ALEXANDRIA, Va. — Top-level findings from the latest 2024 GBTA Business Travel Index Outlook Annual Global Report and Forecast, published by the Global Business Travel Association (GBTA) and made possible by Visa, show the business-travel industry has proven itself resilient as it leaves the global pandemic behind and moves into a new era of post-pandemic stabilization. The forecast for 2024 predicts global business travel spending will reach US$1.48 trillion by the end of the year, an increase on 2019 spending which was a previous record at $1.43 trillion. Additionally, by 2028, it is projected to exceed $2 trillion, highlighting a robust path ahead for the business travel sector in terms of spending.
Relative stability in the global economy has continued to drive growth which, along with lingering pent-up demand, has provided reassurance for CEOs and CFOs to get their people back on the road for business meetings. Many top business travel markets around the world have returned to or are nearing pre-pandemic levels, reinforcing the momentum of the recovery and boosting spending. However, the outlook for economic and business travel growth presents a balance of both potential upside factors and downside risks.
“We’re witnessing the expected rebound in the sector, reflecting the resilience and adaptability of businesses and the value of business travel worldwide,” says Suzanne Neufang, CEO of GBTA. “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 stabilization, as factors such as changing economic conditions, technological advancements and sustainability developments will also shape the sector ahead.”
Global business travel spending is anticipated to increase 11.1 per cent in 2024, after significant years in 2022 and 2023 of 30 to 47 per cent growth year over year. Growth is expected to continue to gradually moderate, resulting in an annual compound growth rate of 6.95 per cent from 2025 to 2028.
In 2023, the business-travel industry had recovered approximately $675 billion of the $770 billion lost in 2020, according to GBTA analysis, achieving 93 per cent of the pre-pandemic peak of $1.43 trillion by the end of 2023. The sector experienced a significant resurgence in 2023, with spending growing by 30 per cent compared to 2022, reaching $1.3 trillion.
Global business travel spending is expected to recover to its pre-pandemic total of $1.48 trillion in 2024, fuelled by more favourable economic conditions than expected in 2022 and 2023. (While recovery has been impressive, it’s important to note that when adjusted for inflation, spending levels are anticipated to lag pre-pandemic highs over the coming years, implying that business-travel volumes will remain below pre-pandemic levels as well.)
The estimated breakdown of the $1.34 trillion in 2023 business travel expenditures includes $501 billion for lodging, $282 billion for air travel, $245 billion for food and beverage, $165 billion for ground transportation and $142 billion for other travel expenses.
GBTA’s survey of 4,100 business travellers across 28 countries and four regions (North America, Europe, Asia Pacific, and Latin America), revealed an increase in overall business travel, with international travel remaining below average. Sixty-four percent of business travellers globally report increased spending on business travel compared to 2023. However, over one-third (37 per cent) say they have experienced more restrictive travel policies since pre-COVID.
