Amex GBT Assures Investors Pandemic Just a Blip for Corporate Travel
Skift Take
The corporate travel agency’s management team was fairly bullish during an investor day at the New York Stock Exchange on Tuesday, but can anyone really predict the true shape of business travel in the next year or two?
American Express Global Business Travel is sticking to its plan to go public later this year by merging with an Apollo Management-backed blank check company, a vote of confidence in the future of business travel. Indeed, a number of companies have receded from similar plans, including taxi firm Gett and HotelPlanner.
The corporate travel agency is confidently predicting that in a couple years things will all be back to normal — including travel patterns and behaviors from global clients that still haven’t really fully reopened their offices.
Amex GBT’s transactions only recovered to 61 percent in the week up to April 2, its CEO told investors at the New York Stock Exchange on Tuesday. But Paul Abbott also revealed that Amex GBT had upgraded its outlook, based on new research from Fitch Ratings and the U.S. Travel Association.
It now predicts global business travel spend will reach 90-100 percent of 2019 levels by 2023. It previously had it pegged at 80 perce
