Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Annelise Capossela/Axios

Companies have made it a year and a half mostly without traveling for work — and now more and more of them are considering dramatically reducing business travel to slash costs and cut carbon emissions.

Why it matters: Business travel is a massive part of the global economy — with trillions of dollars and millions of jobs at airlines, hotels and travel agencies hinging on its return.

By the numbers: Corporate travel is coming back but is projected to remain at just 30% of 2019 levels by the end of 2021, according to a new Deloitte survey of travel managers at firms across industries.

  • Half of the surveyed companies say they're adjusting their travel strategies to be more sustainable. 76% say they're turning more internal meetings that would require flying into online ones, 58% say they'll do fewer business trips overall and 55% say they'll specifically look at cutting back on international corporate travel.
  • Two-thirds of respondents say they'll reduce the frequency of business trips to save money.

What they're saying: "Companies used to send maybe eight people to close a deal. Now they'll send two people, and the rest will be on Zoom," says Charlie Leocha, president of Travelers United, a passenger-advocacy organization, and one of the architects of a recent Wall Street Journal analysis that projected the pandemic would permanently reduce business travel by 20-40%.

The stakes: Business travelers only make up around 10% of airline passengers across the major global carriers, but they account for 55%–75% of revenue because they're typically the ones who spend big on last-minute tickets or book premium seats, the New York Times' Jane Levere reports.

  • A permanent setback in corporate travel could push airlines to bump up prices or reduce routes, Leocha says — both of which would hit leisure travelers.

But, but, but: Some parts of business travel will bounce back, experts say.

  • There are all sorts of business trips, from corporate retreats to sales pitches to trade shows. "And what you see is a fair amount of variation in terms of what will come back and at what pace," says Vik Krishnan, leader of McKinsey's travel practice in North America.
  • Conferences and trade shows will come back because "you can't network on Zoom," says Leocha. And when it comes to pitching to clients, "there's a 'fear of missing out,'" Krishnan says. "Most companies will probably end up doing what their competitors do."
  • On top of that, some of the pre-pandemic business trips that disappear will be replaced by new types of trips spurred by our new way of working. Company-wide retreats are becoming more frequent and more elaborate as companies embrace remote and hybrid work, Axios' Bryan Walsh notes.

What to watch: Business travel is getting hit by international travel restrictions as well as uncertainty around the Delta variant of the coronavirus, says Krishnan. Recovery will speed up once restrictions loosen and the pandemic is more fully under control, he says.

Go deeper

Mike Allen, author of AM
Oct 15, 2021 - Economy & Business

The coming vacation spike

Airbnb CEO Brian Chesky foresees a travel spike at year's end as workers cash in a flood of use-it-or-lose-it paid time off.

Driving the news: "We're going to be entering ... a new golden age of travel, where suddenly people ... have a record accrual of PTO and they've been landlocked," Chesky told me during a wide-ranging interview for "Axios on HBO."

Trump says he plans to launch new social media network in 2022

Photo: Chris Delmas/AFP via Getty Images

Former President Trump on Wednesday announced plans to launch a social media network called "Truth Social," and that it would go public via a SPAC.

Why it matters: Most ex-presidents are focused on their legacies, by creating presidential libraries or engaging in philanthropic endeavors. Trump, however, remains consumed by social media.

Beauty giant Coty Cosmetics looking to sell its own branded products

Coty Cosmetics CEO Sue Nabi. Photo: Axios on HBO

Coty Cosmetics CEO Sue Nabi tells Axios the beauty giant will “probably” introduce Coty-branded products one day.

Why it matters: Coty produces some of the world’s most popular fragrances, skin care products and color cosmetics on behalf of other well-known brands, but has shied away from producing its own branded products.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!