel and Tourism: What Businesses Need to Know Now

The pandemic has had a significant impact on both business travel and leisure travel. Here’s what businesses need to know about travel beyond COVID-19.

September 13, 2021

Key Takeaways

• Business and leisure travelers are indicating a willingness to begin traveling again.
• The delta variant has slowed growth and created uncertainty around when travel and tourism will return to pre-pandemic levels.
• Businesses must adjust to the 'new normal' of travel to stay competitive and better serve their employees and customers.

COVID-19 hit the travel industry hard. Business travel, one of the industry’s primary sources of revenue, came to an abrupt halt. On the leisure travel side, vacations and special events were put on hold, damaging the tourism sector as well.

While the travel and tourism industries are slowly starting to recover, the emergence of the Delta variant has slowed growth and created uncertainty around when business and leisure travel will return to pre-pandemic levels. Here’s what businesses need to know to make informed decisions about traveling for their employees and customers amid this changing landscape.

Business travel during COVID-19

After a challenging year and a half, there is cause for optimism in the business travel industry, with companies indicating a willingness to return their employees to the road—or air as the case may be. According to a recent report from The Global Business Travel Association (GBTA), over half of travel buyers and procurement professionals reported that their company’s travel spending increased “somewhat” to “a lot.” Additionally, participants reported a slight increase from the previous month in restarting domestic and international travel for business.

Despite the relative safety of air travel, companies are still being cautious. The survey found that only 40% of companies planned to restart domestic trips within the next one to three months, while a mere 18% of companies planned to restart international trips. Their caution is owed to concerns over the presence of COVID-19 variants. Among survey participants, 78% were “concerned” or “very concerned” about the effects of the delta variant, as well as the possibility of further variants, on the safety of business travel.

The economic impact of pandemic travel restrictions

Amid the pandemic, both domestic and international destinations have placed varying restrictions on travel. In addition to public health concerns, logistical factors like required COVID-19 testing and quarantine periods have significantly reduced where and how often people are traveling. Moreover, many airports and other transportation hubs have been operating with fewer staff, limiting both the efficiency of traveling and options for doing so. The reduction in both business travel and leisure travel cost the airline industry more than $100 billion in lost revenue in 2020, and estimates project a further loss of nearly $50 billion this year.

The loss in air travel has also negatively impacted the tourism sector. Reduced demand for travel has similarly reduced demand for hotels, restaurants and food service, local retail, entertainment, and events. In 2020, international tourism and its related sectors saw a loss of $2.4 trillion due to the effects of the pandemic.

Recovery in travel and tourism will largely depend on global vaccine distribution and the suppression of COVID-19 variants. According to the GBTA survey, approximately 1 in 5 participants reported their company required employees to be vaccinated before traveling domestically. With different countries and even states having their own set of restrictions and vaccination status guidelines, organizations may hold off on business travel until these requirements can be streamlined or more easily understood.

The impact of vaccine inequity on the tourism sector

While most developed countries have seen a successful vaccine rollout, many developing nations are still struggling with limited vaccine access and administration. Depending on the country, vaccination rates range from less than 1% to more than 60%.

As developing countries work to mitigate the spread of COVID-19 without the support of widespread vaccines, they continue to experience greater losses in the tourism sector. This is especially critical, as many less-developed countries are heavily reliant on tourism for jobs and economic growth.

Countries with higher vaccination rates, such as the United States and the United Kingdom, have experienced less severe losses in tourism and are likely to have a more swift recovery. Still, the U.S. tourism industry has taken a hit, with many businesses struggling to find enough workers to keep them open during seasonal tourist peaks.

The long-term outlook for travel and tourism

The “new normal” of a post-pandemic world is expected to have long-term impacts on the travel and tourism industries.

With respect to corporate travel, many businesses have capitalized on new technologies to conduct remote meetings and large-scale conferences. With this, the frequency of business travel is likely to decrease, though it is unlikely to be replaced by virtual meetings altogether.

On the leisure travel side, people will likely continue to explore their own backyards more frequently than pre-pandemic. The summer of 2020 saw an uptick in road trips across America, with people choosing destinations within driving distance and further away from crowded metropolitan cities.

Travelers will continue to use touch-free technology

Contactless technology has seen a rise in recent years, but it has become more widespread than ever amid the pandemic. According to a survey by the U.S. Travel Association , 41% of global transactions are currently carried out through contact-free means, and 74% of Americans plan to continue using touch-free tech even post-pandemic. Apps that allow for contactless check-ins, direct payments, and even mobile hotel keys are expected to increase in popularity over the next several years.

As countries look toward fiscal and public health recovery, business travel and leisure travel are also beginning to recover. However, it is unlikely that things will return to the way they were before COVID-19. Rather, businesses must adjust to the “new normal” of travel to stay competitive and best support their employees and customers.

Traveling during COVID-19? Review the latest CDC guidance for domestic travel and international travel .

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Business tourism 101: All you need to know

What is business tourism.

• To participate in internal meetings at different office locations
• To meet business partners (clients or suppliers)
• To go to conferences, exhibitions, trade shows, and other local or international business events
• To take part in company retreats or incentive trips

Why is business tourism important?

• Better understand common goals, needs, and challenges
• Work together more efficiently
• Easily share knowledge and ideas
• Achieve important breakthroughs and solve problems faster

See how to save money on business travel

What are the different types of business tourism, traditional business traveling, incentive trips, conference and exhibitions, how has business tourism evolved over the years.

Make business travel simpler. Forever.

• See our platform in action . Trusted by thousands of companies worldwide, TravelPerk makes business travel simpler to manage with more flexibility, full control of spending with easy reporting, and options to offset your carbon footprint.
• Find hundreds of resources on all things business travel, from tips on traveling more sustainably, to advice on setting up a business travel policy, and managing your expenses. Our latest e-books and blog posts have you covered.
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A quick guide to understanding business travel analytics

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Business travellers are ready to take off again - if certain conditions are met - says survey

The extent to which business travel will make a comeback may be fairly modest. Image:  Unsplash/Gary Lopater

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Stay up to date:, travel and tourism.

• The majority of global business travellers are willing to resume travelling for work.
• But only if certain conditions are met, according to a new survey.
• Business travellers want a greater say in how they travel and where they stay, post-pandemic.
• A sizeable number say that they will quit their jobs if travel flexibility is not offered by their employers.

The majority of people whose jobs involve business travel are itching to get back out there. But only if their employers go the extra mile and offer plenty of travel flexibility.

Research carried out for the business software company SAP, found that 96% of business travellers say they are “willing to travel for business over the next 12 months” . Almost two-thirds (65%) say they are “very willing”.

Their eagerness to get back to globe-trotting is, for the most part, down to two reasons. The first is the harm being done to business relationships by not travelling. SAP found that 80% fear their professional lives will suffer, 38% are concerned they’ll experience a drop in earnings, while 33% worry their progress on the career path will suffer if they don’t increase their business travel this year.

Business or pleasure?

The second reason is more personal. After a long period of restricted travel opportunities, 89% of people surveyed said they intend to mix business with pleasure by tacking untaken vacation days on to work trips. For 41%, travel offers a welcome change from everyday life, while 11% said their partner simply wants them out of the house.

Expectations of quality, flexibility and safety are soaring, the SAP survey says. When asked about additional benefits they expect from their employers, 52% said they want to choose direct flights, 41% said they want to stay in four or five star accommodation. A similar number (39%) want to fly business or first class, too.

Of course, health and safety matters ranked highly as well, with 89% saying the freedom to make their own arrangements will enable them to better protect themselves from COVID-19.

This desire for flexibility is a top priority for younger people, with 59% of Generation-Z business travellers saying they’d rather have a “crying toddler in the seat behind them than have no control over when and where they travel for work”.

Have you read?

Global business travel will survive covid-19, study says, a new era of sustainable travel prepares for take-off, decarbonizing aviation requires a transition to sustainable fuel. here’s how governments can help..

Cleared for take-off

The extent to which business travel will make a comeback may be fairly modest, though. Another survey, from Deloitte, says that even though it is on the rise in the second half of 2021, business travel will stay significantly lower than pre-pandemic levels. “Total spend in Q4 2021 is projected to reach somewhere between 25%-35% of 2019 levels”, Deloitte says, adding that even by the end of the year, one-third of companies expect their spending on business travel will be lower than 25% of 2019 levels.

When assessing the need to reignite travel, there are some particular indicators businesses are tracking, Deloitte says. Top of that list are vaccination and infection rates. Others include the relaxation of pandemic-related restrictions, and the reopening of offices.

Even after having taken those considerations into account, the SAP survey warns businesses that some of their employees will consider leaving if they feel excluded from travel plans, or that their welfare is at risk.

Almost half (48%) of young employees will start looking for a new job, which averages out at 20% for the whole workforce. Meanwhile, around one-third (31%) would request that they travel less frequently if their company does not implement policies or measures to help protect their health and safety.

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The views expressed in this article are those of the author alone and not the World Economic Forum.

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The future of tourism: Bridging the labor gap, enhancing customer experience

As travel resumes and builds momentum, it’s becoming clear that tourism is resilient—there is an enduring desire to travel. Against all odds, international tourism rebounded in 2022: visitor numbers to Europe and the Middle East climbed to around 80 percent of 2019 levels, and the Americas recovered about 65 percent of prepandemic visitors 1 “Tourism set to return to pre-pandemic levels in some regions in 2023,” United Nations World Tourism Organization (UNWTO), January 17, 2023. —a number made more significant because it was reached without travelers from China, which had the world’s largest outbound travel market before the pandemic. 2 “ Outlook for China tourism 2023: Light at the end of the tunnel ,” McKinsey, May 9, 2023.

Recovery and growth are likely to continue. According to estimates from the World Tourism Organization (UNWTO) for 2023, international tourist arrivals could reach 80 to 95 percent of prepandemic levels depending on the extent of the economic slowdown, travel recovery in Asia–Pacific, and geopolitical tensions, among other factors. 3 “Tourism set to return to pre-pandemic levels in some regions in 2023,” United Nations World Tourism Organization (UNWTO), January 17, 2023. Similarly, the World Travel & Tourism Council (WTTC) forecasts that by the end of 2023, nearly half of the 185 countries in which the organization conducts research will have either recovered to prepandemic levels or be within 95 percent of full recovery. 4 “Global travel and tourism catapults into 2023 says WTTC,” World Travel & Tourism Council (WTTC), April 26, 2023.

Longer-term forecasts also point to optimism for the decade ahead. Travel and tourism GDP is predicted to grow, on average, at 5.8 percent a year between 2022 and 2032, outpacing the growth of the overall economy at an expected 2.7 percent a year. 5 Travel & Tourism economic impact 2022 , WTTC, August 2022.

So, is it all systems go for travel and tourism? Not really. The industry continues to face a prolonged and widespread labor shortage. After losing 62 million travel and tourism jobs in 2020, labor supply and demand remain out of balance. 6 “WTTC research reveals Travel & Tourism’s slow recovery is hitting jobs and growth worldwide,” World Travel & Tourism Council, October 6, 2021. Today, in the European Union, 11 percent of tourism jobs are likely to go unfilled; in the United States, that figure is 7 percent. 7 Travel & Tourism economic impact 2022 : Staff shortages, WTTC, August 2022.

There has been an exodus of tourism staff, particularly from customer-facing roles, to other sectors, and there is no sign that the industry will be able to bring all these people back. 8 Travel & Tourism economic impact 2022 : Staff shortages, WTTC, August 2022. Hotels, restaurants, cruises, airports, and airlines face staff shortages that can translate into operational, reputational, and financial difficulties. If unaddressed, these shortages may constrain the industry’s growth trajectory.

The current labor shortage may have its roots in factors related to the nature of work in the industry. Chronic workplace challenges, coupled with the effects of COVID-19, have culminated in an industry struggling to rebuild its workforce. Generally, tourism-related jobs are largely informal, partly due to high seasonality and weak regulation. And conditions such as excessively long working hours, low wages, a high turnover rate, and a lack of social protection tend to be most pronounced in an informal economy. Additionally, shift work, night work, and temporary or part-time employment are common in tourism.

The industry may need to revisit some fundamentals to build a far more sustainable future: either make the industry more attractive to talent (and put conditions in place to retain staff for longer periods) or improve products, services, and processes so that they complement existing staffing needs or solve existing pain points.

One solution could be to build a workforce with the mix of digital and interpersonal skills needed to keep up with travelers’ fast-changing requirements. The industry could make the most of available technology to provide customers with a digitally enhanced experience, resolve staff shortages, and improve working conditions.

Would you like to learn more about our Travel, Logistics & Infrastructure Practice ?

Complementing concierges with chatbots.

