Global economic stability and continued pent-up demand have encouraged CEOs and CFOs to resume business travel
Jul 23, 2024
Many top business travel markets around the world have returned to or are nearing pre-pandemic levels, reinforcing the momentum of the recovery and boosting spending. However, the outlook for economic and business travel growth presents a balance of both potential upside factors and downside risks.
Key takeaways
- Global business travel spending is anticipated to increase 11.1% in 2024, after significant years in 2022 and 2023 of 30%-47% growth year over year;
- Growth is expected to continue to gradually moderate, resulting in an annual compound growth rate of 6.95% from 2025 to 2028;
- The estimated breakdown of the $1.34 trillion in 2023 business travel expenditures includes $501 billion for lodging, $282 billion for air travel, $245 billion for food and beverage, $165 billion for ground transportation and $142 billion for other travel expenses.
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