The World Travel & Tourism Council (WTTC) has projected global business travel spending will reach US$1.5 trillion in 2024, surpassing pre-pandemic levels by 6.2%, according to its latest Economic Impact Trends Report.
This marks a significant recovery after previous years where business travel lagged, with virtual communication replacing many in-person meetings. In 2023, business travel spending was still 5.4% below 2019 levels, while leisure travel was only 2.9% below its pre-pandemic peak.
WTTC President and CEO Julia Simpson commented on the rebound, saying, “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.”
Key business travel markets are expected to see record spending in 2024. Germany is forecast to surpass its 2019 record by 1%, reaching $87.5 billion, while the UK and France are also projected to reach record levels, with totals of $84.1 billion and $42.1 billion respectively. Outside Europe, the US is forecast to hit $472 billion, a 13.4% increase on 2019, while China is expected to see a 13.1% rise, reaching $211 billion.
The report also highlights the rise of "blended travel," where business trips are combined with leisure activities, and notes the strong recovery of the meetings, incentives, conferences, and exhibitions (MICE) sector.
The Global Business Travel Association’s Business Travel Index, published in July, supports these projections, although it notes that 2024's increase is partly due to rising prices rather than travel volumes surpassing 2019 levels.