Business travel represents a substantial force in the global economy. Just before the Covid-19 pandemic hit, it contributed to more than USD 1.2 trillion, about 25 percent of the travel and tourism sector’s overall economic impact, to the global GDP. Businesses had resumed spending on travel after substantial declines in 2008 and 2009.
A research by Global Business Travel Association Foundation had found that for every one percent change in business travel spending, the US economy typically gains or loses 74,000 jobs, USD 5.5 billion in GDP, USD 3.3 billion in wages and USD 1.3 billion in taxes. The report also stated that personal vehicle (35 percent) was the most popular mode of transportation among US business travellers in 2016, followed by airplane (28 percent) and rental cars (13 percent).
Internal travel encompasses trips taken for intracompany purposes, where employees participate in activities such as training, team building or inspection of field operations. External travel, on the other hand, refers to travel done by employees for engagements outside the company, including in-person meetings with clients and suppliers, trade conferences and customer sales calls.
"Obstacles to business travel, such as cumbersome visa protocols and long flight connections, constrain access to knowhow and limit growth opportunities, especially in developing countries," said Frank Neffke, research director at Harvard Kennedy School’s Growth Lab.
Benefits Of Business Travel
In the past, companies have experienced that, on average, 40 percent of customers would eventually be lost without in-person meetings and support.
Detailed statistical modelling over 18 years and 14 industries indicates that for every dollar invested in business travel, US companies make a USD 9.50 return in terms of revenue. The modelling also found that US business travel has yielded USD 2.90 in profits for every dollar spent.
There is a small segment of employees for whom travel is deemed essential for conducting business. This category accounted for around 15 percent of all corporate travel expenses in 2019 and includes decision makers in manufacturing companies with a wide distribution of factories and plants, and field-operation workers. For some corporate travellers, it is possible to move oversight responsibility to local personnel and/or utilise digital medium. This segment will see their business travel decline. A large segment of business travel is done to cultivate new or important client relationships. This segment will bounce back as soon as Covid-related restrictions are lifted.
A tiny portion of business travel comes from the public sector, professional associations and nonprofits. During the pandemic, many professional associations were able to hold virtual events to replace in-person conferences and will likely be more cautious in their return to travel.
Business Travel Catches The Virus!
Business travel has taken a big hit during the Covid-19 pandemic and its future is still up-in-the-air, waiting for the end of the pandemic and firming up the ‘New Normal’. In 2020, total global business travel expenses contracted by 52 percent, while managed corporate-travel spending in the United States alone plummeted by USD 94 billion (71 percent).
The World Travel and Tourism Council’s (WTTC) latest annual research shows that the global travel and tourism sector suffered a loss of almost USD 4.5 trillion to reach USD 4.7 trillion in 2020, with its contribution to GDP dropping by a staggering 49.1 percent compared to 2019. In 2020, sixty-two million jobs were lost, representing a drop of 18.5 percent, leaving just 272 million employed across this sector globally, compared to 334 million in 2019. The threat of job losses persists as many jobs are currently supported by government retention schemes and reduced hours, which could be lost without a full recovery of the travel and tourism sector.
Some business travellers expect to take at least as many business trips in 2022 as they had in the year before the Covid-19 pandemic was declared. While teleconferencing will reduce the need for some business travel, many survey respondents cited the need to meet in-person to rekindle relationships with customers, suppliers and business partners. Another frequent reason cited for the need to travel for business was a job change.
The countries most eager to travel for business once Covid-19 travel restrictions are lifted seem to be China, US and Australia. Of course, the potential increase in Covid cases from the Delta and future variants of the virus may still cause further backsliding on rising confidence levels for resumption of business travel. (TT)
Tyres Europe Urges Maintained EUDR Timeline With Targeted Technical Fixes
- By TT News
- June 06, 2026
Tyres Europe has responded to the European Commission’s recent policy package on the EU Deforestation Regulation (EUDR), offering qualified support for measures that reduce red tape. Industry representatives have pointed to proposed exemptions for retreaded and test tyres as a positive step, arguing these products do not present the same supply chain traceability risks as standard new tyres. The move is seen as a way to prevent unnecessary administrative costs for businesses.
A significant point of clarity within the Commission’s documents involves the dual legal status of tyre makers. Under the new framework, manufacturers are considered operators when importing natural rubber but become first downstream operators when selling finished goods. Tyres Europe has endorsed this distinction, stating it prevents the needless circulation of due diligence statement numbers after the raw material has already been cleared at the border. The association believes the same rationale should apply to imported finished tyres, which have already satisfied verification requirements upon entry.
Nevertheless, serious practical hurdles remain, particularly concerning the EUDR’s digital infrastructure. The tyre sector routinely mixes domestically produced and imported tyres within the same warehouses for extended periods, forcing companies to repeatedly consolidate large volumes of due diligence references for customer shipments. Although the Commission has acknowledged the necessity of grouping tools, the current design of the Information System may undermine these simplified procedures. Industry leaders warn that without technically sound solutions, system resilience could be compromised.
