Tradeshift, which provides e-invoicing and accounts payable services has posted some contradictory evidence about the state of global enterprise business travel.
On one hand, enterprise travel globally--based on transaction volume--has returned to nearly 70 percent of pre-pandemic levels, according to the data published by Tradeshift. That likely is more robust than most of us would have predicted.
Note that Tradeshift tracks the volume of transactions, not the value of the transactions.
On the other hand, corporate hospitality spending has not budged from its second quarter 2020 levels, when travel restrictions were widely imposed as a result of Covid, reducing such spending 82 percent. In the second quarter of 2021 the figures still had not shown any improvement.
That suggests “client entertaining and networking events will remain virtual, at least for the time being,” the firm says.
Communications transaction volumes, on the other hand, seems about 80 percent higher than before the pandemic, Tradeshift notes. Transaction volumes across the sector are 89 percent higher than prior to the pandemic.
At least anecdotally, that seems borne out by U.S. connectivity provider revenues. In second quarter 2021 financial reports Comcast reported record internet access net additions while all three big mobile service providers reported growth as well.
Verizon booked record revenue. AT&T second quarter revenue climbed 7.6 percent. T-Mobile posted record revenues as well.
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