There is a good chance that video meetings will permanently replace some of the business trips. Cost savings from companies and the impact of aviation on the climate can also put a brake on the recovery of business travel, according to credit rating agency Moody’s in a report on the aviation sector. Moody’s considers it unlikely that it will fully recover from the coronavirus crisis by 2024.
“About 20 to 25 percent of business travel involves meeting people from the same company. These trips run the greatest risk of being cancelled”, says Moody’s, and to compensate for this, airlines will have to cut their capacity and costs.
Airlines offering more luxurious travel with more comfort are expected by the rating agency to feel the slow recovery in the number of business trips the most. For these companies, business travellers are more important than price fighters. Moody’s mentions American Airlines, Lufthansa and British Airways. Aviation is one of the sectors most affected by the coronavirus crisis.