Global business travel spending is set to reach a record US$1.48 trillion by the end of the year, according to the Global Business Travel Association (GBTA).
The record figure is an increase on 2019 spending, which itself was a record at US$1.43 trillion.
The findings were published in the 2024 GBTA Business Travel Index Outlook, which includes survey data and analysis from 4,100 business travellers across 28 countries and four regions (North America, Europe, Asia Pacific and Latin America).
The GBTA said that the growth is driven by relative stability in the global economy and lingering pent-up demand, both of which have reassured CEOs and CFOs to get employees back travelling for business meetings.
Nonetheless, the report noted that when adjusted for inflation, spending levels are anticipated to lag all-time highs over the coming years, implying that business travel volumes will remain below pre-pandemic levels.
Approximately 64 per cent of business travellers globally report increased spending on business travel compared to 2023, however one-third (37 per cent) have experienced more restrictive travel policies since pre-pandemic.
The outlook is positive beyond this year, with spending projected to exceed US$2 trillion by 2028, though the GBTA notes this longer-term forecast could shift as a result of factors including persistent inflation, China’s slower recovery, geopolitical tensions, industry workforce challenges, incidence of natural disasters, and increased focus on corporate sustainability.
Suzanne Neufang, CEO of GBTA, commented:
“We are witnessing the expected rebound in the sector, reflecting the resilience and adaptability of businesses and the value of business travel worldwide.
“With projected spending expected to continue to increase through 2028, the future of business travel looks promising. 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.”
Asia Pacific emerged as the fastest-growing region in 2023 at 36 per cent, followed by Western Europe (33 per cent) and North America (25 per cent), while the US, Middle East, Africa and Latin America achieved the same or more of 2019 spending numbers. China and the US are forecast to continue to lead as the top two markets, respectively, for overall business travel spend.
The most common purpose of travel among global business travellers was revealed as attending seminars/training followed by conventions/conferences, with the majority of respondents (81 per cent) reporting that their most recent business trip was either very (46 per cent) or moderately (35 per cent) worthwhile in achieving their business objectives.
See the full report at GBTA Hub.