The pace of technological change has redefined customer expectations. Technology-driven services are often at customers’ fingertips, with no queues or waiting times. By contrast, the airport and airline disruption widely reported in the press over the summer of 2022 points to customers not receiving this same level of digital innovation when traveling.

Imagine the following travel experience: it’s 2035 and you start your long-awaited honeymoon to a tropical island. A virtual tour operator and a destination travel specialist booked your trip for you; you connected via videoconference to make your plans. Your itinerary was chosen with the support of generative AI , which analyzed your preferences, recommended personalized travel packages, and made real-time adjustments based on your feedback.

Before leaving home, you check in online and QR code your luggage. You travel to the airport by self-driving cab. After dropping off your luggage at the self-service counter, you pass through security and the biometric check. You access the premier lounge with the QR code on the airline’s loyalty card and help yourself to a glass of wine and a sandwich. After your flight, a prebooked, self-driving cab takes you to the resort. No need to check in—that was completed online ahead of time (including picking your room and making sure that the hotel’s virtual concierge arranged for red roses and a bottle of champagne to be delivered).

While your luggage is brought to the room by a baggage robot, your personal digital concierge presents the honeymoon itinerary with all the requested bookings. For the romantic dinner on the first night, you order your food via the restaurant app on the table and settle the bill likewise. So far, you’ve had very little human interaction. But at dinner, the sommelier chats with you in person about the wine. The next day, your sightseeing is made easier by the hotel app and digital guide—and you don’t get lost! With the aid of holographic technology, the virtual tour guide brings historical figures to life and takes your sightseeing experience to a whole new level. Then, as arranged, a local citizen meets you and takes you to their home to enjoy a local family dinner. The trip is seamless, there are no holdups or snags.

This scenario features less human interaction than a traditional trip—but it flows smoothly due to the underlying technology. The human interactions that do take place are authentic, meaningful, and add a special touch to the experience. This may be a far-fetched example, but the essence of the scenario is clear: use technology to ease typical travel pain points such as queues, misunderstandings, or misinformation, and elevate the quality of human interaction.

Travel with less human interaction may be considered a disruptive idea, as many travelers rely on and enjoy the human connection, the “service with a smile.” This will always be the case, but perhaps the time is right to think about bringing a digital experience into the mix. The industry may not need to depend exclusively on human beings to serve its customers. Perhaps the future of travel is physical, but digitally enhanced (and with a smile!).

Digital solutions are on the rise and can help bridge the labor gap

Digital innovation is improving customer experience across multiple industries. Car-sharing apps have overcome service-counter waiting times and endless paperwork that travelers traditionally had to cope with when renting a car. The same applies to time-consuming hotel check-in, check-out, and payment processes that can annoy weary customers. These pain points can be removed. For instance, in China, the Huazhu Hotels Group installed self-check-in kiosks that enable guests to check in or out in under 30 seconds. 9 “Huazhu Group targets lifestyle market opportunities,” ChinaTravelNews, May 27, 2021.

Technology meets hospitality

In 2019, Alibaba opened its FlyZoo Hotel in Huangzhou, described as a “290-room ultra-modern boutique, where technology meets hospitality.” 1 “Chinese e-commerce giant Alibaba has a hotel run almost entirely by robots that can serve food and fetch toiletries—take a look inside,” Business Insider, October 21, 2019; “FlyZoo Hotel: The hotel of the future or just more technology hype?,” Hotel Technology News, March 2019. The hotel was the first of its kind that instead of relying on traditional check-in and key card processes, allowed guests to manage reservations and make payments entirely from a mobile app, to check-in using self-service kiosks, and enter their rooms using facial-recognition technology.

The hotel is run almost entirely by robots that serve food and fetch toiletries and other sundries as needed. Each guest room has a voice-activated smart assistant to help guests with a variety of tasks, from adjusting the temperature, lights, curtains, and the TV to playing music and answering simple questions about the hotel and surroundings.

The hotel was developed by the company’s online travel platform, Fliggy, in tandem with Alibaba’s AI Labs and Alibaba Cloud technology with the goal of “leveraging cutting-edge tech to help transform the hospitality industry, one that keeps the sector current with the digital era we’re living in,” according to the company.

Adoption of some digitally enhanced services was accelerated during the pandemic in the quest for safer, contactless solutions. During the Winter Olympics in Beijing, a restaurant designed to keep physical contact to a minimum used a track system on the ceiling to deliver meals directly from the kitchen to the table. 10 “This Beijing Winter Games restaurant uses ceiling-based tracks,” Trendhunter, January 26, 2022. Customers around the world have become familiar with restaurants using apps to display menus, take orders, and accept payment, as well as hotels using robots to deliver luggage and room service (see sidebar “Technology meets hospitality”). Similarly, theme parks, cinemas, stadiums, and concert halls are deploying digital solutions such as facial recognition to optimize entrance control. Shanghai Disneyland, for example, offers annual pass holders the option to choose facial recognition to facilitate park entry. 11 “Facial recognition park entry,” Shanghai Disney Resort website.

Automation and digitization can also free up staff from attending to repetitive functions that could be handled more efficiently via an app and instead reserve the human touch for roles where staff can add the most value. For instance, technology can help customer-facing staff to provide a more personalized service. By accessing data analytics, frontline staff can have guests’ details and preferences at their fingertips. A trainee can become an experienced concierge in a short time, with the help of technology.

Apps and in-room tech: Unused market potential

According to Skift Research calculations, total revenue generated by guest apps and in-room technology in 2019 was approximately $293 million, including proprietary apps by hotel brands as well as third-party vendors. 1 “Hotel tech benchmark: Guest-facing technology 2022,” Skift Research, November 2022. The relatively low market penetration rate of this kind of tech points to around $2.4 billion in untapped revenue potential (exhibit).

Even though guest-facing technology is available—the kind that can facilitate contactless interactions and offer travelers convenience and personalized service—the industry is only beginning to explore its potential. A report by Skift Research shows that the hotel industry, in particular, has not tapped into tech’s potential. Only 11 percent of hotels and 25 percent of hotel rooms worldwide are supported by a hotel app or use in-room technology, and only 3 percent of hotels offer keyless entry. 12 “Hotel tech benchmark: Guest-facing technology 2022,” Skift Research, November 2022. Of the five types of technology examined (guest apps and in-room tech; virtual concierge; guest messaging and chatbots; digital check-in and kiosks; and keyless entry), all have relatively low market-penetration rates (see sidebar “Apps and in-room tech: Unused market potential”).

While apps, digitization, and new technology may be the answer to offering better customer experience, there is also the possibility that tourism may face competition from technological advances, particularly virtual experiences. Museums, attractions, and historical sites can be made interactive and, in some cases, more lifelike, through AR/VR technology that can enhance the physical travel experience by reconstructing historical places or events.

Up until now, tourism, arguably, was one of a few sectors that could not easily be replaced by tech. It was not possible to replicate the physical experience of traveling to another place. With the emerging metaverse , this might change. Travelers could potentially enjoy an event or experience from their sofa without any logistical snags, and without the commitment to traveling to another country for any length of time. For example, Google offers virtual tours of the Pyramids of Meroë in Sudan via an immersive online experience available in a range of languages. 13 Mariam Khaled Dabboussi, “Step into the Meroë pyramids with Google,” Google, May 17, 2022. And a crypto banking group, The BCB Group, has created a metaverse city that includes representations of some of the most visited destinations in the world, such as the Great Wall of China and the Statue of Liberty. According to BCB, the total cost of flights, transfers, and entry for all these landmarks would come to $7,600—while a virtual trip would cost just over $2. 14 “What impact can the Metaverse have on the travel industry?,” Middle East Economy, July 29, 2022.

The metaverse holds potential for business travel, too—the meeting, incentives, conferences, and exhibitions (MICE) sector in particular. Participants could take part in activities in the same immersive space while connecting from anywhere, dramatically reducing travel, venue, catering, and other costs. 15 “ Tourism in the metaverse: Can travel go virtual? ,” McKinsey, May 4, 2023.

The allure and convenience of such digital experiences make offering seamless, customer-centric travel and tourism in the real world all the more pressing.

Three innovations to solve hotel staffing shortages

Is the future contactless.

Given the advances in technology, and the many digital innovations and applications that already exist, there is potential for businesses across the travel and tourism spectrum to cope with labor shortages while improving customer experience. Process automation and digitization can also add to process efficiency. Taken together, a combination of outsourcing, remote work, and digital solutions can help to retain existing staff and reduce dependency on roles that employers are struggling to fill (exhibit).

Depending on the customer service approach and direct contact need, we estimate that the travel and tourism industry would be able to cope with a structural labor shortage of around 10 to 15 percent in the long run by operating more flexibly and increasing digital and automated efficiency—while offering the remaining staff an improved total work package.

Outsourcing and remote work could also help resolve the labor shortage

While COVID-19 pushed organizations in a wide variety of sectors to embrace remote work, there are many hospitality roles that rely on direct physical services that cannot be performed remotely, such as laundry, cleaning, maintenance, and facility management. If faced with staff shortages, these roles could be outsourced to third-party professional service providers, and existing staff could be reskilled to take up new positions.

In McKinsey’s experience, the total service cost of this type of work in a typical hotel can make up 10 percent of total operating costs. Most often, these roles are not guest facing. A professional and digital-based solution might become an integrated part of a third-party service for hotels looking to outsource this type of work.

One of the lessons learned in the aftermath of COVID-19 is that many tourism employees moved to similar positions in other sectors because they were disillusioned by working conditions in the industry . Specialist multisector companies have been able to shuffle their staff away from tourism to other sectors that offer steady employment or more regular working hours compared with the long hours and seasonal nature of work in tourism.

The remaining travel and tourism staff may be looking for more flexibility or the option to work from home. This can be an effective solution for retaining employees. For example, a travel agent with specific destination expertise could work from home or be consulted on an needs basis.

In instances where remote work or outsourcing is not viable, there are other solutions that the hospitality industry can explore to improve operational effectiveness as well as employee satisfaction. A more agile staffing model  can better match available labor with peaks and troughs in daily, or even hourly, demand. This could involve combining similar roles or cross-training staff so that they can switch roles. Redesigned roles could potentially improve employee satisfaction by empowering staff to explore new career paths within the hotel’s operations. Combined roles build skills across disciplines—for example, supporting a housekeeper to train and become proficient in other maintenance areas, or a front-desk associate to build managerial skills.

Where management or ownership is shared across properties, roles could be staffed to cover a network of sites, rather than individual hotels. By applying a combination of these approaches, hotels could reduce the number of staff hours needed to keep operations running at the same standard. 16 “ Three innovations to solve hotel staffing shortages ,” McKinsey, April 3, 2023.

Taken together, operational adjustments combined with greater use of technology could provide the tourism industry with a way of overcoming staffing challenges and giving customers the seamless digitally enhanced experiences they expect in other aspects of daily life.

In an industry facing a labor shortage, there are opportunities for tech innovations that can help travel and tourism businesses do more with less, while ensuring that remaining staff are engaged and motivated to stay in the industry. For travelers, this could mean fewer friendly faces, but more meaningful experiences and interactions.

Urs Binggeli is a senior expert in McKinsey’s Zurich office, Zi Chen is a capabilities and insights specialist in the Shanghai office, Steffen Köpke is a capabilities and insights expert in the Düsseldorf office, and Jackey Yu is a partner in the Hong Kong office.

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• Corporate Finance

Corporate Business Travel: Everything You Need to Know

Katie Miller is a consumer financial services expert. She worked for almost two decades as an executive, leading multi-billion dollar mortgage, credit card, and savings portfolios with operations worldwide and a unique focus on the consumer. Her mortgage expertise was honed post-2008 crisis as she implemented the significant changes resulting from Dodd-Frank required regulations.

Corporate business travel involves the movement of individuals representing their organizations for work-related reasons. Whether it’s attending client meetings, industry conferences, or sealing business deals, this practice covers a range of activities essential for professional growth.

In the interconnected global business environment, where face-to-face connections matter, corporate business travel plays a central role in sustaining and expanding enterprises across borders. Businesses face challenges in optimizing this crucial element of their operations. Strategic considerations must be taken into account to use this element of business to its greatest potential.

Key Takeaways

• Corporate business travel can unlock new opportunities for business growth, offering the possibility of reaching new markets, connecting with a wider pool of prospects, or developing brand presence and reputation.
• Traveling for business has many benefits for individuals as well, providing them the chance to meet fellow employees, grow their career by participating in different opportunities, and network within the industry, not to mention experience new destinations.
• Business traveler safety and security are top priorities during corporate travel.
• To ensure that travel goes smoothly and stays within budget, companies should implement corporate travel policies and best practices for employees traveling on behalf of the company.

