According to a new report from the World Travel & Tourism Council, “2024 Economic Impact Trends Report”, business travel has picked up in the past 12 months and is set to break records for the calendar year.
In 2023, leisure travel was just 2.9 per cent behind its 2019 peak, however business travel continued to struggle, remaining 5.4 per cent behind.
But as face-to-face interaction has returned to full swing, business travel is set to exceed 2019 levels by 6.2 per cent to reach the $2.2 trillion (US $1.5 trillion) record.
According to the World Travel & Tourism Council’s report, business travel in the US and China is leading the boom.
Business travel spending in the US – which accounted for 30 per cent of the global total in 2019 – is expected to reach $707 billion (US$472 billion) in 2024. This is 13.4 per cent above the nation’s 2019 record.
In China, the world’s second largest market for business travel, spending is forecast to grow 13.1 per cent above 2019 levels to reach $316 billion (US$211 billion).
Business travel spend in Germany, the third largest global market, is set to reach $131 billion (US$87.5 billion) in 2024, almost one per cent above the 2019 peak, while business travel in the UK and France is expected to inject a record-breaking $126 billion (US$84.1 billion) and $63 billion (US$42.1 billion) into their respective economies.
“After a challenging few years, business travel is not only back on track, it is recovering much faster than expected, highlighting the importance of international travel for businesses around the world,” says World Travel & Tourism Council president and CEO Julia Simpson.
“Many business powerhouses such as the US, China and Germany are expected to reach record numbers this year. While virtual meetings played a crucial role during the pandemic in keeping people and businesses connected, this report shows that business is better face to face.”
According to the report, other factors contributing to the resurgence of business travel include the booming business events sector and broader MICE industry growth, as well as travellers combining business trips with leisure.
“Companies around the world value travel and in-person connections more than ever since people movement was restricted during the pandemic,” says American Express Global Business CEO Paul Abbott.
“Travel is a force for good, driving economic and societal progress. But when travel stopped, GDP plummeted, unemployment soared, mental health issues escalated, and the world became a less tolerant place.
“The benefits of travel are now no longer in doubt. Companies around the world – many for the first time – are investing in managed business travel to grow their businesses and create winning cultures.”
