Companies are slashing business travel budgets amid economic uncertainty, trade war risks, and tighter cost controls, according to The Wall Street Journal. Employees are seeing tighter travel restrictions and a renewed emphasis on virtual meetings. Corporate bookings dropped for the third straight month, with U.S. hotel bookings down 4%. Government travel bookings fell by as much as 50%, per United Airlines. Delta Air Lines described the business travel outlook as “choppy” and withdrew its financial guidance. Hyatt Hotels reported a recent drop in U.S. corporate bookings. An April survey found that 13% of international corporate travel managers reported canceling U.S.-based meetings since January.