Importance of Corporate Business Travel

There are many business-related reasons to travel. It can encourage team building, promote learning, offer different perspectives, provide connection to a wider network, open up new markets, and drive sales. And whether or not the trip is for a specific purpose (such as a conference or a retreat), the benefits for employees and companies alike can extend beyond the stated intent of the trip, building confidence, cultural competency, relationships, and company reputation.

Many employees consider the opportunity to travel for work a desirable job perk, as it can offer the chance to venture somewhere that they may not ordinarily go, or to have a trip paid for by their company. And although expenses are associated with travel from a corporate perspective, they may be well worth the return on investment in terms of potential leads or sales—plus, many travel expenses are tax- deductible .

Types of Corporate Business Travel

Corporate travel can take many forms, including the chance for employees and executives to attend events, such as meetings, conferences, industry networking sessions, and fairs. Or a trip may take advantage of educational opportunities such as training sessions, seminars, and workshops. Retreats and guided trips can make for valuable team-building time in new contexts that unlock different perspectives and strengthen working relationships.

Businesses may send their employees to a different location to network, sell, teach, learn from, or generally connect with external contacts or internal employees in regional offices, or to act on behalf of the company in some way.

Additionally, from a client perspective, business travel may occur as a form of due diligence , ensuring that your vendors or suppliers are legitimate, legal, and compliant organizations—for example, traveling for regular audits to confirm that what you think is happening at your supplier organizations is actually happening.

Creating a Corporate Travel Policy

From a company perspective, travel can be a challenge to administer and manage . Costs can easily balloon out of control; travel logistics can be time-intensive to arrange; employees traveling on behalf of the company must be granted a great deal of trust; and like any form of travel, business travel can open up risks to safety, security, and health.

No matter the size of the business or the frequency or complexity of travel, a corporate travel policy can be a helpful tool for any company to set expectations for its employees, communicate guidelines and processes, keep expenses within budget, and streamline booking and logistics.

In creating a corporate travel policy, companies might consider the following for both domestic and international travel, as applicable:

• Purpose(s) of travel
• Which employees are eligible to travel
• Booking and expense approval processes
• Risks and liabilities of travel and how to manage them
• Expectations for employee behavior, including acceptable and secure uses of technology, personal vs. leisure time, communication, and entertainment while traveling
• Eligible expenses for employees while traveling, including per diem rates if applicable
• Determine if employees will be reimbursed for their expenses or given a corporate credit card to use
• Financial tracking, record-keeping, and reimbursement processes
• Acceptable booking practices and costs, including preferred agents or vendors
• Travel insurance

Of course, policies must also be communicated and enforced to ensure compliance and fairness. Including a travel policy as part of a corporate handbook or reviewing it in an onboarding or training module can be a good way to ensure that all employees receive and understand the information. Making it easily accessible for future reference on a shared drive or company portal will encourage employees to refer to it often.

Business travel managers estimate, on average, that spending on domestic and international corporate travel is at 77% and 74%, respectively, of where it was before the COVID-19 pandemic.

Setting a Corporate Travel Policy

Corporate Business Travel Best Practices

There are many best practices that both employees and companies can keep in mind around corporate business travel to ensure that it is a successful experience. These encompass everything from administration and financing to employee behavior and well-being.

Booking Corporate Travel

Booking travel can be labor-intensive and time-consuming. To improve the booking process, save on costs, and streamline expense reporting, it can be helpful to designate preferred travel agencies, online platforms, vendors, and lodgings for employees and executives to book with. If the size of the company allows, it can also be helpful to hire an employee or team specifically to oversee and administer corporate travel, or designate this duty as part of an employee’s broader job description.

Managing Travel Expenses and Budgeting

There are many financial considerations when it comes to corporate business travel, and expenses and budgets must be carefully managed to keep costs under control. Many travel expenses are tax-deductible and can be written off, representing potentially significant savings for a company. Setting a budget and clear guidelines for employees about what can be an expense and what cannot is a must, as is creating and enforcing policies and procedures around tracking and reporting expenses.

Many corporate credit cards offer travel rewards and cost-saving opportunities for business travel, as do many other vendors and suppliers in the corporate travel industry. Businesses can take advantage of these to reduce inefficiencies and save on costs.

How to Manage Corporate Travel

Ensuring Traveler Safety and Security

As with any trip, business trips are not without safety and security risks, including the potential for political or civil unrest, crime, illness, injury, accidents, emergencies, natural disasters, cybersecurity breaches, or theft.

To protect their employees against unexpected and undesirable circumstances, at a minimum, businesses will want to have a travel insurance plan in place. It’s also helpful for businesses and employees to undertake some form of travel risk assessment to aid them in navigating potential risks, and outline safety and emergency preparedness guidelines within a corporate travel policy.

Employees should also know how to call if something goes sideways, such as hotel booking issues. A travel agent? A supervisor? If there’s a hurricane, you don’t have a car, and your flight is canceled, can you book another last-minute flight to get around the weather to get home? These details should be planned ahead for.

Maximizing Productivity During Business Trips

The overlap of business and leisure, sometimes referred to as “bleisure,” is one of the main draws of corporate business travel. However, there can also be pitfalls associated with this gray area. It can be difficult to stay productive while working remotely, whether due to the many distractions of a new environment (positive and negative), or because the trip entails an increased workload or time spent away from day-to-day job duties.

Employees looking to manage their time efficiently while away should get clarity on the intended purpose and expected outcome of their trip, and their employer’s and teammates’ expectations for their workload and communication frequency. They can also plan ahead to make the most of their travel time and downtime, and anticipate time zone differences to ensure smooth communication and adjustment to jet lag.

It’s important for employees to maintain work-life balance while traveling on behalf of work. Researching food, entertainment, and fitness options and preparing accordingly can pay off in terms of mental and physical wellness, especially for frequent travelers.

Tips for Business Travel Etiquette

Traveling anywhere, whether domestically or internationally, comes with responsibilities and expectations regarding employee behavior. Perception is one of the most important factors to remember when traveling as a representative of your company. You represent your company out in the public, so you need to ensure you’re displaying any key values that your company represents when interacting with vendors, clients, and peers.

This applies to cultural sensitivity as well. Travelers should do research in advance of their trip to ensure that they can be mindful of local customs and professional etiquette and behave with awareness and respect. Even the basics, such as learning appropriate forms of greeting or how to handle money and payment, and committing a few common words or phrases to memory can go a long way toward demonstrating good intentions and building a new relationship across cultures.

Sustainable and Responsible Business Travel

Recognizing that corporate travel can have a negative impact on the environment, many businesses and individuals are reexamining their travel practices and policies to see where they can make improvements. One example is reducing emissions by booking different means of transportation when possible. In general, seeking out vendors or companies that promote sustainable travel practices and responsible tourism, and that support local communities and ecosystems, can be a good first step to reduce environmental impact.

Technology and Tools for Corporate Business Travel

Software and technology tools can be immensely useful across all aspects of corporate business travel. Travel management and booking platforms; apps for tracking expenses, navigation, or converting currency; and translation and communication tools are all things that employees and businesses alike can take advantage of before, during, and after traveling.

When it comes to technology, it’s important to account for cybersecurity risks and only bring what is necessary to reduce the potential impact of damage, loss, or theft.

Managing Business Travel Expenses

What Is an Example of Corporate Business Travel?

There are many work-related reasons to travel, but many businesses will have their employees travel for conferences, events, sales and networking, seminars, meetings, team building, retreats, and to open up new business growth potential.

How Does Corporate Business Travel Work?

Corporate travel is simply travel for business-related purposes, so the nature of the trip will depend on its length and purpose. Companies whose employees travel frequently on behalf of the business should consider creating a corporate travel policy with information and guidelines for their employees.

Who Handles Corporate Business Travel?

Some businesses employ internal teams or individuals to manage corporate travel and business trips. At other times, employees are responsible for making their own arrangements within guidelines laid out by the company. There are also corporate travel agencies that businesses can leverage to streamline and optimize their bookings and costs.

The Bottom Line

Corporate business travel can be an invaluable path to both business growth and individual career development, building strong relationships and teams. No matter what form it takes, it’s prudent for companies to collect, implement, and communicate best practices for business travel to their employees in a company handbook or corporate travel policy. This should incorporate areas such as expense and booking management, safety and security, productivity, sustainability, technology, and employee behavior and etiquette.

Michela Buttignol / Investopedia

Internal Revenue Service. “ Understanding Business Travel Deductions .”

Global Business Travel Association. “ GBTA Business Travel Industry Outlook Poll .”

Harvard Business Review. “ How to Work and Travel at the Same Time .”

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Fact sheet: 2022 national travel and tourism strategy, office of public affairs.

The 2022 National Travel and Tourism Strategy was released on June 6, 2022, by U.S. Secretary of Commerce Gina M. Raimondo on behalf of the Tourism Policy Council (TPC). The new strategy focuses the full efforts of the federal government to promote the United States as a premier destination grounded in the breadth and diversity of our communities, and to foster a sector that drives economic growth, creates good jobs, and bolsters conservation and sustainability. Drawing on engagement and capabilities from across the federal government, the strategy aims to support broad-based economic growth in travel and tourism across the United States, its territories, and the District of Columbia.

The federal government will work to implement the strategy under the leadership of the TPC and in partnership with the private sector, aiming toward an ambitious five-year goal of increasing American jobs by attracting and welcoming 90 million international visitors, who we estimate will spend $279 billion, annually by 2027.

The new National Travel and Tourism Strategy supports growth and competitiveness for an industry that, prior to the COVID-19 pandemic, generated $1.9 trillion in economic output and supported 9.5 million American jobs. Also, in 2019, nearly 80 million international travelers visited the United States and contributed nearly $240 billion to the U.S. economy, making the United States the global leader in revenue from international travel and tourism. As the top services export for the United States that year, travel and tourism generated a $53.4 billion trade surplus and supported 1 million jobs in the United States.

The strategy follows a four-point approach:

• Promoting the United States as a Travel Destination Goal : Leverage existing programs and assets to promote the United States to international visitors and broaden marketing efforts to encourage visitation to underserved communities.
• Facilitating Travel to and Within the United States Goal : Reduce barriers to trade in travel services and make it safer and more efficient for visitors to enter and travel within the United States.
• Ensuring Diverse, Inclusive, and Accessible Tourism Experiences Goal : Extend the benefits of travel and tourism by supporting the development of diverse tourism products, focusing on under-served communities and populations. Address the financial and workplace needs of travel and tourism businesses, supporting destination communities as they grow their tourism economies. Deliver world-class experiences and customer service at federal lands and waters that showcase the nation’s assets while protecting them for future generations.
• Fostering Resilient and Sustainable Travel and Tourism Goal : Reduce travel and tourism’s contributions to climate change and build a travel and tourism sector that is resilient to natural disasters, public health threats, and the impacts of climate change. Build a sustainable sector that integrates protecting natural resources, supporting the tourism economy, and ensuring equitable development.

Travel and Tourism Fast Facts

• The travel and tourism industry supported 9.5 million American jobs through $1.9 trillion of economic activity in 2019. In fact, 1 in every 20 jobs in the United States was either directly or indirectly supported by travel and tourism. These jobs can be found in industries like lodging, food services, arts, entertainment, recreation, transportation, and education.
• Travel and tourism was the top services export for the United States in 2019, generating a $53.4 billion trade surplus.
• The travel and tourism industry was one of the U.S. business sectors hardest hit by the COVID-19 pandemic and subsequent health and travel restrictions, with travel exports decreasing nearly 65% from 2019 to 2020. 
• The decline in travel and tourism contributed heavily to unemployment; leisure and hospitality lost 8.2 million jobs between February and April 2020 alone, accounting for 37% of the decline in overall nonfarm employment during that time. 
• By 2021, the rollout of vaccines and lifting of international and domestic restrictions allowed travel and tourism to begin its recovery. International arrivals to the United States grew to 22.1 million in 2021, up from 19.2 million in 2020. Spending by international visitors also grew, reaching $81.0 billion, or 34 percent of 2019’s total.

More about the Tourism Policy Council and the 2022 National Travel and Tourism Strategy

Created by Congress and chaired by Secretary Raimondo, the Tourism Policy Council (TPC) is the interagency council charged with coordinating national policies and programs relating to travel and tourism. At the direction of Secretary Raimondo, the TPC created a new five-year strategy to focus U.S. government efforts in support of the travel and tourism sector which has been deeply and disproportionately affected by the COVID-19 pandemic.

Read the full strategy here

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Who are the business travelers and how do they behave?

Since the earliest trade routes between cities, there have been business travelers. For millennia, there has been a steady change in business travel behavior and some of the most rapid change has occurred within the last 16 years. From web-based researching tools being little better than hit or miss to advanced booking options that have dramatically changed the world of travel, to travel agencies that moved online and self-booking tools plus a slew of other advancements, the world for corporate travelers has changed forever. 

