This is great news for businesses, and it’s also incredibly beneficial to the broader U.S. economy and workforce. In 2022, there was nearly $100 billion in meeting and events-related travel spending—representing 38 percent of all business travel expenditures. That spending supported 600,000 American jobs.
This is why large-scale, in-person events like U.S. Travel’s IPW are so important. Face-to-face meetings are where deals get done, and where economic growth happens. Virtual meetings were a helpful tool to maintain connections during the pandemic, but they were no substitute for meeting a client face to face.
Though much has changed over the course of the past few years, business travel is—and will remain—a worthwhile investment.
Business Travel Remains a Solid Investment
By: Hayley Condon, U.S. Travel Association
A firm handshake, a subtle cue, a face-to-face connection—some things just cannot be replicated on Zoom.
America’s smartest business leaders know this. And they know that in-person meetings are one of the most powerful tools at their disposal to help gain the competitive edge in the post-COVID economy.
According to a 2023 survey from J.D. Power and Tourism Economics, 81% of executives view business travel as essential to company operations. A study reported in the Harvard Business Review backs this up, revealing that face-to-face requests are 34 times more effective than emailed ones.
The hard numbers also speak to the effectiveness of business travel and in-person meetings. A 2021 Oxford Economics study featuring statistical modelling over 26 years and 14 industries determined that for every dollar invested in business travel, U.S. companies experienced a $5.90 return in terms of revenue.