Many analyzes of the post-pandemic travel industry include the impact on the industry as a whole. Certain forms of recreational travel, such as cruise ships, have encouraging numbers, but what about business travel? Have the same mindsets that led to an increase in remote work led to an overall decrease in the amount of business travel?
Simply put? Not at all. According to data from the World Travel and Tourism Council, business travel in 2024 is expected to not only match 2019 levels, but exceed them.
Much of this increase is due to increased levels of business travel in the United States and China, which are said to be the largest markets for business travel. Both are on pace to exceed business travel spending by more than 13% in 2019. (The US is at 13.4% and China is at 13.1%.) Germany, the third country on that list, is also on pace to outpace its 2019 spending, albeit with a modest 1% increase.
“The benefits of travel are no longer in doubt,” Paul Abbott, CEO of American Express Global Business, said in a statement. “Companies around the world, many for the first time, are investing in managed business travel to grow their businesses and create successful cultures.”
One particularly interesting takeaway from the report is that both the UK and France are on pace to set new records for business travel spending this year. Julia Simpson, president of the World Travel and Tourism Council, said the data “underscores the importance of international travel to businesses around the world”. The numbers for 2024 are certainly impressive, and we’ll see if the trend continues in 2025.
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