Many companies around the globe are cancelling or suspending business travel as a result of the coronavirus, according to new data.
The latest data from the Global Business Travel Association (GBTA) revealed that business travel to Asia has been hit particularly hard.
Indeed, at least three out of every four companies have cancelled or suspended all or most business trips to China, the GBTA said.
Fears mount as the coronavirus outbreak continues to spread across the world.
Many companies have issued warnings to outline the potential business risks caused by the outbreak of the virus.
So far Italy is the worst-affected country in Europe, with over 10,000 people now infected.
The aviation industry has also been hit particularly hard by the lower demand for international travel, as many people are deciding to stay indoors instead.
Ryanair (LON:RYA) announced only yesterday that it has lowered its passenger target for 2020 because of the suspension of all Ryanair flights to and from Italy.
Over in the business travel industry, the GBTA said that there has been an exponential rise in the the cancellation and suspension of business travel to areas other than Asia.
“Coronavirus is significantly impacting the business travel industry’s bottom line. As the virus continues to spread across the world, business travel is slowing at an alarming rate. The impact to the business travel industry – and to the broader economy – cannot be underestimated,” said Scott Solombrino, COO and Executive Director of the Global Business Travel Association.
“Traveler safety remains the industry’s primary concern, and we are continuing to monitor conditions and respond appropriately. We encourage our member companies to heed the advice from all global health officials such as the CDC and the WHO when thinking about their travel plans,” Scott Solombrino continued.
“I am confident in our efforts to ensure the health and safety of all travelers and know that we will emerge from this downturn with an even stronger industry.”