Global business travel spending is expected to hit an all-time high in 2024, surpassing the current record set in 2019, before the pandemic.
The Global Business Travel Association (GBTA) said in a press release on Monday (July 22) that it expects global business travel spending to grow 11.1% in 2024, reaching $1.48 trillion by the end of the year, surpassing 2019’s record $1.43 trillion.
The association said the increase was due to relative stability in the global economy, continued pent-up demand and the strength of the recovery.
“We are seeing an expected recovery in this sector, reflecting the resilience and adaptability of companies and the value of business travel around the world,” GBTA CEO Suzanne Neufant said in the release. “With spending expected to continue to grow through 2028, the future of business travel looks promising.”
At the same time, Newfang warned of potential headwinds, including changing economic conditions, technological advances and sustainability developments, according to the release.
In a press release, the GBTA noted that inflation-adjusted spending levels are expected to be below pre-pandemic levels, and that business travel volumes will also be below pre-pandemic levels.
The association also found that 76% of business travelers said they took the same or more business trips as in 2019, 81% said their most recent business trip was very or moderately valuable in achieving business goals, and the most common purpose for business trips was to attend seminars or training sessions.
When it comes to how people pay for business trips, GBTA found that 61% of global business travelers have a corporate credit card, and 59% have their corporate credit card uploaded to a mobile wallet.
“As business travel spending continues to grow, digital payments will revolutionize the travel experience, making booking and managing expenses easier and more secure,” Veronica Fernandez, head of commercial solutions at Visa, said in the release.
Delta Air Lines said on July 11 that business travel had surged, posting better-than-expected growth in the “mid-teens” range.
“In our recent business survey, 90 percent of companies indicated they intend to maintain or increase travel volume in the second half of the year, and we expect strong business travel growth to continue,” Delta President Glenn Hauenstein said during the company’s quarterly earnings call on July 11.
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