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)
Hankook Tire Secures Triple Winner Accolades At Red Dot Design Award 2026
- By TT News
- June 30, 2026
Hankook Tire has further solidified its global reputation for innovative product design after securing three Winner awards in the Product Design category at the prestigious Red Dot Design Award 2026. The recognition from the internationally acclaimed competition underscores the company’s commitment to advancing tire technology through aesthetic and functional excellence.
The honoured products include the ultra-high-performance Ventus evo, the all-terrain iON AT developed for electric SUVs and pickup trucks and Laufenn’s summer performance tyre, the S FIT2. Each design was evaluated for its innovation, aesthetics, functionality and overall quality, with Hankook Tire standing out among global contenders in this year’s selection.
The Ventus evo was distinguished by its sharply defined centre wheel groove that enhances steering precision and reduces road noise, while a chamfer design and an AI-powered sustainable compound improve mileage by up to 32 percent. Its sidewall also features a Vanta Velvet graphic with an ultra-fine texture, combining visual appeal with practical performance. Meanwhile, the upcoming iON AT integrates key electric vehicle attributes such as energy efficiency, extended mileage and low noise into an off-road focused structure, with an optimised tread pattern and compound that minimise energy loss, heat generation and wear.
The S FIT2 from Laufenn earned recognition for its Numeric Sidewall design, which aligns with the brand’s minimalist philosophy while strengthening visual identity. Its asymmetric tread pattern ensures precise handling and effective drainage, while added features like the Alignment Indicator and EV Mark enhance user convenience. Environmentally conscious technologies also extend tread life and reduce noise. Organised by Germany’s Design Zentrum Nordrhein Westfalen, the Red Dot award is one of three major international design accolades – alongside the iF Design Award and the IDEA – where Hankook Tire continues to earn consistent recognition, reinforcing its premium brand image through innovation-driven design.
HS HYOSUNG Group Publishes First Comprehensive Sustainability Report Since Launch
- By TT News
- June 30, 2026
HS HYOSUNG Group has officially released its inaugural Sustainability Report, marking a significant milestone since the conglomerate’s establishment. The comprehensive document provides a transparent overview of the organisation’s Environmental, Social and Governance management activities, detailing both ongoing initiatives and notable accomplishments across its operations.
The publication consolidates ESG data from the holding entity, HS HYOSUNG Corporation, and extends to major subsidiaries such as HS HYOSUNG USA, Inc., HS HYOSUNG TOYOTA Co., Ltd. and HS HYOSUNG GLOBAL LOGISTICS VINA CO., Ltd. Furthermore, the report incorporates the ESG performance of key affiliates, including HS HYOSUNG ADVANCED MATERIALS Corporation and HS HYOSUNG INFORMATION SYSTEMS Corporation, ensuring a holistic representation of the group’s sustainability efforts.
Central to the report is the introduction of the group’s sustainability vision, ‘Rooted in Value, Growing Together’, which is supported by three strategic pillars: Growth Value, Shared Value and Trusted Value. To guide its strategy, the group synthesised double materiality assessments from various units, identifying five Group-wide priorities: customer satisfaction, occupational health and safety, compliance, eco-friendly portfolio and climate change response. The report systematically details the management frameworks, current progress, key achievements and forward-looking plans for each of these critical areas.
An HS HYOSUNG official said, "Publishing our first Sustainability Report as we celebrate the second anniversary of HS HYOSUNG makes this milestone especially meaningful. Going forward, we will continue to respond proactively to a changing business environment while creating greater value and building stronger trust with our stakeholders."
Tegeta Green Planet And Shine Energy Host Environmental Forum At Edison School ‘Novatsia’
- By TT News
- June 30, 2026
Tegeta Green Planet, in collaboration with Shine Energy, recently conducted an environmental awareness session at Edison School ‘Novatsia’, drawing the participation of approximately 60 students. The gathering was designed to illuminate the core tenets of the green economy, renewable energy and circular economic models, aiming to instil a robust sense of environmental stewardship among the younger generation.
The initiative sought to cultivate a collective sense of duty regarding the preservation of natural resources and the urgent challenges posed by climate change. Attendees were briefed on the deployment of modern technologies and innovative strategies to mitigate ecological footprints while also exploring the corporate sector's role in fostering a sustainable future. The discourse underscored that sustainable development transcends mere environmental conservation, integrating economic vitality and social equity.
Tegeta Green Planet’s representatives delved into the specifics of the Extended Producer Responsibility system and the intricacies of managing particular waste streams, alongside the foundational principles of the circular economy. Concurrently, Shine Energy’s team elaborated on the pivotal function of renewable sources in the ongoing energy transition, highlighting the societal and ecological advantages of solar power and other clean energy alternatives. The session was notably enriched by the proactive engagement of 10th-grade students.
These students delivered presentations on Earth Day, tracing its historical origins, its evolution into a global movement and the critical importance of individual action in resource preservation. The dialogue reinforced that every societal member contributes to this balanced vision. Tegeta Green Planet and Shine Energy remain committed to expanding such educational projects across various institutions, viewing them as essential to nurturing an environmental culture and responsible behaviours that are fundamental for the well-being of future generations.
USTMA Launches National Tire Safety Week 2026 With New Storytelling Platform
- By TT News
- June 30, 2026
The U.S. Tire Manufacturers Association (USTMA) has launched National Tire Safety Week 2026, a public education campaign running from 29 June through 4 July. This year’s initiative, themed ‘Driving Safety, Full Circle’, introduces a new storytelling platform called Full Circle, which emphasises the essential role of tyres in everyday American life. The campaign underscores the critical importance of regular tyre maintenance for overall vehicle safety.
To illustrate this message, the association has released Full Circle Moments, a series of short videos depicting common scenarios where tire performance is paramount. The series features five distinct vignettes, including an infant’s secure journey home from the hospital, a parent’s lesson in driving for a teenager, the durability required for a family road trip, the traction needed during a heavy rainstorm and the stopping power necessary for sudden braking. These videos are being distributed via USTMA’s official website and social media channels.
The campaign also provides motorists with a practical maintenance guide, urging them to remember the acronym ‘P.A.R.T.’, which stands for Pressure, Alignment, Rotation and Tread. Drivers are advised to conduct these checks at least monthly and prior to embarking on extended summer road trips. According to the association, investing a few minutes in these simple inspections can significantly reduce the risk of highway incidents.
Furthermore, National Tire Safety Week marks the official launch of the Full Circle digital platform, which is structured around five core pillars: safety, sustainability, innovation, economic impact and advocacy. The site offers evidence-based narratives about the tyre industry’s dedication to reliable mobility and environmental stewardship, including efforts to repurpose tyres. The initiative is supported by all major USTMA member companies, including Bridgestone, Continental, Goodyear, Michelin and several other leading tyre manufacturers.
Anne Forristall Luke, President and CEO, USTMA, said, “Every drive home, every family road trip, every race to an emergency by a first responder happens on tyres. Proper tyre maintenance plays a critical role in safety on the road, and we must all do our part to protect the people and moments we value most. National Tire Safety Week is our reminder that caring for our tyres is simple and essential, and that behind every safe mile is an industry working to make mobility safer, smarter and more dependable.
“Tyres are essential to nearly every part of modern life, yet they’re easy to take for granted. Full Circle embodies the depth of our industry’s commitment to the communities we serve. It’s a story of an industry committed to continuous progress with safety at the forefront, and we’re proud to keep driving it forward.”
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