Rebound of leisure travel demand has been driving the post-Covid travel market
The recovery of global tourism industry since the end of Covid-19 pandemic has so far been led by leisure travellers. However, report by travel data analytics provider ForwardKeys suggests that the recovery in global business travel is set to overtake leisure in July.
Olivier Ponti
“Throughout the Covid pandemic, business travel flight bookings have been slower to recover than leisure, and currently still are. However, that situation now looks likely to change. As of May 30, we are seeing that the trend is set to reverse in July, with the recovery in business travel overtaking the recovery in leisure – as business flight bookings are 14 pc behind pre-pandemic (2019) levels and leisure are 16 pc behind,” says Olivier Ponti, VP of Insights, ForwardKeys.
According to a press statement, the rebound of leisure travel demand has been driving the post-Covid travel market, with premium business travel recovering somewhat slower. There are still certain areas where there are worries that business travel will not return to what it was before the epidemic because the pandemic has permanently changed how people work and conduct meetings.
On the other hand, according to recent analysis from data and insights firm ForwardKeys based on current flight ticketing data, business travel is now poised to eclipse leisure as the sector recovers.
“Moreover, the gap will probably widen in the autumn, as business bookings for September are just 1 pc behind 2019, whereas leisure is 8 pc behind. It is conceivable the trend of leisure leading the recovery could continue if there is a late surge in summer holiday bookings; but the rise in inflation, including the price of hospitality and airline tickets,makes that unlikely,” Ponti adds.
Many in the sector have hailed the quicker than expected easing of restrictions in China as a major driver of the recovery in travel demand.
According to ForwardKeys, outbound travel from China will increase in the second quarter as more seats open up the world to Chinese tourists.
The most favoured international destinations for Chinese tourists have been Thailand, South Korea, Hong Kong, and Japan, says ForwardKeys.
