According to an industry report, business travel expenses will reach pre-pandemic levels of $1.4 trillion in 2024.
The worldwide corporate travel market is growing faster than originally anticipated, with expenditure expected to reach around $1.8 trillion by 2027, partly due to favorable economic conditions.
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The 2023 GBTA Business Travel Index Outlook – Annual Global Report and Forecast also found that, because to an acceleration in the recovery phase since COVID-19, business travel spending will surpass its pre-pandemic level of $1.4 trillion by 2024.
According to a survey released by the Global Business Travel Association in partnership with Visa, strong growth was forecast to continue in 2023, with a 32% increase.
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Emerging Europe, hampered by the conflict in the Ukraine, continues to lag behind in its recovery, with Asia Pacific emerging as the region that lagged the most last year due to the protracted opening of the Chinese economy.
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Spending on business travel in China decreased 4.6% last year, moving the country to second place globally for the first time since 2014. By the end of 2023, though, China is anticipated to reclaim the top rank as travel restrictions are relaxed.