Expedia CEO Peter Kern told CNBC on Monday business travelers have returned. Through the dark times of the Covid pandemic in late 2020, he predicted they’d make a comeback and that day has come.
“You are here in Seattle. And I’m traveling on a regular basis. So, I believe business travel is back. I said from the start business travel would come back. We’re seeing it throughout,” Kern said, speaking with Jim Cramer, who was in Expedia’s home city for “Mad Money.”
Fast forward to today and it has, Kern said. “Persons are traveling like crazy. If you happen to’ve been in an airport you understand that. Everyone seems to be complaining about it. They’re too crowded, not enough staff.”
Last yr, Expedia agreed to sell its corporate travel arm to American Express Global Business Travel. As a part of the deal, Expedia became a shareholder in Amex GBT and struck a long-term strategic partnership.
Kern’s company also operates its namesake Expedia service in addition to others within the travel sector including Hotels.com, Hotwire, Travelocity and Orbitz. The corporate can be behind Vrbo, short for vacation rentals by owner. It competes against Airbnb.
With all those brands under one roof, Kern and Expedia definitely have their fingers on the heart beat of the travel industry. The CEO said travel has been booming. “There isn’t any query all summer and still has been strong into September. There doesn’t look like much let up,” he said.