Global Business Travel Spending Poised for Record Growth in 2024

Driven by strong economic conditions, rising demand, and recovery momentum, global business travel spending is forecast to reach unprecedented levels, hitting $1.48 trillion in 2024. According to the latest GBTA Business Travel Index Report, spending is projected to surpass $2 trillion by 2028, showcasing the resilience of the industry as it moves beyond the pandemic.

After a challenging period for business travel, the industry is entering a new phase of growth. In 2024, spending is expected to exceed the previous high of $1.43 trillion set in 2019, signaling a return to pre-pandemic levels and beyond. As businesses regain confidence, the need for face-to-face meetings and in-person interactions has resurged, particularly in regions like the U.S. and China, which are leading the recovery.

Economic stability and lingering demand from previous years have reassured executives, leading to an 11.1% rise in global business travel expenditures next year. While 2022 and 2023 saw rapid year-over-year growth of up to 47%, future growth is anticipated to stabilize at a 6.95% compound annual rate through 2028.

Key business travel markets such as North America, Asia Pacific, and Europe have either recovered or are approaching pre-pandemic levels. In 2023 alone, the U.S. and Middle East saw their business travel spending rebound to over 100% of 2019 figures, contributing to global growth. However, the overall outlook remains cautious, as factors like inflation, workforce shortages, geopolitical tensions, and natural disasters could hinder future progress.

Technology is also playing a major role in shaping the business travel landscape, with innovations like AI and digital payment solutions expected to drive further efficiency. Sustainability has also come into focus, as companies worldwide aim to reduce their carbon footprint during corporate travel, particularly in regions like Europe.

According to GBTA’s survey of over 4,100 business travelers, spending per traveler averages $834 per trip, with accommodations and dining being the top expense categories. Though business travel is recovering, international trips and group travel remain below pre-pandemic levels, indicating there is room for improvement in these segments.

Looking forward, the business travel sector is optimistic, yet vigilant, about potential challenges and opportunities in the years to come. The combination of economic strength, technological advancement, and increased environmental awareness will shape the future of global business travel, potentially driving it to new heights by 2028.