Global business travel spending is expected to reach a record US$1.48tn by the end of the year, surpassing the previous record set in 2019, according to the 2024 GBTA Business Travel Index Outlook – Annual Global Report and Forecast published by the Global Business Travel Association and Visa.
The growth in spending is driven by relative economic stability and pent-up demand, with CEOs and CFOs feeling reassured to resume business travel.
Despite the positive outlook, adjusted for inflation, spending levels are expected to remain below pre-pandemic highs in the coming years.
Asia Pacific saw the fastest growth in business travel spending in 2023, with China and the US projected to lead as the top two markets for business travel spend.
