Business Travel News for the Week: November 9
It’s been an exciting weekend for the U.S. travel industry as election results and testing of a potential vaccine circulate the news channels. On Election Day, the TripActions data team shared a time-lapse video of U.S. travel bookings across the United States which highlight that recovery is already happening. A growing appetite to get back to work travel, paired with incredible advancements across payments, safety, and support, position the travel industry for the kind of rebound it’s long awaited.
As you chart a path to return to business travel, we encourage you to continue to reference our free-to-the-public TripActions Business Travel Recovery™ Tool and our COVID-19 Report in the TripActions Travel Manager Dashboard. These will help you assess the safety of travel, understand any associated government regulations, and use other pertinent real-time data to guide your policy decisions. You can also explore the most pressing industry topics on the TripActions Community, which offers valuable insight from travel managers, finance leaders, HR professionals, and others.
Now, let’s dive into what’s happening across the industry today. You can check out past weekly news roundups here.
In what’s turning into a historic week for the travel industry, a broad range of travel stocks rallied in pre-market trading on Monday morning after Pfizer announced that its COVID-19 vaccine could be 90% effective based on an early analysis of its late-stage trial. The big three airlines—United Airlines, American Airlines, and Delta Air Lines—were all up double digits, with American shares soaring as high as 26%, the biggest jump of the three.
The other major shift impacting the prospects of travel companies is the announcement of President-Elect Joe Biden. For months, steps towards meaningful recovery were delayed as the election loomed large. Travel executives are bullish on progress to come now that a clearer coordinated direction has been set.
Travel is far from over and nothing points to the potential of a rebound like the travel companies that have continued to drive business throughout the past year. These thriving corners of the travel industry offer hope of a rebound and the possibility of traveling safely.
Marriott Returns to Profitability as It Sheds Expenses [Wall Street Journal]
Marriott International Inc. returned to profitability in the latest quarter as it halved its spending and travel demand improved from lows earlier in the pandemic. “While Covid-19 is still significantly impacting our business, our results for the third quarter showed continued improvement in demand trends around the world,” Chief Executive Arne Sorenson said Friday.
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