Still in the eye of the storm

研报英文原文证据摘录

Still in the eye of the storm

Macquarie Equity Research Flight Centre

Corporate Travel Outlook for 2026

GBTA Business Travel Confidence Release

• GBTA provided a Global Business Travel Confidence update in late Apr-26 (link here).

Global business travel has continued at a steady pace into CY26, with recent geopolitical

escalations not yet driving a broad-based pullback.

• Organisations continue to proceed with travel, spending and meetings, albeit while adapting

to higher costs and increasing disruption. That said, GBTA notes operating conditions have

become more challenging relative to the start of the year. Affordability has emerged as

the dominant pressure point, with a small but growing proportion of organisations now

expecting a decline in 2026 travel volumes.

Þ GBTA flagged these trends as potential early indicators of a broader pullback in business

travel over coming months, particularly if cost pressures from fuel prices and inflation

persist.

• From a TMC perspective, GBTA highlighted that the Middle East conflict and rising costs are

placing increased pressure on suppliers. In response, TMCs are allocating more resources to

disruption management, cost optimisation, and enhanced traveller safety and support.

Advantage Travel Partnerships Conference Takeaways May-26

• Separately, commentary from Advantage Travel Partnership's conference in Madrid

this week (link here) indicates a “marked softening in sentiment” in the business travel

market, with the ongoing Middle East conflict weighing on business confidence and forward

planning. Senior leadership within Advantage maintains the view that the disruption is a

"temporary blip", with expectations that travel activity will rebound quickly once conflict

resolves.