So who are the business travelers of the 21st century?

Modern business travelers span all age ranges but one of the largest segments of corporate travelers are the Millennials . For Millennials who barely can remember a day without the internet and who became adults during the advent of online travel agencies, self-booking tools, and smartphones, their concept of business travel is helping to shape the future of travel.

Something that spans all generations is the culture of business travelers and that culture is changing in surprising new ways.

One of the ways that the future of corporate travelers has changed is with the use of technology . Online booking tools have taken the world by storm and have supplanted some travel agents as the primary agent by which people find their flights. However, travel agents are not without their purpose anymore. One of the drawbacks of a near infinite amount of information is that it can begin to clutter your options. This is just as true for individuals as it is for corporate travel.

Many businesses to spare themselves the hassle of paying an employee to book their own flights and accommodations will either act as the employee’s agent or pay an agency to set everything up. This allows for the corporate executives to have a professional level of care for each step of their business travel.

Another way that technology has changed corporate travel behavior is in its ubiquity . It is truly everywhere and because of that , its benefits can be applied at every stage of travel. For instance, you can book a flight and hotel on your phone, scan a digital plane ticket on your tablet, read emails and draft business plans with in-flight  Wi-Fi, use Wi-Fi calling or texting on location to have your ground transportation ready, use a smartphone app to work out the exchange rates, translate languages, plan your schedule, automatically update you on any changes, and even pay for portions of your trip digitally. At every step , there is either a device or an app to assist you along the way.

But what does the future of this kind of life – with travel and technology syncing – look like?

It could look a lot like an app concept that was brought up at a recent interview between Marriott International’s global brand officer Brian King and Skift. In the interview , Brian King described a possible future app that would be like an intelligent automated assistant for people coming to a Marriott hotel or any of their other organizations. The idea is that you have a file open with them once you book, and the app begins to chart your progress. If your plane gets delayed or is arriving early, the app automatically updates your ground transportation so you are not waiting between exiting the airport and getting picked up.

If you come in late, the app lets the hotel know and if a room better suited to your preferences becomes available due to the delay, you may get an upgrade to something more reflective of your corporate stature. Going to be really late? This app could note that the driver is coming directly to your hotel so hotel staff could automatically be sent to make sure your room has a treat for you or even contact you if you would like room service to have a meal in your room ready for your arrival.

Although this kind of app does not yet exist, each of its core elements does and it will not be long before every corporate traveler has their own unique travel profile updated with preferences of food and lodging saved. The app will also be able to keep track of his or her travel progress to ensure a perfect trip every time.

Another common trait of the 21st-century  travelers is that they make extraordinary use of the shared economy . Companies that cater to travelers like Airbnb and Uber have seen nearly double growth in the summer and they are just an indication of a much wider concept that business travelers like the auto booking tools but ultimately they also enjoy the human experience and would rather have a home and a private driver than a hotel or a taxi.

This idea of the shared economy, which has become very popular with younger corporate travelers, is changing the face of the industry. This is partly because it allows for greater convenience , which is one of the single greatest driving forces behind all business travel behavior.

So who are the business  travelers?

They are the most technologically savvy, socially driven, shared economy smart travelers in the world today. They can go anywhere in the world utilizing apps and smartphones, no longer limited to places they have been before or languages they know already. The modern corporate traveler is truly a man or woman of the world.

Read also  Corporate Travel Planners: who are they and how can they help you .

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Understanding the Travel and Tourism Sector: A Business Perspective

The world of business is inextricably linked with the realm of travel and tourism. From corporate travel arrangements to the operation of hospitality giants, this sector plays a pivotal role in the global economy.

The travel and tourism industry is not merely about vacations and leisure; it encompasses a diverse array of activities, services, and businesses that fuel economies, create jobs, and shape the way we explore the world.

In this article, we will embark on a journey to understand the intricacies of the travel and tourism sector from a business standpoint. We will explore its significance in the global economy, delve into the core components of the industry, examine the economic impact, and discuss emerging trends and challenges.

Moreover, we will shed light on the business aspects of travel, highlighting the key players, revenue streams, and marketing strategies that drive success.

But why should business professionals, beyond those directly involved in tourism, care about this sector? The answer lies in the fact that travel and tourism intersect with nearly every industry. Whether you're in finance, technology, healthcare, or any other field, understanding how this sector operates can unlock opportunities for growth, collaboration, and innovation.

So, fasten your seatbelts and prepare for a journey through the multifaceted world of travel and tourism, where business meets exploration and economic growth meets wanderlust.

Travel and Tourism

Travel and tourism refer to the activities, services, and industries associated with people traveling to and staying in places outside their usual place of residence for leisure, business, or other purposes.

The Core Components of Travel and Tourism

At its heart, the travel and tourism sector comprises several key components, each playing a unique role in the industry's ecosystem. Understanding these components is crucial for any business professional aiming to navigate this dynamic sector effectively.

Here are the primary elements:

1. Accommodation: Accommodation providers are the backbone of the tourism industry. They include hotels, resorts, vacation rentals, and even unconventional options like Airbnb. These establishments cater to travelers by offering a place to stay, ranging from budget to luxury.

2. Transportation: Travel relies heavily on transportation. This segment encompasses airlines, cruise lines, railways, car rental services, and public transportation systems. Efficient transportation networks are vital for connecting travelers to their destinations.

3. Food and Beverage: Dining experiences are an integral part of any trip. This category includes restaurants, cafes, food trucks, and bars. Culinary tourism, where travelers explore local cuisine, has become a significant trend within this segment.

4. Travel Agencies: Travel agencies and tour operators serve as intermediaries between travelers and service providers. They help plan itineraries, book accommodations, and arrange transportation, making the travel process more convenient.

5. Attractions and Entertainment: Tourist destinations offer various attractions, from historical sites and museums to theme parks and natural wonders. Entertainment options such as theaters and music venues also contribute to the overall travel experience.

6. Travel Technology: In the digital age, technology has transformed the way people plan and experience travel. Online booking platforms, travel apps, and services like TripAdvisor have reshaped the industry's landscape.

7. Tourism Services: This category includes a range of services such as travel insurance, currency exchange, and visa assistance. These services ensure that travelers are prepared for their journeys and can navigate any unforeseen challenges.

8. Destination Management: Local governments and organizations play a pivotal role in managing and promoting tourist destinations. They invest in infrastructure, marketing, and sustainability efforts to attract visitors.

The Economic Impact of Travel and Tourism

From a business perspective, it's essential to grasp the significant economic impact of the travel and tourism sector. This industry is a global economic powerhouse that generates jobs, fosters investment and drives economic growth.

Here are some key statistics to illustrate the significance of travel and tourism :

• Job Creation: Travel and tourism directly support over 330 million jobs worldwide, accounting for 1 in 10 jobs globally.
• Contribution to GDP: In 2022, the travel and tourism sector contributed 7.6% to global GDP, highlighting its substantial economic footprint.
• Investment Magnet: This sector attracts investments in infrastructure, hotels, transportation, and more, further stimulating economic activity.
• Foreign Exchange Earnings: Tourism often serves as a vital source of foreign exchange earnings for many countries, boosting their balance of payments.
• SME Growth: Small and medium-sized enterprises (SMEs) play a significant role in the sector, benefiting from the opportunities created by tourism-related businesses.

The economic interplay between tourism and other industries is intricate.

For instance, the hospitality sector relies on agriculture for food supplies, airlines depend on the aerospace industry for aircraft and tourist destinations often collaborate with local artisans and businesses to promote cultural experiences.

In the business world, recognizing the economic clout of travel and tourism can open doors for collaboration, investment, and innovation. Many companies, even those seemingly unrelated to tourism, can find ways to tap into this lucrative market.

Emerging Trends and Challenges

The travel and tourism sector is continuously evolving, driven by changing consumer preferences, technological advancements, and global events. Business professionals must stay attuned to these trends and challenges to adapt and thrive in this dynamic industry.

Here are some notable developments:

1. Sustainable Tourism: Travelers increasingly prioritize eco-friendly and sustainable practices. Businesses that adopt green initiatives not only reduce their environmental footprint but also attract environmentally conscious travelers.

2. Digital Transformation: The digitalization of travel services has reshaped how consumers plan and book trips. Online platforms, artificial intelligence, and data analytics are instrumental in personalizing travel experiences.

3. Health and Safety: Recent global health crises have heightened travelers' concerns about safety and hygiene. Businesses must implement robust health and safety measures to regain consumer trust.

4. Shifts in Travel Behavior: The pandemic has brought about changes in travel behavior, with a focus on remote and nature-based destinations. Companies need to adapt their offerings to cater to these evolving preferences.

5. Regulatory Challenges: Navigating complex regulations, including visa requirements and health protocols, can be a challenge for travel businesses. Staying informed and compliant is crucial.

6. Geopolitical Factors: Political instability and international relations can significantly impact the tourism industry. Businesses must be prepared to adapt to changing geopolitical landscapes.

The Business of Travel and Tourism

Understanding how businesses operate within this sector is essential for both industry insiders and entrepreneurs looking to tap into this thriving market.

Role of Businesses in the Travel Sector

Businesses play a pivotal role in shaping the travel and tourism landscape. Whether you're a hotel chain, an airline, a tour operator, or a travel agency, your role is multifaceted, encompassing everything from customer service to marketing and sustainability initiatives.

• Customer-Centric Approach : At the heart of every successful travel and tourism business is a deep commitment to customer satisfaction. Travelers today expect exceptional service and unique experiences. From the moment a traveler starts planning their trip to the time they return home, businesses must focus on providing top-notch services, personalized recommendations, and seamless experiences.
• Innovation and Adaptation : The travel industry is highly competitive and constantly evolving. Successful businesses in this sector are those that innovate and adapt to changing trends. This could mean embracing digital technology, offering eco-friendly options, or creating new and exciting travel packages.

Business Models and Revenue Streams

To thrive in the travel and tourism sector, businesses employ various revenue models tailored to their specific niches. Here are a few common business models:

• Hospitality and Accommodation : Hotels, resorts, and vacation rentals rely on room bookings and additional services such as dining, spa treatments, and event hosting to generate revenue.
• Airlines and Transportation : Airlines make money through ticket sales, baggage fees, in-flight services, and partnerships with other travel-related businesses. Transportation services like taxis, trains, and cruise lines have similar revenue structures.
• Tour Operators and Travel Agencies : These businesses profit from organizing and selling travel packages, tours, and experiences. Commissions, booking fees, and tour sales are primary income sources.
• Online Travel Agencies (OTAs) : OTAs like Expedia and Booking.com aggregate information from various travel service providers and earn commissions on bookings made through their platforms.

Customer Experience and Service Excellence

In the digital age, the travel and tourism sector is driven by customer reviews and recommendations. Travelers share their experiences online, influencing the choices of others. Therefore, providing exceptional customer service is paramount. Here are some strategies to achieve service excellence:

• Personalization : Tailor recommendations and services to individual preferences.
• Seamless Booking and Travel : Make the booking process simple and provide support throughout the journey.
• Feedback and Improvement : Collect customer feedback and use it to enhance services continually.
• Crisis Management : Be prepared to handle unexpected situations, such as flight cancellations or health emergencies, with professionalism and empathy.

Marketing and Promotion Strategies

Effective marketing is essential for attracting travelers to your business. Here are some strategies commonly used in the travel and tourism industry:

• Digital Marketing : Utilize online channels such as social media, search engine optimization (SEO), email marketing, and paid advertising to reach a global audience.
• Content Marketing : Create engaging content, including blog posts, videos, and travel guides, to inspire and inform potential travelers.
• Partnerships : Collaborate with influencers, other businesses, and tourism boards to expand your reach and access new markets.
• Sustainability Promotion : Highlight your commitment to sustainable and responsible travel practices, as eco-conscious travelers seek eco-friendly options.

The business of travel and tourism is a multifaceted realm that demands a relentless focus on customer satisfaction, innovation, and responsible practices.

Success in this sector requires a deep understanding of your niche, a commitment to service excellence, and strategic marketing efforts. As the travel industry continues to evolve, businesses that can adapt and offer unique, memorable experiences will undoubtedly thrive in this exciting and ever-changing market.

Key Players in the Travel and Tourism Industry

As we dive deeper into the business of travel and tourism, it's crucial to recognize the key players that shape this industry. These players, ranging from airlines to accommodation providers and travel agencies, contribute to the diverse ecosystem of travel and tourism.

Understanding their roles and significance is essential for anyone interested in this dynamic sector.

