When the COVID-19 pandemic halted travel worldwide, in-person meetings and events switched quickly to virtual platforms.
The latest McKinsey & Company research suggests that the postcrisis return will take years, and that business travel will return at a slower pace than leisure travel.
The article examines the role of corporate travel, and how the industry has recovered after previous disruptions; the segments that may return first; how and why they will differ; and the segments that may be replaced permanently by technology.
It also explores the recovery in China, and see how other major markets are faring. It also highlights key actions that could help travel players in an undoubtedly lengthy recovery ahead.