An industry group said the coronavirus could scythe $560 billion (£431 billion) from spending on corporate travel this year, a 37 percent drop from its 2020 global expenditure forecast, as meetings and events are canceled and companies limit travel to protect employees.
The U.S.-based Global Business Travel Association said two-thirds of polled members had postponed at least a few events, while 95 percent had suspended or canceled most or all trips to China and 23 percent to European countries such as France, Germany and Italy.
The virus was fundamentally affecting the way companies do business, said the association’s chief operating officer Scott Solombrino.
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