Tyres Europe has formally requested that the EUDR’s existing implementation deadline stay unchanged. Instead of delaying the rules, the group urges policymakers to resolve unresolved operational issues through narrowly tailored fixes. The ultimate goal is to prevent duplicate transmission obligations wherever prior due diligence can be clearly demonstrated, ensuring that supply chains remain functional without sacrificing regulatory oversight.
Adam McCarthy, Secretary General, Tyres Europe, said, “The tyre industry supports the objectives of the EUDR and is ready to implement it. After years of preparation, companies now need implementation certainty. The priority now should be to ensure that the remaining operational issues are addressed through targeted refinements and further implementation guidance, rather than through any reopening of the Regulation itself.”
Yokohama Rubber Earns Top CDP Supplier Engagement Rating For Second Straight Year
- By TT News
- June 05, 2026
The Yokohama Rubber Co., Ltd. has been named a ‘Supplier Engagement Leader’, the top ranking in the 2025 Supplier Engagement Assessment by CDP, a global environmental nonprofit focused on a sustainable economy. This marks the second consecutive year the company has received the highest rating.
The CDP assessment examines how businesses effectively collaborate with suppliers on climate change issues, based on five criteria from its climate questionnaire: governance and strategy, emissions targets, Scope 3 emissions, risk management and supplier cooperation. Yokohama Rubber aims to achieve net zero CO₂ emissions from its own operations by 2050 and has disclosed Scope 3 emissions since 2013.
To address supply chain climate impact, the company created the Yokohama Green Procurement Guidelines with suppliers to promote eco-friendly raw materials. It also holds annual CSR briefings for suppliers on carbon neutrality. Under its ‘Caring for the Future’ sustainability slogan, Yokohama Rubber continues to generate shared value by tackling social issues through business activities.
HF Group’s Freudenburg Facility Renews EcoVadis Gold Medal
- By TT News
- June 05, 2026
HF Group’s Freudenburg site in Germany has once again been awarded the EcoVadis Gold Medal, a distinction granted only to the top five percent of companies assessed by EcoVadis in the 12 months prior to the medal issue date.
The recognition reflects the quality of the company’s sustainability management system and demonstrates a firm commitment to promoting transparency throughout the value chain, acknowledging its continued dedication to responsible business practices and continuous improvement.
Simultaneously, the group is now preparing for a group-wide EcoVadis assessment, aiming to achieve its first consolidated group result by the close of 2026. This initiative represents another important milestone in strengthening HF Group’s sustainability journey on a global level, reinforcing its long-term environmental and social governance objectives across all operations.
BKT Tyres Launches 24x7 Journey Assistance Programme For Two-Wheeler Riders
- By TT News
- June 05, 2026
BKT Tyres, the tyre mobility brand of Balkrishna Industries Ltd. (BKT), has introduced a 24x7 journey assistance programme called BKT YOU FORWARD for two-wheeler riders. The initiative marks the company’s shift from a pure tyre manufacturer to a comprehensive mobility partner, offering support that extends well beyond the point of sale and aligns with its Elevate Your Drive philosophy.
Available across India, the programme provides round-the-clock assistance through a dedicated helpline for unexpected incidents like punctures, breakdowns or accidents. Services include towing, repairs, ambulance access, cab arrangements and legal aid, all aimed at reducing rider anxiety and ensuring uninterrupted mobility.
A digital-first campaign film starring veteran actor Rakesh Bedi brings the initiative to life through everyday riding scenarios, showing how reliable support turns stressful roadside moments into reassuring experiences.
BKT YOU FORWARD offers three structured plans with two-year validity: the Basic Plan at INR 99, the Signature Plan at INR 149 and the Elite Plan at INR 199. Partner agencies Crossroads and Bi WW support the programme, which relies on a robust service infrastructure, real-time monitoring and defined processes to maintain consistent customer experiences and long-term engagement.
Mahesh Koppad, Chief Marketing Officer, BKT Tyres, said, “Indian riders face diverse challenges every day, and access to timely, reliable support can redefine their journey experience. At BKT Tyres, our philosophy of Elevate Your Drive is not limited to selling tyres; it’s a long-term commitment to rider confidence and mobility. BKT YOU FORWARD, as the name suggests, is designed with consumer-first principle and embodies this promise by offering a structured, 24x7 assistance programme that covers nearly every scenario a rider may encounter. This initiative is not just about solving problems, it’s about building trust, continuity and assurance into every journey. By combining strong service infrastructure, real-time monitoring and defined escalation processes, we are setting a new benchmark in customer engagement. Our vision is to ensure that riders don’t just move forward but move forward with confidence.”
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