Global business travel spending to reach $1.8trln by 2027
Industry report claims business travel spending will hit pre-pandemic levels of $1.4trln in 2024
The global business travel industry is rebounding at a more accelerated rate than earlier forecasted, with spending to grow to nearly $1.8 trillion by 2027, fuelled largely by favorable economic conditions.
Findings of the 2023 GBTA Business Travel Index Outlook – Annual Global Report and Forecast further revealed that business travel spending would surpass its pre-pandemic level of $1.4 trillion by 2024, boosted by an acceleration in the recovery process since COVID-19.
Emerging Europe continued to lag in its recovery, challenged by the war in the Ukraine, with Asia Pacific emerging as the big laggard last year given the delayed reopening of the Chinese economy.
Chinese business travel spending fell 4.6% last year, dropping China down to the second position in the business travel market in the world for the first time since 2014. However, China is expected to regain its top spot by the end of 2023 as travel restrictions lift.
Webdesk
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