Accor SA (0H59.IL)

I was 'dead wrong' about corporate travel: Accor CEO

The travel sector saw a boom in 2023 with more consumers choosing to spend on experiences. Although some signs point to consumer pullback, the travel sector may still continue to be resilient, especially with advent of corporate travel revitalizing. Accor CEO Sébastien Bazin (AC.PA) joins Yahoo Finance for Travel Guide 2024: Industry Insights to discuss return of corporate travel and how the sector is bouncing back in new ways. Bazin explains how corporate travel may be different between the US and abroad, compared to pre-pandemic: "It's probably going to be vastly different between America and outside of America. Corporate travel in America is 90% domestic. For me, corporate travel has a lot to do with international corporate travel, so probably 10% lower than 2019, and we're likely going to be 3% or 4% up at the end of this year compared to '19." Bazin also says he was "dead wrong" about corporate travel. He had expected that corporate travel was going to decline significantly due to the shift to work from home. However, he notes that though executives, for example, may not travel as much for work, the number of remote workers traveling to the home office for gatherings as increased. "It's a different mix," he says.  For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Nicholas Jacobino