More than one-third of the U.S. senior financial executives project their companies will restore pre-pandemic levels of business travel by the end of 2021, according to a recent survey by the Association of International Certified Professional Accountants. Additionally, nearly 85 percent of respondents forecast their companies would reach that level by 2024.
AICPA from April 27 through May 24 surveyed 770 qualified chief executive officers, chief financial officers, "controllers and other senior-level CPAs who hold executive and senior management accounting roles," according to the association.
Of the respondents, 9 percent indicated their organizations already had reached pre-pandemic levels of business travel and another 25 projected they would by year-end. Another 29 projected they would in the coming 12 months.
About 18 percent of respondents indicated their organizations were planning for "significant easing" of their restrictions on both domestic and crossborder travel, with another 28 percent anticipating significant domestic easing but more limited crossborder easing. About 9 percent indicated their companies planned to maintain restrictions on both domestic and international business travel.
"The business travel responses within our survey support its broader findings: there is growing optimism about the recovery accelerating through the end of the year," said AICPA VP and managing director of Chartered Global Management Accountant learning, education and development Ash Noah in a statement. "While 91 percent of the respondents confirm that restrictions on domestic and international travel are being lifted, we're seeing a reassessment or reset on what kinds of travel represent true value. We can also expect a longer lag in global travel resumption, given the varying degrees of effective pandemic response within different regions and nations."