International corporate travel surges past pre-pandemic levels as business leaders rediscover the power of face-to-face meetings, says new data. Olivia Palamountain reports
Global business travel spending is set to reach a record US$1.5tn (£1.2tn) in 2024, exceeding pre-pandemic levels by 6.2%, according to new research from the World Travel & Tourism Council (WTTC).
The United States, accounting for 30% of global business travel, is projected to spend US$472bn this year, 13.4% above its 2019 figures. China follows with forecast spending of US$211bn, up 13.1% from pre-pandemic levels.
Germany, the third-largest market, expects business travel spending of US$87.5bn, while the UK and France anticipate record amounts of US$84.1bn and US$42.1bn respectively.
The recovery marks a significant shift from last year, when leisure travel remained 2.9% behind 2019 levels and business travel lagged by 5.4%.
WTTC attributes the rebound to several factors, including increased corporate travel budgets following economic recovery, the rise of “blended” business-leisure trips, and the revival of the MICE (meetings, incentives, conferences and exhibitions) industry.
“Business travel is not only back on track but recovering much faster than expected,” says Julia Simpson, WTTC president & CEO, speaking at the organisation’s Global Summit in Perth. “Many business powerhouses such as the US, China and Germany are expected to reach record numbers this year.”
American Express Global Business CEO Paul Abbott notes that companies are increasingly investing in managed business travel after witnessing the economic and social impact of restricted movement during the pandemic. “When travel stopped, GDP plummeted, unemployment soared, mental health issues escalated, and the world became a less tolerant place,” he says.
The surge in business travel comes despite the widespread adoption of virtual meetings during the pandemic, suggesting that face-to-face interactions remain crucial for global business operations.
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