Airlines and Aviation

Airlines are the lifelines of global travel. They provide the means for travelers to reach their destinations quickly and efficiently. Here's an overview of their role in the industry:

• Passenger Transportation : Airlines transport millions of passengers daily, connecting cities and countries across the globe. They generate revenue through ticket sales, baggage fees, and in-flight services.
• Cargo Services : Airlines also play a pivotal role in transporting goods and cargo, contributing significantly to international trade and logistics.
• Global Networks : Major airlines operate extensive global networks, allowing travelers to reach virtually any corner of the world.

Hotel Chains and Accommodation Providers

The hospitality sector, including hotels, resorts, and vacation rentals, is another cornerstone of the travel and tourism industry. Here's how they contribute:

• Lodging : These businesses offer lodging options, from budget-friendly to luxury, catering to diverse traveler preferences.
• Dining and Services : Many hotels provide dining options, spa services, event hosting, and recreational facilities, enhancing the guest experience and generating additional revenue.
• Destination Attraction : Iconic hotels and resorts often become attractions in themselves, drawing travelers to specific destinations.

Tour Operators and Travel Agencies

Tour operators and travel agencies specialize in creating and selling travel packages and experiences. Their roles include:

• Curating Experiences : They design itineraries and packages that offer unique and immersive travel experiences, from adventure tours to cultural excursions.
• Booking and Logistics : These businesses handle the logistics of travel, including accommodations, transportation, and activities, streamlining the process for travelers.
• Expertise : Tour operators and travel agencies provide expert guidance, helping travelers navigate complex travel decisions.

Destination Management Companies

Destination management companies (DMCs) focus on specific regions or destinations. Their roles encompass:

• Local Expertise : DMCs have in-depth knowledge of their respective destinations, enabling them to offer specialized services and experiences.
• Customized Services : They work closely with travel planners and agencies to tailor experiences for groups and individuals.
• Sustainability : DMCs often play a vital role in promoting responsible tourism practices within their destinations.

Online Travel Agencies (OTAs)

Online travel agencies have become a dominant force in the industry, leveraging digital platforms to connect travelers with various travel services. Here's what they do:

• Aggregation : OTAs aggregate information from airlines, hotels, and other travel service providers, offering a wide array of choices to travelers.
• Booking Platforms : They provide convenient booking platforms, allowing travelers to book flights, accommodations, and more in one place.
• Reviews and Recommendations : OTAs often feature user reviews and recommendations, influencing traveler decisions.

Understanding the roles of these key players in the travel and tourism industry is essential for anyone considering entering this sector.

Each player contributes uniquely to the travel experience, from transportation to accommodation and beyond. Successful businesses often collaborate with multiple stakeholders to offer comprehensive and memorable travel experiences to their customers.

Travel and Tourism Post-COVID-19

The travel and tourism industry, like many others, faced unprecedented challenges during the COVID-19 pandemic. Lockdowns, travel restrictions, and health concerns brought international travel to a standstill. However, the industry has displayed remarkable resilience and adaptability.

Let's explore how the sector is recovering and adapting in a post-pandemic world.

Impact of the Pandemic on the Industry

• Travel Restrictions : Stringent travel restrictions, including border closures and quarantine requirements, severely impacted international travel. Airlines faced a sharp decline in passenger numbers.
• Hospitality Struggles : Hotels and accommodation providers experienced a dramatic drop in occupancy rates. Many temporarily closed or adapted to offer quarantine and isolation services.
• Cruise Industry Challenges : Cruise lines faced significant setbacks due to onboard outbreaks. The industry had to reimagine health and safety protocols.
• Shift to Domestic Travel : With international travel restrictions, many travelers turned to domestic and regional destinations, boosting local tourism.
• Digital Transformation : The pandemic accelerated the adoption of digital technologies for contactless bookings, health monitoring, and communication.

Recovery and Adaptation Strategies

The travel and tourism industry is rebounding, thanks to a combination of factors:

• Vaccination Campaigns : Widespread vaccination campaigns have increased traveler confidence, making international travel safer.
• Health and Safety Protocols : Airlines, hotels, and other businesses have implemented robust health and safety measures to reassure travelers.
• Flexible Booking Policies : Many travel companies introduced flexible booking and cancellation policies to accommodate changing travel plans.
• Sustainability Focus : There's a growing emphasis on sustainable and responsible tourism, with businesses integrating eco-friendly practices.
• Digitalization : The industry continues to embrace digital technologies, offering contactless experiences and personalized services.
• Collaboration : Stakeholders across the industry are collaborating to rebuild and promote destinations.

Future Outlook and Resilience

The travel and tourism industry is poised for recovery and growth in the coming years. Here's what the future may hold:

• Pent-Up Demand : Many travelers postponed their plans during the pandemic, leading to pent-up demand for leisure and business travel.
• Sustainable Travel : Sustainable and eco-conscious travel is gaining momentum. Travelers are increasingly choosing destinations and businesses committed to environmental responsibility.
• Tech Integration : Technology will continue to play a significant role, with advancements in AI, mobile apps, and data analytics enhancing the travel experience.
• Health and Safety : Health and safety measures will remain a priority, with businesses maintaining rigorous protocols.
• Remote Work and Travel : Remote work trends may encourage a blend of work and leisure travel, with more extended stays in diverse locations.
• Resilience Planning : The industry is developing resilience plans to better handle future crises and disruptions.

The travel and tourism industry's ability to adapt and innovate in the face of adversity demonstrates its resilience. As it recovers and evolves, it offers promising opportunities for businesses and travelers alike.

The key to success lies in embracing change, prioritizing safety, and delivering exceptional experiences that meet the evolving needs of travelers in a changing world.

Sustainable Tourism and Responsible Business Practices

In a world increasingly concerned about the environment and social responsibility, the travel and tourism industry is under scrutiny to adopt more sustainable and responsible practices.

Let's delve into the importance of sustainable tourism and how businesses can contribute to a greener and more ethical travel sector.

Environmental and Social Responsibility

• Reducing Carbon Footprint : The travel industry is a significant contributor to greenhouse gas emissions. Airlines, for example, are exploring biofuels and more fuel-efficient aircraft to reduce their carbon footprint.
• Preserving Natural Resources : Eco-conscious travelers seek destinations that protect and preserve natural resources. Businesses can contribute by implementing eco-friendly initiatives like energy-efficient facilities and waste reduction programs.
• Conservation Efforts : Supporting local conservation projects and wildlife protection initiatives can be a part of responsible tourism. This can involve financial contributions or active participation.
• Respecting Local Cultures : Responsible tourism respects and celebrates local cultures and traditions. It involves engaging with local communities in a respectful and sustainable manner.
• Community Involvement : Businesses can support the communities they operate in through job creation, fair wages, and community development projects.

Sustainable Tourism Certifications and Initiatives

• Eco-Certifications : Numerous certifications, such as EarthCheck and Green Key , help businesses showcase their commitment to sustainability. These certifications often involve rigorous audits of a company's environmental practices.
• Zero-Waste Initiatives : Some hotels and resorts aim to become zero-waste establishments, recycling and repurposing nearly all their waste.
• Wildlife Conservation : Tour operators and businesses can partner with wildlife conservation organizations to promote ethical wildlife experiences.
• Local Sourcing : Restaurants and hotels can prioritize local sourcing of food and materials, reducing transportation-related carbon emissions.
• Plastic Reduction : Many businesses are eliminating single-use plastics and opting for sustainable alternatives.

Benefits of Responsible Tourism for Businesses

• Competitive Advantage : Travelers increasingly seek sustainable and responsible options. Businesses that embrace these practices gain a competitive edge.
• Cost Savings : Sustainable practices often lead to cost savings through reduced energy and resource consumption.
• Enhanced Reputation : Businesses committed to responsible tourism build a positive reputation and attract like-minded customers.
• Legal Compliance : Adhering to eco-friendly and ethical standards ensures compliance with evolving environmental and social regulations.
• Long-Term Viability : By protecting the environment and supporting local communities, businesses contribute to the long-term viability of their destinations.
• Guest Satisfaction : Eco-conscious travelers appreciate businesses that share their values, leading to higher guest satisfaction and loyalty.

The travel and tourism sector's future hinges on sustainable and responsible practices. Businesses that prioritize environmental and social responsibility not only contribute to a healthier planet but also position themselves for long-term success in an industry undergoing profound changes.

As a business professional, understanding and adopting these practices can be a strategic advantage in a world where ethical considerations increasingly influence consumer choices.

Hostile Takeovers

In a hostile takeover, the acquiring company pursues the target company despite the target's resistance. Hostile takeovers often involve aggressive tactics, such as tender offers directly to shareholders or attempts to replace the target's board of directors.

Case Studies: Successful Businesses in Travel and Tourism

To gain deeper insights into the strategies and approaches that have propelled certain businesses to success in the travel and tourism sector, let's examine a few notable case studies.

These examples showcase how innovation, adaptability, and a customer-centric approach can make a significant impact in this dynamic industry.

Airbnb: Revolutionizing Accommodation

Airbnb, founded in 2008, has transformed the hospitality sector. This online marketplace connects travelers with unique accommodations offered by hosts worldwide. What sets Airbnb apart?

Key Success Factors:

• Platform Model : Airbnb operates as a platform, allowing hosts to list their properties and travelers to book them. This asset-light model means Airbnb doesn't own properties, reducing capital requirements.
• User Reviews : User-generated reviews and ratings build trust among users. Travelers can make informed choices based on the experiences of previous guests.
• Personalization : Airbnb's recommendation engine suggests accommodations based on user preferences, enhancing the customer experience.
• Diverse Offerings : From treehouses to castles, Airbnb offers a wide range of unique accommodations, appealing to travelers seeking authentic experiences.
• Host Community : Airbnb invests in building a strong host community, providing support and resources to hosts.

Cross-Border Mergers and Acquisitions: Global Expansion

Cross-border M&A transactions involve companies from different countries coming together. These deals offer opportunities for global expansion but also present unique challenges.

Booking.com: Data-Driven Booking

Booking.com, founded in 1996, is a global online travel agency. It leverages technology and data to simplify travel booking.

• Vast Inventory : Booking.com offers a wide range of accommodation options, from hotels to vacation rentals. This extensive inventory caters to diverse traveler preferences.
• User Experience : The platform's user-friendly interface and transparent booking process contribute to its popularity.
• Data Analytics : Booking.com uses data analytics to understand traveler behavior, enabling personalized recommendations and pricing strategies.
• Global Reach : With a presence in over 220 countries and territories, Booking.com serves a global audience.
• Instant Confirmation : Providing real-time booking confirmation enhances the customer experience.

Delta Air Lines: Customer-Centric Air Travel

Delta Air Lines, a major U.S. carrier founded in 1924, is known for its customer-centric approach.

• Reliability : Delta prioritizes operational reliability, minimizing flight cancellations and delays.
• Fleet Upgrades : Investing in a modern and efficient fleet enhances the passenger experience and reduces operating costs.
• Customer Service : Delta emphasizes excellent customer service, and its efforts are reflected in high customer satisfaction ratings.
• Global Alliances : Participation in global airline alliances expands route networks and offers travelers more choices.
• Innovation : Delta embraces innovation, introducing features like biometric boarding and in-flight entertainment options.

These case studies highlight the diverse strategies and approaches that have driven success in the travel and tourism sector. From disruptive online marketplaces to data-driven booking platforms and customer-centric airlines, businesses that prioritize innovation, customer experience, and adaptability are well-positioned for growth.

By studying these examples, business professionals can gain valuable insights into the industry's evolving landscape and identify opportunities to innovate and excel in their own travel and tourism endeavors.

Lessons Learned from Industry Leaders

The travel and tourism sector offers a treasure trove of lessons for business professionals across various industries. Let's distill some key takeaways from the successes and innovations of industry leaders:

1. Customer-Centricity Is Paramount

Whether you're running an airline, hotel, or travel agency, prioritizing the customer experience is non-negotiable. Happy and satisfied customers become loyal patrons and brand advocates. Invest in personalized services, efficient booking processes, and responsive customer support.

2. Embrace Technology and Data

Technology is a game-changer in the travel industry. From data analytics that inform pricing strategies to mobile apps that enhance on-the-go experiences, leveraging technology can set your business apart. Be open to adopting new tools and systems that improve efficiency and customer satisfaction.

3. Diversity and Choice Matter

Offering a diverse range of products or services can attract a broader audience. In the travel sector, this means providing various accommodation types, transportation options, and tour packages. Embrace diversity to meet the unique preferences of your customers.

4. Transparency Builds Trust

Transparency in pricing, policies, and terms and conditions builds trust with customers. Hidden fees and ambiguous policies can lead to dissatisfaction. Clear communication and honesty go a long way in establishing credibility.

5. Sustainability Is the Future

Sustainability and responsible tourism are becoming central to the industry's ethos. Travelers are increasingly conscious of their environmental impact. Consider eco-friendly practices and promote responsible tourism. It's not only good for the planet but also a selling point for your business.

