Record-Breaking Business Travel Spending to Reach $1.5 Trillion, Exceeding Pre-Pandemic Levels
Global business travel spending is on track to hit an unprecedented USD 1.5 trillion in 2024, exceeding pre-pandemic levels by a significant 6.2%. This insight comes from the World Travel & Tourism Council’s most recent Economic Impact Trends Report.
The bounce-back is happening quicker than anticipated, as business leaders underscore the value of in-person meetings. The United States is set to take the lead in business travel spending with an impressive USD 472 billion, a figure 13.4% higher than the country’s 2019 record. China is next in line, predicted to spend nearly USD 211 billion, a growth of 13.1% compared to 2019.
“Companies around the globe are placing greater importance on travel and face-to-face connections, especially after the movement restrictions imposed during the pandemic,” stated Paul Abbott, CEO of American Express Global Business.
The report indicates that business travel recovery trailed behind leisure travel, with business spending 5.4% below 2019 levels in 2023, while leisure travel was only 2.9% below its pre-pandemic peak.
Germany, the UK, and France are also projected to witness record business travel spending, with Germany reaching USD 87.5 billion and the UK hitting USD 84.1 billion. The rise of “bleisure” travel – a blend of business and leisure – has also played a part in the sector’s revival.
Source: WTTC