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WTTC: Business travel set to surpass pre-pandemic levels this year
A new World Travel & Tourism Council (WTTC report suggests business spending will surpass pre-pandemic levels this year, quicker than previously predicted.
It is on track to reach a record US$1.5 trillion, it says.
The rise of remote working during the pandemic had a disproportionate effect on corporate travel, compared to leisure travel, with virtual platforms replacing face-to-face meetings.
Last year, leisure travel was just 2.9% behind the 2019 peak, whilst business travel continued to struggle, at 5.4% behind.
But the WTTC says business travel is now back and is set to exceed 2019 levels by 6.2%.
According to WTTC’s “2024 Economic Impact Trends Report”, business travel spending in the US which accounted for 30% of the global total in 2019, is expected to reach US$472 billion this year – 13.4% higher than the 2019 record.
In China, the world’s second largest market for business travel, spending is forecast to grow 13.1% above 2019.
Business travel spend in No3 market Germany, could reach US$87.5 billiom, just under 1% above the 2019 peak.
At the 24th Global Summit in Perth, Julia Simpson, WTTC President & CEO said: “After a challenging few years, business travel is not only back on track, but it is recovering much faster than expected.”
“Many business powerhouses such as the US, China and Germany are expected to reach record numbers this year.”
Paul Abbott, American Express Global Business CEO, said: “Companies around the world value travel and in-person connections more than ever, since people movement was restricted during the pandemic.”
The report says businesses have been able to reallocate more funds towards corporate travel once again.
The growth of blended travel, whereby travellers combine business trips with personal holidays, has also enhanced the appeal of corporate travel.
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