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Global Travel and Entertainment Cards Market Procurement Intelligence Report with COVID-19 Impact Analysis

Global Travel and Entertainment Cards Market Procurement Intelligence Report with COVID-19 Impact Analysis

The Global Travel and Entertainment Cards market will register an incremental spend of about $251 billion, growing at a CAGR of 5.73% during the five-year forecast period. A targeted strategic approach to Global Travel and Entertainment Cards sourcing can unlock several opportunities for buyers. This report also offers market impact and new opportunities created due to the COVID-19 pandemic. Request free sample pages

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SpendEdge has announced the release of its Global Travel and Entertainment Cards Market Procurement Intelligence Report (Graphic: Business Wire)

Key benefits to buy this report:

  • What are the market dynamics?

  • What are the key market trends?

  • What are the category growth drivers?

  • What are the constraints on category growth?

  • Who are the suppliers in this market?

  • What are the demand-supply shifts?

  • What are the major category requirements?

  • What are the procurement best practices in this market?

Information on Latest Trends and Supply Chain Market Information Knowledge centre on COVID-19 impact assessment

SpendEdge’s reports now include an in-depth complimentary analysis of the COVID-19 impact on procurement and the latest market data to help your company overcome sourcing challenges. Our Global Travel and Entertainment Cards market procurement intelligence report offers actionable procurement intelligence insights, sourcing strategies, and action plans to mitigate risks arising out of the current pandemic situation. The insights offered by our reports will help procurement professionals streamline supply chain operations and gain insights into the best procurement practices to mitigate losses.

Insights into buyer strategies and tactical negotiation levers:

Several strategic and tactical negotiation levers are explained in the report to help buyers achieve the best prices for Global Travel and Entertainment Cards market. The report also aids buyers with relevant Global Travel and Entertainment Cards pricing levels, pros and cons of prevalent pricing

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Canadian Airline WestJet Now Offering Free COVID-19 Insurance For International Travel

Canadian Airline WestJet Now Offering Free COVID-19 Insurance For International Travel

WestJet, Canada’s second largest airline, is now offering complimentary COVID-19 insurance for eligible passengers for travel to and from the US, Europe, the UK, Mexico and the Caribbean until August 31, 2021. The carrier joins Air Canada in offering free Covid-19 insurance in an effort to boost sales as more Canadians elect to stay home or travel domestically to avoid Canada’s 14-day quarantine for international travelers.

Originally WestJet’s insurance did not include US coverage but will now cover travel to the United States. On September 25, 2020 WestJet announced that “guests travelling to, through or from the United States are now eligible for the airline’s enhanced $200,000 CAD COVID-19 travel insurance coverage for air-only and vacation reservations. The enhanced coverage will retroactively include all bookings made as of September 18, 2020 and will increase by $100,000 CAD to include up to a maximum of $200,000 CAD at no additional charge to eligible guests.”

Eligible bookings include any WestJet air-only reservation, including WestJet Vacations bookings for travel to and from the U.S., Mexico, the Caribbean, Europe (including U.K.) and inbound to Canada. These trips will be eligible for coverage for up to 21 days for travel into and including August 31, 2021. For one-way travel reservations, coverage is available for up to seven days.

Arved von zur Muehlen, WestJet Chief Commercial Officer, said that “Our research shows that a lack of COVID insurance is a considerable barrier to travel and our guests were seeking the inclusion of U.S. destinations to our travel insurance offering. Eligible guests travelling to and from the destinations we serve can now have an added layer of confidence

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Domestic travel over Golden Week boosts China’s economic recovery

Domestic travel over Golden Week boosts China’s economic recovery

Hundreds of millions of domestic tourists have boosted China’s economic recovery over its Golden Week national holiday, even as concerns linger over consumer spending.

There were 637m trips in China over the eight-day holiday this year, which drew to an end on Thursday, generating revenue of Rmb466.6bn ($69.5bn), data from the Ministry of Culture and Tourism showed.

The holiday is seen as an important barometer for consumer spending in the world’s second-largest economy. China’s third-quarter gross domestic product data, which will be released this month, will also be closely examined for signs of how other economies might recover from the pandemic.

