Business travel spending is set to soar, reaching $1.48 trillion by 2024, with significant growth across North America, Europe, Asia Pacific, and Latin America.
The business travel sector has demonstrated remarkable resilience as it transitions from the challenges of the global pandemic into a period of post-pandemic stabilization. Projections for 2024 indicate that global business travel spending will reach an impressive $1.48 trillion USD by the end of the year, surpassing the previous record of $1.43 trillion set in 2019. Furthermore, forecasts suggest that by 2028, spending in this sector will exceed $2.0 trillion, underscoring a robust and promising future.
This resurgence is being fueled by a combination of global economic stability and a pent-up demand for travel. These factors have provided the necessary confidence for CEOs and CFOs to reinstate business travel for their teams. Notably, numerous leading business travel markets worldwide have either returned to or are approaching pre-pandemic activity levels, further reinforcing the recovery momentum and boosting overall spending. Nonetheless, the outlook for economic and business travel growth presents a mix of potential opportunities and risks.
These insights are drawn from the latest 2024 GBTA Business Travel Index Outlook – Annual Global Report and Forecast (GBTA BTI™), published by the Global Business Travel Association (GBTA) with support from Visa. The findings were unveiled at the GBTA Convention 2024 in Atlanta, attended by over 5,300 participants. This 16th edition of the GBTA BTI™ offers a comprehensive forecast of business travel spending and growth, covering 72 countries and 44 industries. It also incorporates survey data and analysis from 4,100 business travelers across five global regions, providing valuable insights into employee travel preferences, behaviors, and spending patterns.
“We are witnessing the expected rebound in the sector, reflecting the resilience and adaptability of businesses and the value of business travel worldwide,” said 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 expected to rise by 11.1% in 2024, building on the significant growth seen in 2022 and 2023, which experienced year-over-year increases of 30% to 47%. Moving forward, growth is projected to moderate gradually, with an annual compound growth rate of 6.95% from 2025 to 2028.
In 2023, the business travel industry managed to recover approximately $675 billion of the $770 billion lost in 2020, according to the GBTA BTI™ analysis, achieving 93% of the pre-pandemic peak of $1.43 trillion by the end of the year. The sector witnessed a substantial resurgence, with spending increasing by 30% compared to 2022, reaching $1.3 trillion.
Business travel spending is forecasted to rebound to its pre-pandemic level of $1.48 trillion in 2024, driven by more favorable economic conditions than initially expected in 2022 and 2023.
However, it is crucial to note that, when adjusted for inflation, these spending levels are expected to fall short of pre-pandemic highs, indicating that the volume of business travel may remain below pre-pandemic levels in the near term.
About GBTA
The Global Business Travel Association (GBTA) is the world’s premier business travel and meetings trade organization, headquartered in the Washington, D.C. area, serving stakeholders across six continents. Representing and advocating for the $1.357 trillion global business travel and meetings industry, GBTA and its 8,000+ members deliver world-class education, events, research, advocacy, and media to a network of over 28,000 travel professionals and 125,000 active contacts.
GBTA mission is to equip members with the knowledge and resources necessary to navigate the rapidly changing business travel landscape, resulting in improved managed travel programs, top-line business growth, and exemplary careers. We achieve this through:
Events: Organizing premier industry events for networking and learning.
Professional Development: Offering programs and certifications to advance careers.
Research & Industry Tools: Providing insights and tools to stay ahead in the industry.
GBTA News: Delivering the latest industry news and updates.
Leadership and Team: Leading with a dedicated team of industry experts.
Work at GBTA: Creating a dynamic and rewarding work environment.
Source: Travel And Tour World