6. Innovate or Stagnate

Innovation is the lifeblood of the travel and tourism sector. Whether it's introducing new services, improving efficiency, or enhancing the customer journey, staying ahead requires a commitment to innovation. Monitor industry trends and be open to creative solutions.

7. Globalization Expands Reach

Participating in global networks and alliances can expand your business's reach. Collaborate with international partners to offer customers a wider range of options. Globalization also provides resilience in the face of economic fluctuations.

8. Resilience Is Crucial

The industry has weathered numerous storms, from economic crises to health emergencies. Building resilience into your business plans, such as having contingency measures for crises, is essential. Flexibility and adaptability are key.

9. Community and Culture Matter

Embrace the culture and communities where your business operates. Engage with local communities, respect their traditions, and contribute positively. This fosters goodwill and can lead to meaningful partnerships.

10. Continuous Learning Is a Competitive Advantage

The travel and tourism sector is ever-evolving. Continuous learning and staying informed about industry trends and regulations are essential. Attend conferences, workshops, and industry events to network and gain insights.

Incorporating these lessons into your business strategy can set you on a path to success in the dynamic and rewarding world of travel and tourism. By combining innovation, customer focus, and a commitment to sustainability, you can thrive in an industry that promises new horizons and unforgettable experiences for travelers worldwide.

The travel and tourism sector represents a dynamic and resilient industry with a significant impact on the global economy. As a business professional, understanding the nuances and opportunities within this sector is paramount. In this comprehensive guide, we've explored the multifaceted world of travel and tourism, delving into its significance, components, trends, and challenges.

We've seen how the industry intersects with business, offering a wide array of opportunities for entrepreneurs and established enterprises alike. Whether you're considering venturing into travel-related ventures or seeking to enhance an existing business through tourism, the sector holds immense potential.

Key takeaways from this exploration include:

• The Economic Powerhouse : Travel and tourism contribute significantly to GDP, job creation, and foreign exchange earnings in many countries. This sector's resilience is evident through its ability to rebound from crises.
• Diverse Components : The industry encompasses hospitality, transportation, attractions, travel services, and more, creating a rich tapestry of business opportunities.
• Trends and Challenges : Emerging trends like sustainable tourism and digital transformation offer avenues for innovation. Yet, challenges such as health concerns and environmental responsibility must be addressed.
• The Business of Tourism : Customer-centricity, technology adoption, transparency, and sustainability are vital principles for success in this sector.
• Key Players : Airlines, hotel chains, tour operators, and online travel agencies are among the key players shaping the industry's landscape.
• Post-COVID-19 Era : The pandemic prompted significant shifts in travel behavior. Recovery strategies and adaptability are critical for businesses in the post-COVID-19 world.
• Sustainable Tourism : Responsible practices not only benefit the environment but also appeal to conscious travelers and can drive business success.
• Lessons from Industry Leaders : Customer-centricity, innovation, transparency, and resilience are valuable takeaways from successful travel and tourism businesses.

As the world evolves, so do the travel and tourism opportunities. By staying informed, embracing innovation, and aligning with sustainability, you can position your business for success in an industry that promises both profitability and the chance to create unforgettable experiences for travelers around the globe.

Now, armed with insights from this guide, you're better equipped to navigate the exciting and ever-changing world of travel and tourism, contributing to its growth and shaping its future. Bon voyage!

• United Nations World Tourism Organization (UNWTO). (2022). Tourism Highlights 2022 Edition. Link
• World Travel & Tourism Council (WTTC). (2022). Economic Impact Reports. Link
• International Air Transport Association (IATA). (2022). IATA Economics. Link
• Deloitte. (2022). Travel, Hospitality, and Leisure Reports. Link
• Statista. (2022). Statistics and Market Data on Travel and Tourism. Link
• McKinsey & Company. (2022). Travel, Logistics & Transport Infrastructure. Link
• Booking.com. (2023). Link
• TripAdvisor. (2023). GreenLeaders. Link
• The New York Times. (2023). Travel and Tourism. Link
• National Geographic. (2023). Sustainable Travel. Link
• The World Bank. (2023). Tourism. Link
• World Tourism Organization (2022). Global Code of Ethics for Tourism. Link

Tumisang Bogwasi

2X Award-Winning Entrepreneur | Empowering Brands to Generate Leads, Grow Revenue with Business Strategy and Digital Marketing | Founder, CEO of Fine Group

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Travel and Tourism

Travel and tourism satellite account for 2017-2021.

The travel and tourism industry—as measured by the real output of goods and services sold directly to visitors—increased 64.4 percent in 2021 after decreasing 50.7 percent in 2020, according to the most recent statistics from BEA’s Travel and Tourism Satellite Account.

Data & Articles

• U.S. Travel and Tourism Satellite Account for 2017–2021 By Sarah Osborne - Survey of Current Business February 2023
• "U.S. Travel and Tourism Satellite Account for 2015–2019" By Sarah Osborne - Survey of Current Business December 2020
• "U.S. Travel and Tourism Satellite Account for 2015-2017" By Sarah Osborne and Seth Markowitz - Survey of Current Business June 2018
• Tourism Satellite Accounts 1998-2019
• Tourism Satellite Accounts Data Sheets A complete set of detailed annual statistics for 2017-2021 is coming soon -->
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Previously Published Estimates

• Data Archive This page provides access to an archive of estimates previously published by the Bureau of Economic Analysis. Please note that this archive is provided for research only. The estimates contained in this archive include revisions to prior estimates and may not reflect the most recent revision for a particular period.
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What is Travel and Tourism?

Measures how much tourists spend and the prices they pay for lodging, airfare, souvenirs, and other travel-related items. These statistics also provide a snapshot of employment in the travel and tourism industries.

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• TTSA Sarah Osborne (301) 278-9459
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The 15 places in America where people travel the most for work

Posted: December 7, 2023 | Last updated: December 7, 2023

Metros with the highest share of business travelers and their top destinations

Whether emerging tech hubs or venture capital havens, business travel destinations are about as diverse as the travelers' origins. Like so many other industries, though, business travel has changed in the post-pandemic era, with new traveler itineraries and destinations, transportation protocols, and frequency of travel.

In the mass shift to remote work, many businesses welcomed virtual meetings as sufficient alternatives to in-person ones requiring costly travel. And some companies let employees choose whether or not to attend business trips in person.

Those trends continue, even as businesses nationwide further reduce travel budgets in the name of sustainability. Deloitte estimates that by 2025, 3 in 10 companies will have reduced their travel budgets by more than 11%. Though a return to pre-pandemic spend volume by around late 2024 is likely "adjusting for lost growth and inflation indicates that in real terms, corporate travel will likely be smaller than it was prior to the pandemic," according to a 2023 study by Deloitte . Business travel remains a vital component of entrepreneurship, providing opportunities for in-person networking, market research, and dealmaking

Using data from the Federal Highway Administration's National Household Travel Survey , TravelPerk determined which metro areas recorded the most long-distance business trips in 2021, the latest year for which data is available. Metros are ranked by the share of work trips 300 miles or greater and rounded to the nearest 10th of a percent.

Where business travelers are coming from

During the COVID-19 pandemic, American workers gravitated away from major metro cities such as Los Angeles and New York City, in part to avoid areas with high population density and transmission rates.

That exodus also reflected a shift in priorities as the proliferation of remote work led residents to hunt for larger, more affordable homes. Some cities that welcomed relocators are now home to those who travel the most for work, including Las Vegas and Denver .

#15. Ann Arbor, Michigan

- Share of business trips over 300 miles: 1.0% (708,930 trips) - Top destination: Raleigh, North Carolina (166,155 trips)

Ann Arbor is home to the University of Michigan, renowned for its research programs. The institution is the top employer in the city , followed by its accompanying health care system. Thus, it is no surprise that Raleigh, one-third of North Carolina's Research Triangle, is the top destination for Ann Arbor workers.

#14. Albuquerque, New Mexico

- Share of business trips over 300 miles: 1.1% (2,124,090 trips) - Top destination: Chicago (922,579 trips)

The largest city in New Mexico is home to a variety of diverse industries, including agriculture in the Rio Grande River valley and military research and development at the Kirtland Air Force Base. The city is also home to New Mexico's primary international airport, the Albuquerque International Sunport, which operates an average of 415 daily takeoffs and landings.

#13. Cape Coral, Florida

- Share of business trips over 300 miles: 1.1% (1,927,728 trips) - Top destination: Chicago (174,559 trips)

Cape Coral is a southwestern city in Florida near the Gulf of Mexico, making the tourism industry a popular employment choice. The top employer, however, is Lee Memorial Health System , one of the largest nonprofit health systems in the state.

#12. Kauai County, Hawaii

- Share of business trips over 300 miles: 1.1% (248,506 trips) - Top destination: Hawaii County, Hawaii (148,207 trips)

Kauai County is home to a thriving tourism industry. The top four employers in the city are hotels and resorts, led by the Grand Hyatt Kauai Resort & Spa. Located 305 miles away, Hawaii County hosts an annual tourism conference that draws industry professionals from inside and outside the state.

#11. Myrtle Beach, South Carolina

- Share of business trips over 300 miles: 1.2% (1,518,998 trips) - Top destination: New York, New York (77,495 trips)

Many of the top employers in Myrtle Beach revolve around tourism, as the beach city attracts nearly 19 million visitors a year. However, the city is also home to an emerging aerospace workforce—an industry that has grown exponentially in the past decade —and hosts the Pittsburgh Institute of Aeronautics training location.

#10. Orlando, Florida

- Share of business trips over 300 miles: 1.2% (7,686,644 trips) - Top destination: Atlanta (1,101,956 trips)

Home to Disneyland and Universal Studios, Orlando has a heavily tourism-dependent economy and workforce. The city's top employer, Walt Disney World Resort,  employs over 58,000 residents . The top destination for business trips of Orlando workers is Atlanta, home to Hartsfield-Jackson Atlanta International Airport, the busiest airport in the world.

#9. Panama City, Florida

- Share of business trips over 300 miles: 1.2% (693,145 trips) - Top destination: Atlanta (129,748 trips)

The economy in Panama City, Florida, is largely driven by the military—the top two employers in the city are the Tyndall Air Force Base as well as Naval Support Activity Panama City. The top destination for business travelers, Atlanta, is within a two-hour flight of 80% of the United States' population.

#8. Crestview, Florida

- Share of business trips over 300 miles: 1.2% (960,107 trips) - Top destination: Dallas (79,798 trips)

Crestview in Okaloosa County is home to a large military presence, attracting related industries such as defense contractors and research and development. The city is just north of the largest U.S. Air Force facility in the world, Eglin Air Force Base.

#7. Juneau, Alaska

- Share of business trips over 300 miles: 1.2% (94,311 trips) - Top destination: Anchorage, Alaska (40,248 trips)

Nearly half of Juneau's workers are employed by the federal government since the city serves as the regional headquarters for several agencies, including the U.S. Forest Service and NOAA Fisheries. The top destination for business travelers from Juneau is also in Alaska—Anchorage, home to Ted Stevens Anchorage International Airport.

#6. Salt Lake City

- Share of business trips over 300 miles: 1.3% (3,902,861 trips) - Top destination: Chicago (384,788 trips)

Salt Lake City is home to the University of Utah, the city's top employer with over 20,000 workers. The state's economy, overall, is one of the most diverse in the country , according to the Hachman Index of Economic Diversity.

#5. Mobile, Alabama

- Share of business trips over 300 miles: 1.3% (1,495,069 trips) - Top destination: Chicago (822,025 trips)

Mobile, Alabama, features a thriving trade-based economy thanks to its designation as Alabama's only seaport. The city is also home to the first of only two U.S.-based Airbus manufacturing plants.

- Share of business trips over 300 miles: 1.3% (8,779,905 trips) - Top destination: Chicago (553,969 trips)

Denver is driven by a diverse workforce comprised of professionals in emerging fields such as fintech, bioscience, and energy. The city is experiencing rapid startup growth and is ranked 12th in the country for its startup ecosystem , according to Startup Genome.

#3. Las Vegas

- Share of business trips over 300 miles: 1.4% (7,699,779 trips) - Top destination: San Francisco (439,540 trips)

Apart from a nearby military base, the city's police department is the top local employer for Las Vegas residents , followed closely by a myriad of hotels and other tourism-related companies. The top business travel destination, San Francisco, is well known among professionals and entrepreneurs for its venture capital and investment opportunities.

#2. Carbondale, Illinois

- Share of business trips over 300 miles: 1.6% (516,989 trips) - Top destination: Chicago (451,258 trips)

Southern Illinois University and its accompanying medical system employ the most local residents by far, providing jobs to over 10,000 people. Business travelers tend to gravitate toward Chicago, home to the McCormick Place convention center, one of the largest in the country, and a go-to spot for large conferences and trade shows.

