Business Travel to Hit Record $1.5T in 2024 – WTTC
Business travel rebounds, surpassing pre-pandemic levels faster than expected
A new report from the World Travel & Tourism Council (WTTC) reveals that business travel, significantly impacted by the rise of remote working during the pandemic, is set to surpass pre-pandemic levels in 2024, reaching a record US$1.5 trillion.
This resurgence is happening faster than previously predicted, as business leaders re-emphasise the importance of face-to-face interaction.
U.S. and China Lead the Recovery
According to WTTC’s “2024 Economic Impact Trends Report,” business travel spending in the U.S., which accounted for 30% of the global total in 2019, is expected to reach US$472 billion this year, 13.4% above the 2019 record.
In China, the second-largest market for business travel, spending is forecast to grow 13.1% above 2019 levels, reaching almost US$211 billion.
Germany, the third-largest market, is set to reach US$87.5 billion, just under 1% above the 2019 peak. Business travel in the UK and France is expected to inject record amounts of US$84.1 billion and US$42.1 billion, respectively, into their economies.
Emerging Trends: Blended Travel
Julia Simpson, WTTC President & CEO, stated at the 24th Global Summit in Perth, Western Australia: “After a challenging few years, business travel is not only back on track but is recovering much faster than expected, highlighting the importance of international travel for businesses around the world.”
The report also notes that the growth of blended travel, where business trips are combined with personal holidays, has enhanced the appeal of corporate travel.
Additionally, the meetings, incentives, conferences, and exhibitions (MICE) industry has made a strong comeback, resuming in-person events after a long period of cancellations and postponements.
