Business Travel News to Read This Week
The TripActions team is in full force this week in San Francisco for our Sales Kick Off where we’re talking about how we can best serve our users by empowering them to seize travel as a lever for growth. At HQ, we’re supporting our community with donations to the Australian bushfires and making good on our investment in building the carbon data dashboard with a $31,000 investment in a variety of clean energy projects in India to offset TripActions employee flights in 2019. On a lighter note, Israeli tech blogger Hillel Fuld visited HQ and we launched a new series highlighting individual members of our global TripActions family.
In the broader industry, there are seismic shifts happening around the world that will change how and where we travel in the coming year and decade. On one hand, Brexit became official this month, marking a period of transition for business travelers and, on the other, business travel has come to a near complete stop in China in an effort to prevent the spread of Coronavirus. But, we hold on to hope that technology can make the world safer, easier to navigate, and more productive. According to a new report, travel and hospitality tech continues to attract investments from some of the smartest minds alive today.
You can check out all of our weekly news roundups here. Now, here’s the top news of the week:
The official marking of Brexit was announced this month, concerning both British and European travelers on how they’ll get to their destinations. According to officials, no immediate changes will take place as the UK enters a transition period. Most EU laws will still apply, including the free movement of people, which allows UK citizens to travel freely throughout other EU member-states for the remainder of the year. Starting in 2021, UK travelers will be required to obtain a visa for stays in the EU, Norway and Switzerland over a 90 day period, among other new requirements. Read the TripActions guide on what Brexit means for business travel here.
Coronavirus Thwarts Business Travelers Who ‘Need to Be in the Room’ [New York Times]
The coronavirus is affecting corporate travel to China and Hong Kong as a number of big businesses put a halt on business trips to the region. Large corporations like HSBC, Goldman Sachs, Alibaba, and French Automotive Group PSA are all restricting business travel until further notice. This, of course, has caused a lack in demand for airlines and hotels operating in those regions and has rocked the stock markets as well.
Travel Industry Becomes Conscious of Carbon Impact [Los Angeles Times]
As younger generations become increasingly critical of the vast carbon emissions involved in travel, corporate travel and transportation companies are considering how to adapt. It’s become evident that the biggest changes will come from new technologies, and many companies are starting to look to the future. Read the TripActions ebook Taking Steps Towards Sustainable Business Travel to learn more about the industry can continue to evolve.
The venture community has been hooked on travel and hospitality since the dot-com era of the early 2000s. As the multi-trillion-dollar global travel and hospitality market continues to grow, VCs remain eager for the opportunity to redefine the ways we move and stay around the world. Deal flow in travel and hospitality has remained strong and largely stable over the last half-decade and more than a handful of startups in the space hit unicorn status, including companies like Klook, Sonder, Flixbus, Vacasa, and TripActions.
Ride-Hailing Bumps Meals as Most Common Business Travel Expense [Business Travel News]
Ride-hailing services were the most-expensed business spending category in 2019, according to a new report from TripActions’ partner Certify, the first time since 2015 that meals didn't top the list.