While the figures reflected notably high volumes of internal travel at a time when other countries are struggling to tackle coronavirus, they remain well below last year’s total of 782m trips over a seven-day period.

Tourism revenue was also 30 per cent lower than over the same period last year, but the fall was much lower than over recent holidays in China, such as the Dragon Boat festival in June.

“It’s still way away from normal and it does underscore especially what people call social consumption, the kind of spending by households that requires them to go out . . . It’s by far the weakest link in the Chinese economy still,” said Louis Kuijs, head of Asia economics at Oxford Economics. 

China’s emergence from the pandemic has benefited from strong industrial growth and state support, but consumer activity has painted a mixed picture of the world’s most prominent economic recovery.

The wider economy returned to growth in the second quarter after a historic contraction at the start of the year. But data on retail sales of goods only edged back into growth territory in August after seven straight months of year-on-year decline.

Golden Week data nonetheless represented

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Airlines, Hotels, Workspaces Get Creative in Effort to Buoy Business Travel

Airlines, Hotels, Workspaces Get Creative in Effort to Buoy Business Travel

As the global aviation industry begins to take flight again, U.S. airlines are starting to get creative about keeping their most valuable flyers: business travelers.

U.S. airlines, on average, are looking to replace roughly 86.5% of their revenue from 2019. United Airlines’ revenue is down 85% so far this year.

Now, United, the nation’s third-largest carrier, is partnering with meeting and event space company Peerspace, to bundle flights alongside office space. The airline is homing in on professionals whose jobs are again requiring long-distance travel.

“We’re an airline; we’re not in the office space business or the meeting space business. But how can we solve that problem of having people come together safely?” said BJ Youngerman, who leads United’s California market strategy. “Regardless of where someone may be living on a temporary or permanent basis, we have the ability to bring people together.”

Peerspace’s platform touts nearly 20,000 spaces in more than 1,800 cities many of which are located near United hubs.

Youngerman said the idea was first discussed in April but not formally put together until now. Packages start at $5,000 and include a roundtrip flight and a short-term work area or a “unique collaborative” space for small gatherings. 

In 2019, business travelers and their employers contributed $1.5 trillion to the global economy, according to the Global Business Travel Association, with more than 60% of travelers staying at an “upscale or higher” property. In a typical year, business travelers represent 75% of an airline’s profits.

Airlines aren’t alone in their dependence on corporate travelers. According to hotel industry analyst STR, group occupancy of more than 10 people is at roughly 4.7%, down more than 80% from a year ago. Marriott’s corporate travel is down 79%, and Hilton hasn’t fared any better.

During a recent earnings call, Hilton CEO Christopher

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Hotels getting creative to bring back business amid slow travel

Hotels getting creative to bring back business amid slow travel

Hotels are still struggling to fill rooms like they were before an avalanche of cancellations starting in March.

Now, travelers are slowly returning to train stations, airports, and hotels.

“This is something that none of us were expecting or were prepared for,” said Daniel del Olmo, the President and COO of Sage Hospitality Management, a Sage Hospitality Group company.

Sage Hospitality Group owns 52 hotels across the U.S.

“We went from basically a level of revenue of $3 million on a daily basis to effectively $40,000 per day in early May,” del Olmo said.

“The economic impact has been something that no one could have ever prepared for, you could not have prepared for it financially, you could not have even prepared for it psychologically or emotionally,” said Chip Rogers, President of the American Hotel & Lodging Association. “2020 will go down on record of having the lowest occupancy in the history of the hotel industry and that includes during the Great Depression.”

The association represented the entire industry from large brands to small hotels.

For smaller companies, the impact of COVID-19 is especially difficult on their bottom line.

“Well over 60% of all hotels are actually classified as small businesses by the Small Business Association,” Rogers said.

“In the third week of March, we found ourselves having to furlough over 90% of our staff,” del Olmo said.

“With no further assistance, about two thirds of hotels say they cannot make it another six months,” Rogers said.

Del Olmo said they haven’t reached that point.

“We have not had to permanently close, thankfully, any of our properties,” he said.

But others have. Fewer visitors means less money and less work.

“We’re right at almost 2 million jobs lost in the hotel industry,” Rogers said.

Del Olmo said Sage Hospitality had

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