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)
Tegeta Green Planet Presents Circular Economy Expertise at IRF Congress
- By TT News
- October 07, 2026
Tegeta Green Planet was represented by its director, Shalva Akhvlediani, at the 4th IRF Europe & Central Asia Regional Congress & Exhibition, convened by the International Road Federation (IRF Global). The three-day gathering assembled specialists possessing international and regional expertise, alongside public and private sector delegates and researchers, to deliberate on pressing matters concerning road infrastructure development.
Sustainable, Smart and Safe Roads for Sustainable Economic Growth served as the congress's central theme. Akhvlediani took part in a session titled ‘Sustainable Road Infrastructure: Climate Risks, Emissions and Long-Term Efficiency’, which examined methods for reinforcing the resilience and sustainability of road infrastructure across its complete lifecycle, spanning planning, design, construction, maintenance and renewal.
Climate change adaptation, low-carbon materials, circular economy approaches and environmental efficiency featured among the session's principal subjects, together with solutions guaranteeing road infrastructure's durable, long-term performance. Akhvlediani shared Tegeta Green Planet's expertise and outlook, noting that the company's operations accord directly with circular economy principles by converting waste into resources and advancing responsible waste management.
Operating within Extended Producer Responsibility, Tegeta Green Planet occupies a significant role in Georgia's collection and management of specific waste streams, including used tyres, waste oils and automotive batteries. This practical experience illustrates how circular economy principles can be embedded in real business and infrastructure solutions. Congress discussions additionally addressed international experience exchange and practical approaches for strengthening infrastructure resilience, environmental efficiency and long-term durability.
NEXEN TIRE Builds Australian Momentum With Perth Expansion And Brand Push
- By TT News
- October 07, 2026
NEXEN TIRE has strengthened its Australian logistics footprint by opening a new distribution centre in Perth, Western Australia’s largest hub city. The move extends the company’s supply network beyond its existing east-coast bases in Sydney, Melbourne and Brisbane, creating a more comprehensive nationwide distribution system.
The Perth facility is expected to improve product availability for dealers and consumers across Australia. By enhancing local inventory management, NEXEN TIRE aims to shorten logistics lead times and respond more quickly to shifts in market demand, thereby boosting its competitiveness in the fast-growing Australian market.
Beyond logistics, the tyre maker has introduced its Shop Branding programme to Australia, applying a unified visual identity to partner stores through signage, interiors and displays centred on its signature purple. NEXEN TIRE has also continued sports marketing efforts as an official sponsor of A-League club Sydney FC since the 2024/25 season, with the partnership running through the 2026/27 campaign beginning October 16.
Australia remains a strategic market for NEXEN TIRE, with its local subsidiary posting revenue growth of more than 50 percent year-on-year in the first half of this year, more than double the same period in 2024. Combining distribution expansion with locally tailored marketing, the company plans to deepen engagement with Australian consumers, drawing on expertise gained from supplying original equipment tyres to global premium automakers.
John Bosco (Hyeon Suk) Kim, CEO, NEXEN TIRE, said, "With the opening of this distribution centre, we have secured a foundation to supply our products more reliably beyond the east coast. We will strengthen both our distribution network and brand marketing to continue expanding our presence in the Australian market."
TyreSafe And Mission Zero Join Forces To Raise Fleet Safety Standards
- By TT News
- October 07, 2026
TyreSafe, UK’s leading tyre safety charity, has entered into a new partnership with Mission Zero, a prominent quality standard within the road fleet sector. The collaboration is designed to help organisations enhance compliance, lower risk and advance shared goals for safer, cleaner and more responsible road transport.
Mission Zero offers a structured framework for fleets pursuing zero collisions, emissions and prohibitions, centred on a comprehensive legal compliance audit alongside recognised industry best practice. Its credentials are formally acknowledged across major infrastructure and transport programmes, including Transport for London’s Work-Related Road Risk requirements, HS2, Sizewell C, National Highways and CLOCS.
TyreSafe already collaborates with several of these bodies, including National Highways and CLOCS, reinforcing tyre safety’s place within broader fleet safety and compliance efforts. Its expertise has likewise gained national recognition, featuring in the government’s developing approach to work-related road safety and the creation of a National Work-Related Road Safety Charter.
Under the partnership, the two organisations will jointly assist fleet operators in recognising how effective tyre management supports safer vehicles, stronger compliance and reduced occupational road risk. Combining expertise, resources and industry engagement, they aim to help organisations build safer fleets, prevent incidents and foster a more sustainable road transport future, reflecting TyreSafe’s ongoing commitment to collaboration across the transport, enforcement and fleet sectors and to keeping tyre safety central to the journey towards Vision Zero.
Nick Caesari, CEO, Mission Zero, said, “Tyre safety is a fundamental part of managing risk within any fleet operation. Mission Zero is focused on helping organisations move beyond compliance and adopt a proactive approach to safety, and working with TyreSafe allows us to strengthen the guidance and support available to operators. Together, we can help businesses understand the important role that safe, well-maintained tyres play in preventing incidents and achieving their wider road safety goals.”
Stuart Lovatt, Chairman, TyreSafe, said, “We are pleased to partner with Mission Zero and support its ambition to help organisations achieve higher standards across fleet safety. Tyres are one of the most important safety-critical components on any vehicle, yet they are often overlooked as part of wider compliance and risk management strategies. By working with Mission Zero, we can help more operators recognise that effective tyre management is a vital part of achieving safer fleets and reducing work-related road risk.”
Kuraray America Volunteers Log 350+ Hours At 2026 Pasadena Rodeo
- By TT News
- October 07, 2026
Kuraray America, Inc. (KAI) demonstrated its community commitment through volunteer service and financial support at the 77th annual Pasadena Livestock Show & Rodeo. The Kuraray Foundation of America (KFA), a 501(c)(3) nonprofit corporation, contributed USD 5,000 to the event, funding local youth programmes.
Over the rodeo's nine-day run, eleven KAI employees dedicated more than 350 volunteer hours to health, safety and security operations. Leveraging their professional expertise, these volunteers identified and mitigated onsite risks, staffed the medical tent and worked behind the scenes to ensure a safe, well-organised experience for all attendees.
Beyond safety duties, KAI volunteers supported interactive educational exhibits highlighting the connections between industry, agriculture, and sustainability. These displays allowed families to explore the farm-to-table journey and understand how various industries contribute along the way. The rodeo's fundraising efforts extend far beyond the event itself, supporting college scholarships, livestock show awards, calf scramble programmes and other agricultural education opportunities for local students.
For KFA, the sponsorship represented more than financial backing – it was a chance to invest time, expertise and resources in an organisation dedicated to the Pasadena community throughout the year. KAI expressed gratitude to the rodeo for welcoming its team and recognised volunteers David Solo, Calvin Balch, Alex Berry, Dwight Brunner, Matt Callas, Eric McDaniel, Miguel Pompa, Zachary Reynolds, Chase Stewart, Richard Bass and Tyler Free for their service, reflecting the company's dedication to being an active partner in the communities where its employees live and work.
Comments (0)
ADD COMMENT