The resurgence of the meetings, incentives, conferences, and exhibitions (MICE) sector highlights the need for in-person interactions, boosting demand for hotel venues for corporate events / Credit: Andrew Angelov via Shutterstock
The WTTC has published its 2024 Economic Impact Trends Report, forecasting that global business travel spending will hit $1.5 trillion this year.
This marks a 6.2 per cent increase over pre-pandemic levels, signalling a strong recovery for the travel and hospitality sectors.
Return to in-person meetings
The WTTC attributes this resurgence to the waning reliance on virtual communication platforms that dominated during the pandemic. In 2023, global business travel spending remained 5.4 per cent below the 2019 peak, while leisure travel was only 2.9 per cent short of its pre-pandemic levels.
Julia Simpson, the WTTC’s president and CEO, commented on the vital role of face-to-face interactions in business, stating that while virtual meetings were essential during the pandemic, the current findings highlight the advantages of in-person engagements.
Key markets set for record business travel
Several prominent markets are projected to achieve record business travel expenditures this year.
Germany is expected to surpass its 2019 spending by 1 per cent, reaching around $87.5 billion. The UK and France are also poised for significant growth, with estimated totals of $84.1 billion and $42.1 billion, respectively.
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In the US, business travel spending is anticipated to rise to $472 billion in 2024, reflecting a 13.4 per cent increase over the previous record set in 2019.
China is on track to reach $211 billion, a rise of 13.1 per cent from its 2019 figure.
Blended travel and MICE industry growth
The WTTC report also highlights the trend of “blended travel,” where business trips are often paired with leisure activities, creating opportunities for hotels to cater to both business and leisure travellers.
Furthermore, the meetings, incentives, conferences, and exhibitions (MICE) sector is experiencing a robust comeback, essential for many hotels and venues looking to attract corporate clients.
The Global Business Travel Association (GBTA) echoes the WTTC’s insights, projecting global business travel spending to reach $1.48 trillion in 2024.
However, it cautions that this rise might be influenced by increased prices, indicating that actual travel volumes may still lag behind pre-pandemic levels when adjusted for inflation.
Ultimately, the forecast for business travel in 2024 presents a promising landscape for the hospitality industry, driven by a renewed emphasis on in-person meetings and the rise of blended travel experiences.
Hotels that adapt to these trends are likely to benefit significantly from the expected increase in business traveller demand.
