The return to the skies for corporate road warriors is reflected in business travel spending, which GBTA expects to grow 11% this year to more than $1.48 trillion
Sep 6, 2024
Business travel, which fell sharply during the pandemic and has been slow to recover as companies have kept a tight rein on costs, appears to be making a strong comeback. Travelers are increasingly mixing work with leisure, further enhancing their appeal as a target group.
Key takeaways
- In a global survey, some 42% of corporate travel planners said they plan to increase their business travel budgets over the next year, signaling a recovery in this lucrative segment for airlines that may even surpass pre-pandemic levels;
- In terms of travel frequency, only 10% of the more than 560 respondents to Flight Centre Travel Group’s inaugural State of the Market survey predicted a decrease in travel. Nearly a third predicted an increase of up to 20%;
- While the Asia-Pacific region is leading the recovery, certain markets such as China are still lagging due to the incomplete resumption of international flights;
- Marriott International Inc. is seeing the recovery firsthand, particularly in the MICE (meetings, incentives, conferences and exhibitions) sector, which is performing robustly in Asia.
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