A new report from the World Travel & Tourism Council (WTTC) has revealed that business travel is set to surpass pre-pandemic levels this year, faster than previously predicted, to reach a record $1.5 trillion.
The rise of remote working during the pandemic had a disproportionate effect on corporate travel, compared to leisure travel, with virtual platforms replacing face-to-face meetings. Last year, leisure travel was just 2.9 percent behind the 2019 peak while business travel continued to struggle, remaining 5.4 percent behind. But as business leaders re-emphasized the importance of face-to-face interaction, business travel is now back and is set to exceed 2019 levels by 6.2 percent to reach the new $1.5 trillion record.
According to WTTC’s “2024 Economic Impact Trends Report,” business travel spending in the U.S., which accounted for 30 percent of the global total in 2019, is expected to reach $472 billion this year—13.4 percent above the country’s 2019 record. In China, the world’s second largest market for business travel, spending is forecast to grow 13.1 percent above 2019 to reach almost $211 billion. Business travel spend in Germany, the third largest, is set to reach $87.5 billion, just under 1 percent above the 2019 peak, while business travel in the U.K. and France is expected to inject a record-breaking $84.1 billion and $42.1 billion into their respective economies.
According to the report, other factors have also contributed to the resurgence of business travel.
As economies around the world have rebounded since the pandemic, with travel and tourism’s global GDP contribution reaching record levels, businesses have been able to reallocate more funds towards corporate travel once again. The growth of blended travel, whereby travelers combine business trips with personal holidays, has also enhanced the appeal of corporate travel. Lastly, the meetings, incentives, conferences, and exhibitions (MICE) industry has made a strong comeback, as well, resuming in-person events after a long period of cancelations and postponements.
For more information, visit www.wttc.org.
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