Global business travel set to reach record $1.5 trillion in 2024

PERTH

After a prolonged period of decline, global business travel is set to surpass pre-pandemic levels by 6.2 percent, hitting a historic $1.5 trillion in 2024, a report from the World Travel & Tourism Council (WTTC) showed on Oct. 10.

The resurgence, which outpaces previous predictions, reflected the renewed importance of face-to-face interactions in global commerce after years of remote working and virtual meetings, according to the WTTC’s 2024 Economic Impact Trends Report.

Last year, leisure travel was 2.9 percent below the 2019 peak, while business travel continued to struggle, remaining 5.4 percent behind, it said.

The world’s two largest business travel markets, the U.S. and China, led the hike.

Business travel spending in the U.S., which made up nearly 30 percent of the global total in 2019, is projected to reach $472 billion this year, marking a 13.4 percent rise above 2019 levels.

China, the second-largest market, is set to follow closely, with business travel spending forecast to grow by 13.1 percent to $211 billion.

European markets also saw significant growth, with Germany, the third-largest market, projected to see business travel expenditures hit $87.5 billion.

The U.K. and France are expected to see record-breaking levels of $84.1 billion and $42.1 billion, respectively.

"After a challenging few years, business travel is not only back on track, but it is recovering much faster than expected,tC president and CEO, said at the global tourism body’s 24th Global Summit in Perth, Western Australia.