Study: Business travel spending to reach $1.48 trillion in 2024

GLOBAL BUSINESS TRAVEL spending is forecast to reach $1.48 trillion by the end of 2024, surpassing the previous record of $1.43 trillion in 2019, according to a recent study by the Global Business Travel Association. Spending is projected to exceed $2 trillion by 2028, indicating strong growth for the business travel sector.

The 2024 GBTA Business Travel Index Outlook, supported by Visa, found that economic stability and lingering pent-up demand are driving growth, reassuring CEOs and CFOs to send their teams back on the road for business meetings.

“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, GBTA’s CEO. “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.”

The 16th edition of the GBTA report, unveiled at the 2024 GBTA Convention in Atlanta, covers business travel spending and growth across 72 countries and 44 industries. It features survey data from 4,100 business travelers across five regions, providing insights into their travel preferences, behaviors and spending.

Business travel markets hit pre-pandemic levels

Many leading business travel markets have returned to or are nearing pre-pandemic levels, boosting spending and reinforcing recovery momentum, the GBTA study found. However, the outlook for economic and business travel growth remains balanced between potential upsides and risks.

Global business travel spending is expected to rise 11.1 percent in 2024, following 30 percent growth in 2022 and 47 percent in 2023, GBTA said. Growth is projected to moderate to a compound annual rate of 6.95 percent from 2025 to 2028.

The business travel industry recovered about $675 billion in 2023 of the $770 billion lost in 2020, reaching 93 percent of the pre-pandemic peak of $1.43 trillion, the report said. Spending rose 30 percent from 2022, totaling $1.3 trillion.

“As business travel spending continues to expand, digital payments will continue to revolutionize the travel experience, making it effortless and secure to book and manage expenses,” said Veronica Fernandez, Visa’s head of commercial solutions.

A Deloitte report found that U.S. corporate travel spending is expected to grow 8-12 percent, reaching or surpassing pre-pandemic levels by the end of 2024. About 73 percent of travel managers anticipate increased spending in 2024, with 58 percent expecting further rises in 2025, averaging 14-15 percent annual gains.