#1. Ketchikan, Alaska

- Share of business trips over 300 miles: 1.7% (55,461 trips) - Top destination: Seattle (32,290 trips)

Driven largely by the state's natural resources and wildlife, Ketchikan's economy serves as a transportation hub and the main source for local fishing canneries. The small city is home to the Ketchikan International Airport, which jets passengers to cities around Alaska and over to Seattle, the most popular destination for the city's business travelers.

Story editing by Jeff Inglis. Copy editing by Curtis Yee. Photo selection by Ania Antecka.

This story originally appeared on TravelPerk and was produced and distributed in partnership with Stacker Studio.

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Cities in the eclipse’s path are getting an economic ‘shot in the arm.’

Millions of tourists trying to experience the totality could bolster smaller economies across North America.

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By Santul Nerkar and J. Edward Moreno

• April 8, 2024

A vast swath of North America will soon be plunged into darkness. Though momentary, the total solar eclipse on Monday has already proved lucrative.

Across the United States, Mexico and Canada, towns and villages have been planning what could be the biggest tourist attraction for many small cities. Larger areas that are more accustomed to hosting events are nonetheless expecting a significant windfall.

“We don’t usually have this kind of tourism — it’s not common,” said Edgar Augusto González-Zatarain, the mayor of Mazatlán, Mexico. “Nature is giving us this opportunity, and we have to take advantage of it.”

Various indicators suggest the eclipse will bolster the economies in the path of totality, a roughly 110-mile-wide belt that will stretch from Mazatlán to Montreal. Hertz said car reservations had jumped 3,000 percent from a year ago. Airbnb has reported a 1,000 percent increase in searches for listings. In Oklahoma, the Choctaw Nation had seen a 200 percent increase as of mid-March in reservations at its resorts and casinos.

Mazatlán has long relied heavily on its port and fisheries, but the beach town has had growth in tourism, which now accounts for 80 percent of its economy. Still, it is often overshadowed by other Mexican resort towns and has had recent instances of cartel violence that may spook tourists. Mazatlán will experience the eclipse longer than many other cities, at more than four minutes. Hotels there are fully booked, and officials expect 120,000 visitors and an economic output of 500 million pesos (about $30 million).

Indianapolis is expecting roughly 100,000 visitors for the eclipse, said Chris Gahl, the chief executive of the city’s tourism marketing organization, who estimates the visitors will bring in $28 million to $48 million for the city. The city is used to hosting major events — including this year’s N.B.A. All-Star Game and the N.F.L.’s scouting combine — but the eclipse is a chance for the city to promote more of its arts and culture scene.

“We view hosting and being in the path of totality as an opportunity to diversify and broaden the audiences that might consider visiting Indy,” Mr. Gahl said.

Tourism officials in Austin, Texas, reported higher-than-usual hotel occupancy rates for the weekend before and the day of the eclipse. The city has the highest hotel inventory per capita in the state and is used to handling large influxes of tourists for events like South by Southwest and the Formula 1 United States Grand Prix.

“Our city is very much prepared and very experienced with large events and large influxes of people coming into the city,” said Wesley Lucas, a spokeswoman for Austin’s tourism marketing organization.

Bulent Temel, an economics professor at the University of Texas at San Antonio, estimated that eclipse tourism would add $285 million to the state’s economy. In an opinion essay, he called the event “ the most profitable 22 minutes in Texas history .”

But towns in the Texas Hill Country, which offers a better view of the eclipse, are far less accustomed to such events. Kerrville, a town of roughly 25,000, is preparing for its population to more than triple, town officials said.

The tourist-attracting event also presents a potential nuisance for public safety. Business owners and town officials have been preparing for several years, drawing on the experiences of the 2017 eclipse.

“This is going to be a great big economic shot in the arm for us,” said William Thomas, the emergency management coordinator for Kerr County, which includes Kerrville. “At the same time, it’s also going to be a tremendous drain on resources.”

Doug Hetzler, the manager of Gibson’s Discount Center in Kerrville, said his store was staying open longer during the week leading up to the eclipse and stocking its shelves with Moon Pies and wind chimes.

Mr. Hetzler said the store would offer a deal for tourists looking for precious space to park their cars during the event: Parking costs $50, but if you spend $100 in the store, you get that $50 back.

Mr. Hetzler hopes that the eclipse, more than creating a financial windfall, gives visitors a lasting impression of a town — and an old-time store — that they otherwise might not visit.

“Our opportunity is really to expose people to a store like this and a culture like this,” he said.

Santul Nerkar is a reporter covering business and sports. More about Santul Nerkar

J. Edward Moreno is a business reporter at The Times. More about J. Edward Moreno

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Record $517K raised to empower future leaders in travel industry management

• April 11, 2024

The University of Hawaiʻi at Mānoa Shidler College of Business ’ School of Travel Industry Management ( TIM school) held its 22nd annual Celebrate a Legacy in Tourism gala on April 10, at the Sheraton Waikīkī. Also marking the college’s 75th anniversary, this year’s fundraiser raised a record-breaking $517,000 thanks to the generous support of the hospitality and Hawaiʻi business community.

“We’re proud to recognize Mufi Hannemann, Holden Lim and Kyo-ya as trailblazers in their industry, who continue to inspire current and future graduates,” said Shidler College Dean and First Hawaiian Bank Chair of Leadership Management Vance Roley. “Further, it’s incredible that over half a million dollars has been raised to support student scholarships. We applaud the efforts of our volunteer table sales committee and the 2024 honorees to greatly amplify our impact.”

2024 honorees

Celebrate a Legacy in Tourism honors individuals who have made significant and long-term contributions to Hawaiʻi ’s tourism industry. This year, the Legacy in Tourism Award was presented to Muliufi “Mufi” Hannemann; Holden Lim, BBA ’89 was inducted into the TIM Alumni Hall of Honor; and Kyo-ya Hotels & Resorts, LP received the Distinguished Service Award.

Hannemann was honored with the Legacy in Tourism Award for his vast contributions to the tourism industry and dedication to fostering the development of students. As president and CEO of the Hawaiʻi Lodging & Tourism Association, chair of the Hawaiʻi Tourism Authority board, and board member of the U.S. Travel and Tourism Advisory Board, Hannemann has played a pivotal role in shaping the state’s tourism landscape. His founding of the Pacific Century Fellows and service to the TIM school as an advisory council member further showcases his commitment to nurturing future leaders.

Lim, president of Hospitality Link International, Inc. , was presented with the TIM Alumni Hall of Honor award, recognizing his professional achievements and continued support of the TIM school. Lim’s career in the hospitality industry began in 1989 at the Westin St. Francis in San Francisco and over the years, he contributed significantly to firms like HVS International and Sonnenblick-Goldman Company, orchestrating over $4.5 billion in real estate transactions. Lim remains engaged with the TIM school, currently serving on the TIM Alumni Association as secretary.

Kyo-ya Hotels & Resorts, LP , was recognized with the Distinguished Service Award for their contributions to Hawaiʻi ’s tourism industry and the community, providing many hours of service and volunteer hours to various local causes. Kyo-ya expanded its footprint across Hawaiʻi and California, including iconic properties like The Royal Hawaiian and Sheraton Maui. Additionally, Kyo-ya serves as a pipeline for hospitality careers, hiring numerous graduates from UH and mentoring high school and college students, ensuring the continuity of generations in the islands.

This year’s presenting sponsor was Marriott International; contributing sponsors were Bank of Hawaii; Central Pacific Bank; First Hawaiian Bank; Hawaiʻi Lodging & Tourism Association, Iron Workers Stabilization Fund & Iron Workers Local 625; KV & Associates and Stanford Carr Development; Kyo-ya Hotel & Resorts, LP ; “Sheraton Old Timers” group; and The Westin Maui and Trinity Investments. Hawaii Business magazine once again served as the 2024 media partner.

To support the TIM school or Shidler college, contact Jennifer Lieu, director of development at [email protected] . For a full list of past honorees click here .

Related Posts:

• $425K raised to support UH Travel Industry…
• UH TIM professor earns Pacific Business News’…
• 20th annual TIM School fundraiser honors Roy…
• previous post: UH Mānoa hits academic rankings record with 8 subjects in U.S. top 20
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   Welcome to Moscow - the capital of Russia, its political, scientific, historical, architectural and business centre, from which power and might of the Russian state developed.

• A new global BCG study reveals that during the past two decades, only 26% of corporate transformations successfully created value in both the short and long terms.
• We highlight five truths about corporate transformation—and refute one lie that executives like to tell themselves.

BCG Henderson Institute Newsletter: Insights that are shaping business thinking.

Business Transformation

/ article, five truths (and one lie) about corporate transformation.

By  Martin Reeves ,  Christian Gruß ,  Kristy Ellmer ,  Adam Job ,  Gabe Bouslov , and  Paul Catchlove

Key Takeaways

In an era of technological advancements, geopolitical tensions, and economic turmoil, standing still is akin to moving backward. As the durability of competitive advantage has dwindled , the average tenure of companies on the S&P 500 index has more than halved since the late 1970s. 1 1 S. Patrick Viguerie, Ned Calder, and Brian Hindo, 2021 Corporate Longevity Forecast , May 2021, Innosight website. Notes: 1 S. Patrick Viguerie, Ned Calder, and Brian Hindo, 2021 Corporate Longevity Forecast , May 2021, Innosight website.

But changing with the times is difficult: A new global BCG study reveals that during the past two decades, only 26% of corporate transformations successfully created value in both the short and long terms. (See “ About Our Research .”)

So how can change leaders beat the odds? We use our empirical insights to highlight five truths about corporate transformation —and refute one lie that executives like to tell themselves.

Truth #1: You Can (and Should) Fix Things Before They Break

In transformations, timing matters: Pre-emptive transformations are initiated while total shareholder return (TSR) is in line with or ahead of industry averages. These transformations create significantly more value in the medium and long run (+2.7 percentage point TSR over a three-year horizon) than reactive transformations (initiated after TSR has already dipped below the peer group).

Transforming preemptively—before a performance gap has opened up—means transforming from a position of strength, subject to less pressure and scrutiny: leaders are empowered to focus on identifying options for future advantage , rather than on purely defensive moves, such as divestments.

Consider, for example, Microsoft’s remarkable trajectory over the past decade: After stagnating performance from 2009 to 2012, the company managed to achieve some momentum between 2012 and 2014 (achieving 36% annualized TSR). Not content with this recovery, Microsoft’s then-incoming CEO Satya Nadella made changes to lay the groundwork for future success: He oriented the company toward the new dominance of cloud , even though this trend had not yet damaged the bottom line. This move set Microsoft up to nearly triple its stock price in the first four years of Nadella’s tenure. Nevertheless, he announced yet another restructuring in 2018, setting up an AI division, which was soon bolstered by Microsoft’s early $1 billion investment in OpenAI. 2 2 Don Reisinger, “Microsoft Is About to Undergo a Major Reorganization: Here’s How It Breaks Down,” Fortune website, March 29, 2018. Notes: 2 Don Reisinger, “Microsoft Is About to Undergo a Major Reorganization: Here’s How It Breaks Down,” Fortune website, March 29, 2018. Today, Microsoft is the most valuable company in the world—illustrating how preemptive transformation with heavy investment allows sustaining performance in an evolving competitive environment and amid significant technology changes.

Truth #2: Leadership Will Make or Break Your Transformation

Microsoft’s story also highlights the importance of leadership. The firm’s successful transformations were not only driven by Nadella’s anticipation of future trends, but also his willingness to question and change the mental models and organizational structures that underlay the company’s historic success. For example, since the 2018 restructuring, Microsoft no longer has a division dedicated to its Windows operating system. Contrast this with Blockbuster’s leadership rejecting the opportunity to acquire a fledging Netflix, Swissair continuing to invest in its failing airline, or Kodak not embracing the digital photography technology it pioneered—and the importance of leadership commitment to change becomes crystal clear.

When leaders present an obstacle to change, their removal can improve transformation outcomes.

• Our data shows that a leadership change during a transformation is associated with a 4.1 percentage points higher TSR performance over the five-year time horizon (compared to the previous downturn period).
• The positive TSR impact is even higher (an additional 3.7 percentage points over the five-year period) if the new leadership comes from outside of the company.

However, a change in leadership is not a guaranteed success driver; it is also associated with a high variance in TSR outcomes. As such, this effect is less driven by the leader per se than by their willingness and commitment to making a change—particularly at a time when leadership engagement in transformations is on the decline . Consistent with this, we find that preemptive transformations—in which leaders act to fix things before they break, demonstrating their initiative and commitment—are associated with higher leadership stability than reactive ones (4.7 percentage point lower frequency of CEO change during the transformation period). Moreover, we know from other research that stability in leadership teams can also drive a company’s long-term growth potential.

