The Global Business Travel Association (GBTA) has projected that global business travel spending will reach a record US$1.48 trillion by the end of 2024. This milestone surpasses the previous high of US$1.43 trillion set in 2019.
These findings are detailed in the 2024 GBTA Business Travel Index Outlook, which incorporates survey data and analysis from 4,100 business travellers across 28 countries and four regions: North America, Europe, Asia Pacific, and Latin America.
Drivers of Growth
The GBTA attributes the growth to relative stability in the global economy and lingering pent-up demand for business travel. These factors have reassured CEOs and CFOs to resume business travel for their employees.
Despite this positive outlook, the report indicates that when adjusted for inflation, spending levels are expected to remain below their all-time highs in the coming years. This suggests that business travel volumes will still lag behind pre-pandemic levels.
Spending and Policy Trends
Approximately 64% of global business travellers report increased spending on business travel compared to 2023. However, about 37% have experienced more restrictive travel policies since before the pandemic.
The outlook remains optimistic beyond this year, with spending projected to exceed US$2 trillion by 2028. Nevertheless, the GBTA cautions that this forecast could change due to factors such as persistent inflation, China’s slower recovery, geopolitical tensions, industry workforce challenges, natural disasters, and an increased focus on corporate sustainability.
Comments from GBTA Leadership
Suzanne Neufang, CEO of GBTA, stated: “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 stabilisation period, as factors such as changing economic conditions, technological advancements, and sustainability developments will also shape the sector ahead.”
Regional Growth and Leading Markets
In 2023, Asia Pacific emerged as the fastest-growing region with a 36% increase, followed by Western Europe at 33% and North America at 25%. The US, Middle East, Africa, and Latin America have all achieved or surpassed their 2019 spending levels. China and the US are expected to remain the top two markets for overall business travel spend.
Purpose and Impact of Business Travel
The most common purpose for business travel among global travellers was attending seminars or training sessions, followed by conventions or conferences. A significant majority of respondents (81%) indicated that their most recent business trip was either very (46%) or moderately (35%) worthwhile in achieving their business objectives.
Future Outlook
The 2024 GBTA Business Travel Index Outlook highlights a robust recovery and growth trajectory for the global business travel sector. However, it also emphasizes adaptability and vigilance in navigating potential challenges and leveraging emerging opportunities.
