NEW YORK—In a forecast that will affect the fields of membership of many credit unions if true—and CUs themselves if they have a widespread workforce--American Express is anticipating remote workers to create new demand for business travel.
“You’re going to have, I believe, a lot more internal travel where colleagues and employees will come into the headquarters to be with their team for a few days. And they may do that multiple times a year. So, I think that part of business travel will be a new piece,” the company’s CEO, Steve Squeri, told CNBC’s Jim Cramer.
Travel has recovered faster than expected this year, which major airlines expect will help offset higher costs in things like jet fuel. Travelers spent $6.6 billion on airline tickets last month on carriers’ websites, according to data released by Adobe.
Squeri said that American Express has seen growth in leisure travel over the last few months.
“We’re at 80% overall [travel and expenses] in the fourth quarter with consumer over 100% from 2019 levels. When we look at our travel bookings, our travel bookings were up in December ... and that has sequentially grown in January and in February,” he said, adding that the numbers only encompass consumer travel.
Squeri said Russia’s invasion of Ukraine has “not really” affected travel volumes for American Express.
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