The increase in remote work during the pandemic has had a disproportionate impact on corporate travel compared to leisure travel, with virtual platforms replacing in-person meetings.
Leisure travel last year was only 2.9% off its 2019 peak, while business travel continues to struggle, still at 5.4%.
But as business leaders reemphasize the importance of face-to-face interactions, business travel is set to return and reach a new record of US$1.5 trillion, well above 2019 levels by 6.2%.
According to WTTC’s 2024 Economic Impact Trends Report, U.S. business travel spending, which accounted for 30% of global spending in 2019, is expected to reach $472 billion this year, which is the country’s 2019 This is 13.4% higher than the record.
In China, the world’s second-largest business travel market, spending is expected to reach nearly $211 billion, an increase of 13.1% from 2019.
Business travel spending in Germany, the third largest, is expected to reach $87.5 billion, just under 1% above its 2019 peak, while the UK and France are expected to see record business spending of $84.1 billion and $42.1 billion, respectively. There is. economy.
WTTC President and CEO Julia Simpson said at the World Tourism Organization’s 24th Global Summit in Perth, Western Australia. We emphasize the importance of international travel for businesses around the world. ”
Paul Abbott, CEO of American Express Global Business Travel, said: When travel stopped, GDP plummeted, unemployment soared, mental health issues worsened, and the world became a more forgiving place. The benefits of travel are no longer in doubt. Companies around the world, many for the first time, are investing in managed business travel to grow their businesses and create a winning culture. ”
The report says other factors are also contributing to the resurgence of business travel. As economies around the world recover post-pandemic and travel and tourism’s contribution to global gross domestic product (GDP) reaches record levels, companies will once again be able to reallocate more funds to corporate travel. It became.
The growth of blended travel, where travelers combine business and personal vacations, is also increasing the appeal of corporate travel.
