Thanks again for the as usual super summary of an important trend, Romit! I wonder still to what extent we will have “mean reversion”, ie will we go back to 90-95% of the pre-pandemic normal or will it be a structural shift (more like 20-30%) in terms of work related travel etc. My guess is more like 70% on average with massive variations across industries and firms.
I think that things will go back, personal touch and experiences will always have a considerable sell. However, I see two things happening - 1. Reducing in-person events, meetings will be an easy way for businesses to cut costs. The bar for sending to an in-person event will become higher. 2. Many events will become hybrid. Online/virtual experiences add interesting dimensions to an industry that has largely stayed the same. There might be two-tiered pricing structures. Overall, I think the growth might slow down though in time the volume of business travel will surpass pre-COVID levels.
Great read
Thanks again for the as usual super summary of an important trend, Romit! I wonder still to what extent we will have “mean reversion”, ie will we go back to 90-95% of the pre-pandemic normal or will it be a structural shift (more like 20-30%) in terms of work related travel etc. My guess is more like 70% on average with massive variations across industries and firms.
I think that things will go back, personal touch and experiences will always have a considerable sell. However, I see two things happening - 1. Reducing in-person events, meetings will be an easy way for businesses to cut costs. The bar for sending to an in-person event will become higher. 2. Many events will become hybrid. Online/virtual experiences add interesting dimensions to an industry that has largely stayed the same. There might be two-tiered pricing structures. Overall, I think the growth might slow down though in time the volume of business travel will surpass pre-COVID levels.