The business travel industry has proven itself resilient as it leaves the global pandemic behind and moves into a new era of post-pandemic stabilization. The forecast for 2024 predicts global business travel spending will reach $1.48 trillion USD by the end of the year, an increase on 2019 spending which was a previous record at $1.43 trillion. Additionally, by 2028, it is projected to exceed $2.0 trillion, highlighting a robust path ahead for the business travel sector in terms of spending.
Relative stability in the global economy has continued to drive growth which, along with lingering pent-up demand, has provided reassurance for CEOs and CFOs to get their people back on the road for business meetings. Many top business travel markets around the world have returned to or are nearing pre-pandemic levels, reinforcing the momentum of the recovery and boosting spending. However, the outlook for economic and business travel growth presents a balance of both potential upside factors and downside risks.
These are the top-level findings from the latest 2024 GBTA Business Travel Index Outlook – Annual Global Report and Forecast (“GBTA BTI™”) published by the Global Business Travel Association (GBTA) and made possible by Visa.
Unveiled onstage today at the GBTA Convention 2024 in Atlanta in front of more than 5,000 attendees, the 16th edition of the GBTA BTI™ is an annual exhaustive forecast of business travel spending and growth covering 72 countries and 44 industries. The GBTA BTI™ also includes survey data and analysis this year from 4,100 business travelers across five global regions, representing insights from employee travelers regarding their business travel preferences, behaviors and spending.
“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 anticipated to increase 11.1% in 2024, after significant years in 2022 and 2023 of 30%-47% growth year over year. Growth is expected to continue to gradually moderate, resulting in an annual compound growth rate of 6.95% from 2025 to 2028.
In 2023, the business travel industry had recovered approximately $675 billion of the $770 billion lost in 2020, according to GBTA BTI™ analysis, achieving 93% of the pre-pandemic peak of $1.43 trillion by the end of 2023. The sector experienced a significant resurgence in 2023, with spending growing by 30% compared to 2022, reaching $1.3 trillion.
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