American Express expects remote workers to create new demand for business travel, CEO Steve Square told CNBC’s Jim Cramer on Wednesday.
“I believe you will have a lot more internal travel, with colleagues and employees coming to headquarters to be with their team for a few days. And they can do it several times a year. So I think this part of business travel will be the new part.” Squeri said in an interview with Mad Money.
Travel has recovered faster than expected this year, which major airlines expect will help offset higher costs for things like jet fuel. Last month, travelers spent $6.6 billion buying airline tickets on airline websites, according to Adobe.
Square said American Express has seen an increase in tourist travel over the past few months.
“We are 80% overall [travel and expenses] in the fourth quarter with consumption over 100% of 2019 levels. When we look at our travel bookings, we see that our travel bookings rose in December … and they rose consistently in January and February,” he said, adding that the numbers only cover consumer travel.
Skveri said Russia’s invasion of Ukraine had “not really” affected American Express travel volumes.
The payments company announced it was suspending business in Russia on March 6, one of hundreds of other companies that have also pledged to suspend or wind down business in the country.
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