Remote work shift made new business travel segment

Advertisement

American Express expects remote workers to create new demand for business travel, CEO Steve Squeri told CNBC’s Jim Cramer on Wednesday.

“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. ” Squeri said in an interview on “Mad Money.”

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 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 books, our travel books were up in December … and that has grown sequentially in January and February, “they 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.

The payments company announced it was suspending business in Russia on March 6, becoming one of the hundreds of other companies who also pledged to suspend or curtail business in the country.

Sign up now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.

Disclaimer

Questions for Cramer?
Call Cramer: 1-800-743-CNBC

Want to take a deep dive into Cramer’s world? Hit him up!
Mad Money TwitterJim Cramer on Twitter – Facebook – Instagram

Questions, comments, suggestions for the “Mad Money” website? [email protected]

.

Advertisement

What do you think?

Advertisement

Tsunami Alert Canceled After Big Quake Near Fukushima

March Madness 2022 bracket predictions: NCAA Tournament picks by top-rated college basketball model