A new report from the World Travel & Tourism Council (WTTC) predicts that business travel will surpass pre-pandemic levels, reaching a record US$1.5tn in 2024, which is 6.2pc higher than in 2019.
In 2023, business travel was still 5.4pc below pre-pandemic levels, while leisure travel only lagged 2.9pc. The US is expected to be the largest market for business travel this year at US$472bn, a 13.4pc increase from 2019.
China follows as the second-largest market with forecast spending of US$211bn, marking a 13.1pc rise from 2019, while Germany, the UK, and France are expected to reach US$87.5bn, US$84.1bn, and US$42.1bn respectively.
The WTTC attributes the growth in business travel to the rebound of economies, the rise of blended travel, and strong recovery in the MICE sector, noting record passenger numbers at airports such as Heathrow while also acknowledging fragmented recovery across global aviation.
Julia Simpson, WTTC President and CEO, shared: “After a challenging few years, business travel is not only back on track, but it is recovering much faster than expected, highlighting the importance of international travel for businesses around the world. Many business powerhouses such as the US, China and Germany are expected to reach record numbers this year. While virtual meetings played a crucial role during the pandemic, keeping people and businesses connected, today’s report shows that business is better face to face.”
