'The future of business travel looks promising,' says expert, as overall spend expected to surpass pre-pandemic levels this year
Global business travel spending is expected to surpass pre-pandemic levels to hit a new record high this 2024, according to the GBTA Business Travel Index Report.
This report forecasts an estimated $1.48 trillion in global business travel spending to exceed the $1.43 trillion in 2019.
This is an 11.1% increase in global business travel spending from a year ago, according to the report, a slightly slower growth from the 30% in 2023 and 47.4% in 2022.
"We are witnessing the expected rebound in the sector, reflecting the resilience and adaptability of businesses and the value of business travel worldwide," said Suzanne Neufang, CEO of GBTA, in a statement.
According to the forecast, global business travel spending is also expected to continue increasing to surpass $2 trillion by 2028.
Source: GBTA Business Travel Index Report
"With projected spending expected to continue to increase through 2028, the future of business travel looks promising," said Neufang.
"However, we must remain vigilant and adaptive to potential headwinds in this period of stabilisation, as factors such as changing economic conditions, technological advancements, and sustainability developments will also shape the sector ahead."
The 16th edition of the GBTA BTI covers 72 countries and 44 industries and includes survey data and analysis from 4,100 business travelers across five global regions.
Travel spending recovery
Last year, the overall business travel expenditures hit $1.34 trillion, including $282 billion for air travel and $165 billion for ground transportation.
It also included $501 billion in lodging, $242 billion for food, and $142 billion for other travel expenses, according to the report.
Recovery in business travel varied by region in the past year, with Asia-Pacific (36%), Western Europe (33%), and North America (23%) in the lead. In 2024, China and the United States are expected to remain as the top two markets for overall business travel spending.
By industry, the financial and insurance activities sector is expected to have the most significant expansion (72%) in business travel spending through 2028.
On the other hand, the sectors of retail trade as well as agriculture, forestry, and fishing will see the least growth in the same period.