Corporate travel in Spain continues its “dynamic” recovery, with travel volumes for April and May reaching 89 per cent of pre-Covid levels, according to figures from Spanish business travel association GEBTA.
The latest update from the GEBTA Business Travel Observatory, which is based on data covering more than 80 per cent of Spain’s managed business trips, found the rebound in trips is being driven by large corporations.
Travel activity for larger corporates increased to 85 per cent of 2019 levels in April and May – up from 81 per cent in the first quarter of 2023 and a marked improvement from 69 per cent in the final quarter of 2022.
Meanwhile, the SME market – which has been leading Spain’s business travel recovery – has “reached its growth threshold” at 95 per cent.
GEBTA also noted a “significant increase” in domestic travel, with volumes back to 91 per cent of 2019 levels, up from 88 per cent in Q1 of this year. Mid-haul and long-haul travel have remained stable at 83 per cent.
Marcel Forns, general manager at GEBTA, said the latest figures demonstrate the “resilience” of business travel in Spain, which has “once again beaten the most optimistic forecasts”.
“The degree of recovery in activity continues to be very significant and once again confirms the dynamic nature and greater flexibility of Spanish corporations in applying travel policies,” he said.
Forns added the recovery of travel volumes within Spanish companies is “greater and faster than that observed in other European markets” and “well ahead” of forecasts from the likes of McKinsey, which predicted current travel volumes for 2024.
However, he warned inflationary pressure, particularly the increased cost of services, combined with current levels of travel spend suggest that “we are reaching or have already reached the maximum levels of recovery”.