Truth #3: You Cannot Cut Your Way to Greatness

Our analysis shows that, in the short term, investor expectations are the most significant driver of value creation in a transformation contributing more than two thirds of TSR outperformance over industry peers in the first year after a transformation is initiated. (See Exhibit 1). Efficiency improvements drive 13% of the outperformance, while the remaining factors (revenue growth and margin improvements) play even smaller roles.

As such, it is crucial for companies to craft a compelling transformation plan and narrative at the outset of their journey, and to define a clear communication agenda toward their shareholders. Moreover, firms must signal discipline and momentum by executing on quick wins for cost reductions.

In the long term (five years), value creation drivers are flipped, such that the lion’s share of TSR outperformance is driven by successful cost reductions (32%) and revenue growth (43%), while investor expectations play a smaller role (25%). This indicates that, in the long-term, execution is key, as investors will keep executives to their promises. Moreover, it shows that you cannot cut your way to greatness: differential growth is critical to sustained value creation .

Truth #4: Transformations Require a Long-Term Orientation

Achieving sustainable growth and a future-proof operating model requires entering transformations with a long-term orientation, rather than merely focusing on addressing performance woes or catching up to peers in terms of technology stack or organizational best practices.

Our data shows that having a long-term strategic orientation exhibits a strong positive impact on transformation performance, being associated with a 12.5 percentage points higher TSR impact over a five-year horizon. 3 3 Measured leveraging a proprietary algorithm that quantifies the strategic orientation of companies based on semantic patterns in 10-K filings. Notes: 3 Measured leveraging a proprietary algorithm that quantifies the strategic orientation of companies based on semantic patterns in 10-K filings. A long-term orientation can be achieved by creating an entrepreneurial culture, in which new ideas are constantly developed and leaders are willing to take chances on unproven models. To support a forward-orientation, companies need to complement traditional, backward-looking performance metrics with future-oriented ones. For example, 3M pioneered the New Product Vitality Index (NPVI), a metric that tracks the share of sales from products that didn’t exist five years ago.

Beyond mindset, culture, and metrics, a long-term orientation also means investing in the exploration of new ideas that could be the basis of future advantage: above industry-average R&D spending is associated with a 2.9 percentage point improvement in TSR performance over the course of a transformation.

Above industry-average capital expenditures are also linked to better transformation outcomes—to the tune of 3.7 percentage point TSR over a five-year horizon. This indicates that leaders must find the right balance between identifying new sources of growth and improving their existing model, for example, by upgrading production machinery. It also underlines that operational effectiveness needs to be tied not only to cuts, but also to selective investments.

Truth #5: You Cannot Make Things Up as You Go

Transformations are complex and require simultaneously delivering on several objectives—usually under immense pressure from the outside and inside. As a result, companies cannot make transformation up as they go.

Putting a formal transformation program in place—which we identify based on a combined analysis of corporate announcements and restructuring spend—has a positive impact (5.9 percentage points) on long-run TSR during transformation periods. Moreover, the scale of the program and the willingness to invest in change matter, with our results further showing a strong, positive correlation between above industry-average restructuring spend and TSR outcomes (+5.7 percentage points over five years).

Formalizing the transformation entails defining a clear governance and process—or setting up a dedicated transformation office—for coordinating and tracking progress on change initiatives, as well as regularly communicating it to the executive leadership team so that roadblocks can be addressed promptly. Moreover, it may mean putting in place a chief transformation officer to helm an ambitious change effort, which our prior research shows can improve transformation odds significantly. However, simply having a CTO on staff is not a panacea. The role must be designed appropriately and filled by someone who is persistent, vigilant, and flexible —and who is trained for the job.

A Lie: You Are Special—and These Insights Don’t Apply to You

The empirical patterns of transformation are quite stable: At any point in the past 20 years, roughly 30% of companies significantly underperformed their sector for a period of multiple years, making transformation a necessity for performance reasons. 4 4 Underperformance is identified as an annualized deterioration in TSR, relative to the company’s industry average, of 10 p.p. or more over a two-year period. Notes: 4 Underperformance is identified as an annualized deterioration in TSR, relative to the company’s industry average, of 10 p.p. or more over a two-year period. (See Exhibit 2.) However, successful transformations are the exception, rather than the norm, even when measured on very modest criteria. More than 70% of companies fail to outperform their industry peer group average in both the short (one year) and long term (five years), after a previous performance downturn period. These number are quite similar to the findings in our 2018 report—showing that while the world has changed significantly in the last few years, the challenges of keeping up with that change have remained remarkably persistent.

Just as crucially, these patterns are remarkably universal, with our data showing that no region, sector, or size group is an outlier on transformation need and success rates. The success factors of transformations discussed throughout this article also have directionally similar effects across all subgroups of our sample.

Put briefly: When it comes to transformations, no one is special. Change leaders have no reason to be overconfident, given that only half of the companies we studied employed more than two of the key success factors we identified. Sustainable value creation through transformation remains so rare. 5 5 This includes: above-industry average R&D spending, CapEx investments, or restructuring costs (each scaled by sales); a long-term strategic orientation; setting up a formalized change program; bringing in a new CEO, or even a new external CEO. Notes: 5 This includes: above-industry average R&D spending, CapEx investments, or restructuring costs (each scaled by sales); a long-term strategic orientation; setting up a formalized change program; bringing in a new CEO, or even a new external CEO.

About Our Research

This study is an extension of BCG’s earlier work, “ The Truth About Corporate Transformation ,” published in MIT Sloan Management Review . Here, we broadened the research to a global scope, updated to cover the recent period of enormous turbulence, and deepened the analysis of factors and segments. Our empirical study covers the period 2001 to 2022, with the sample including nearly 2,000 public companies from around the globe that generated at least $10 billion in revenue in 2022 or had a market capitalization of $10 billion at the end of that year. To identify transformations, we assess firms’ total shareholder returns (TSR) relative to their industry peers, as transformations are regularly initiated in reaction to performance downturns. We combine this with a predictive model, which leverages information from corporate announcements and data on restructuring spend to identify whether a formal transformation program has been set up. Depending on data availability across variables in a given analysis, our study covers between 1,000 and 2,000 transformations.

In an increasingly turbulent world, changing with the times is crucial—but the odds of success are slim. To beat them, change leaders must heed these truths about corporate transformations.

The BCG Henderson Institute is Boston Consulting Group’s strategy think tank, dedicated to exploring and developing valuable new insights from business, technology, and science by embracing the powerful technology of ideas. The Institute engages leaders in provocative discussion and experimentation to expand the boundaries of business theory and practice and to translate innovative ideas from within and beyond business. For more ideas and inspiration from the Institute, please visit our website and follow us on LinkedIn and X (formerly Twitter) .

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Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.

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Leading airports for international air passenger traffic in 2022 (in million international passengers)

Market value of selected airlines worldwide 2023

Market value of selected airlines worldwide as of May 2023 (in billion U.S. dollars)

Global passenger rail users forecast 2017-2027

Worldwide number of passenger rail users from 2017 to 2022, with a forecast through 2027 (in billion users)

Daily ridership of bus rapid transit systems worldwide by region 2023

Number of daily passengers using bus rapid transit (BRT) systems as of April 2023, by region

Number of users of car rentals worldwide 2019-2028

Number of users of car rentals worldwide from 2019 to 2028 (in millions)

Number of users in selected countries in the Car Rentals market in 2023

Number of users in selected countries in the Car Rentals market in 2023 (in million)

Carbon footprint of international tourism transport worldwide 2005-2030, by type

Transport-related emissions from international tourist arrivals worldwide in 2005 and 2016, with a forecast for 2030, by mode of transport (in million metric tons of carbon dioxide)

Attractions

• Premium Statistic Market size of museums, historical sites, zoos, and parks worldwide 2022-2027
• Premium Statistic Leading museums by highest attendance worldwide 2019-2022
• Basic Statistic Most visited amusement and theme parks worldwide 2019-2022
• Basic Statistic Monuments on the UNESCO world heritage list 2023, by type
• Basic Statistic Selected countries with the most Michelin-starred restaurants worldwide 2023

Market size of museums, historical sites, zoos, and parks worldwide 2022-2027

Size of the museums, historical sites, zoos, and parks market worldwide in 2022, with a forecast for 2023 and 2027 (in billion U.S. dollars)

Leading museums by highest attendance worldwide 2019-2022

Most visited museums worldwide from 2019 to 2022 (in millions)

Most visited amusement and theme parks worldwide 2019-2022

Leading amusement and theme parks worldwide from 2019 to 2022, by attendance (in millions)

Monuments on the UNESCO world heritage list 2023, by type

Number of monuments on the UNESCO world heritage list as of September 2023, by type

Selected countries with the most Michelin-starred restaurants worldwide 2023

Number of Michelin-starred restaurants in selected countries and territories worldwide as of July 2023

Online travel market

• Premium Statistic Online travel market size worldwide 2017-2028
• Premium Statistic Estimated desktop vs. mobile revenue of leading OTAs worldwide 2023
• Premium Statistic Number of aggregated downloads of leading online travel agency apps worldwide 2023
• Basic Statistic Market cap of leading online travel companies worldwide 2023
• Premium Statistic Leading online travel companies worldwide 2020-2022, by revenue CAGR
• Premium Statistic Leading online travel companies worldwide 2022-2023, by EV/EBITDA

Online travel market size worldwide 2017-2028

Online travel market size worldwide from 2017 to 2023, with a forecast until 2028 (in billion U.S. dollars)

Estimated desktop vs. mobile revenue of leading OTAs worldwide 2023

Estimated desktop vs. mobile revenue of leading online travel agencies (OTAs) worldwide in 2023 (in billion U.S. dollars)

Number of aggregated downloads of leading online travel agency apps worldwide 2023

Number of aggregated downloads of selected leading online travel agency apps worldwide in 2023 (in millions)

Market cap of leading online travel companies worldwide 2023

Market cap of leading online travel companies worldwide as of September 2023 (in million U.S. dollars)

Leading online travel companies worldwide 2020-2022, by revenue CAGR

Revenue compound annual growth rate (CAGR) of leading online travel companies worldwide from 2020 to 2022

Leading online travel companies worldwide 2022-2023, by EV/EBITDA

Enterprise-value-to-EBITDA (EV/EBITDA) of selected leading online travel companies worldwide in 2022, with a forecast for 2023

Selected trends

• Premium Statistic Global travelers who believe in the importance of green travel 2022
• Premium Statistic Sustainable initiatives travelers would adopt worldwide 2022, by region
• Premium Statistic Airbnb revenue worldwide 2017-2023
• Premium Statistic Airbnb nights and experiences booked worldwide 2017-2023
• Premium Statistic Technologies global hotels plan to implement in the next three years 2022
• Premium Statistic Hotel technologies global consumers think would improve their future stay 2022

Global travelers who believe in the importance of green travel 2022

Share of travelers that believe sustainable travel is important worldwide in 2022

Sustainable initiatives travelers would adopt worldwide 2022, by region

Main sustainable initiatives travelers are willing to adopt worldwide in 2022, by region

Airbnb revenue worldwide 2017-2023

Revenue of Airbnb worldwide from 2017 to 2023 (in billion U.S. dollars)

Airbnb nights and experiences booked worldwide 2017-2023

Nights and experiences booked with Airbnb from 2017 to 2023 (in millions)

Technologies global hotels plan to implement in the next three years 2022

Technologies hotels are most likely to implement in the next three years worldwide as of 2022

Hotel technologies global consumers think would improve their future stay 2022

Must-have hotel technologies to create a more amazing stay in the future among travelers worldwide as of 2022

• Premium Statistic Travel and tourism revenue worldwide 2019-2028, by segment
• Premium Statistic Distribution of sales channels in the travel and tourism market worldwide 2018-2028
• Premium Statistic Inbound tourism visitor growth worldwide 2020-2025, by region
• Premium Statistic Outbound tourism visitor growth worldwide 2020-2025, by region

Travel and tourism revenue worldwide 2019-2028, by segment

Revenue of the global travel and tourism market from 2019 to 2028, by segment (in billion U.S. dollars)

Distribution of sales channels in the travel and tourism market worldwide 2018-2028

Revenue share of sales channels of the travel and tourism market worldwide from 2018 to 2028

Inbound tourism visitor growth worldwide 2020-2025, by region

Inbound tourism visitor growth worldwide from 2020 to 2022, with a forecast until 2025, by region

Outbound tourism visitor growth worldwide 2020-2025, by region

Outbound tourism visitor growth worldwide from 2020 to 2022, with a forecast until 2025, by region

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