News

Law

Asset Management

Investment Banking

Wealth

Hedge Funds

People

Newsletters

Events

Lists

View

It’s not just a perk — the shutdown of business air travel will cost us all dear

The economic impact will extend far beyond lost jobs at airlines and in the hospitality industry, because it will also lead to a substantial decline in the transfer of knowledge

A person walks through a near empty John F. Kennedy Airport in New York in April
A person walks through a near empty John F. Kennedy Airport in New York in April Photo: Getty Images

Before Covid-19, spending on business travel totaled $1.5tn a year (about 1.7% of world GDP). Now it is down to a trickle, as countries have closed their borders and social distancing has taken hold.

Planes have been grounded, hotels are closed, and executives are not earning frequent flier miles. Many travel and hospitality jobs are feeling the consequences.

WSJ Logo