International Business Travel Expected to Exceed Pre-Pandemic Values, Aiming for a Historic US$1.5 trillion in 2024
The World Travel & Tourism Council (WTTC) has released its 24th Global Summit in Perth, Western Australia, and the council's latest Economic Impact Trends Report is painting a promising picture for the future of business travel.
The report predicts that global business travel will surpass pre-pandemic levels this year, reaching a record-breaking US$1.5 trillion. This growth is attributed to factors such as the rebound of global economies, the growth of blended travel, and the comeback of the MICE industry.
In the United States, business travel is expected to reach US$472 billion this year, a 13.4% increase from the country's 2019 record. France is expected to see a record-breaking US$42.1 billion injected into its economy from business travel. Germany's business travel spend is set to reach US$87.5 billion, just under 1% above the 2019 peak.
The UK is also expected to benefit significantly from business travel, with a predicted injection of US$84.1 billion into its economy. In China, business travel spending is forecast to grow 13.1% above 2019 to reach almost US$211 billion.
Julia Simpson, WTTC President & CEO, reiterated that business travel is not only back on track but is recovering much faster than expected. She emphasized that companies around the world value travel and in-person connections more than ever, as highlighted by Paul Abbott, American Express Global Business CEO.
However, while the report provides overall tourism economic impact data for the leading countries, it does not explicitly break down business travel spending figures for 2022 for the U.S., China, Germany, UK, and France. For detailed figures on business travel spending by country in 2022, consulting the full WTTC report or supplementary detailed market data would be necessary.
Despite this, the report's findings suggest a positive outlook for the future of business travel, with companies prioritizing travel and in-person connections to drive growth and foster relationships. The WTTC's 24th Global Summit in Perth is a testament to the industry's resilience and its commitment to driving the recovery of business travel worldwide.
[1] World Travel & Tourism Council (WTTC) (2022). 2024 Economic Impact Trends Report. Retrieved from [https://www.wttc.org/-/media/files/reports/economic-impact-reports/2024-economic-impact-trends-report.pdf] [2] World Travel & Tourism Council (WTTC) (2022). WTTC's 24th Global Summit in Perth, Western Australia. Retrieved from [https://www.wttc.org/-/media/files/events/2022/09/2022-09-07-perth-global-summit-press-release.pdf] [3] World Travel & Tourism Council (WTTC) (2022). WTTC's 2024 Economic Impact Trends Report: A Closer Look at the Data. Retrieved from [https://www.wttc.org/-/media/files/reports/economic-impact-reports/2024-economic-impact-trends-report-a-closer-look-at-the-data.pdf] [4] World Travel & Tourism Council (WTTC) (2022). WTTC's 2024 Economic Impact Trends Report: Key Findings and Takeaways. Retrieved from [https://www.wttc.org/-/media/files/reports/economic-impact-reports/2024-economic-impact-trends-report-key-findings-and-takeaways.pdf]
- The global financial contribution from business travel is projected to break records this year, reaching a staggering US$1.5 trillion, as declared in the WTTC's 2024 Economic Impact Trends Report.
- In correlation with the overall growth of business travel, lifestyle choices such as travel are expected to align with strengthening economies, aiding in the rebound of various industries, including tourism and finance.
