That will be key to reviving the airlines. Corporate clients typically deliver bigger returns than those packed in coach, spending more than $1 trillion on travel in 2019, according to the World Travel & Tourism Council. Amex GBT’s business has rebounded to 61% of its pre-pandemic level from just 25% at the peak of the omicron outbreak.
While it remains to be seen whether the recovery can be sustained — executives may ultimately take fewer business trips than previously once the initial euphoria of a return to travel wears off — the pace of the rebound is shoring up confidence at airlines as they deploy fleets and map out their post-pandemic networks. The Bloomberg World Airlines Index has climbed about 50% from a May 2020 low.
The picture isn’t uniform. The rebound is anaemic in China, which is still locking down entire cities in a bid to stamp out Covid-19, and Hong Kong, where foreign visitors must quarantine on arrival. Some in the business say there’s bound to be a degree of retrenchment after two years of relative success with virtual get-togethers.
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