In its 2024 Business Travel Index Outlook released at the GBTA Convention in Atlanta this week, the Global Business Travel Association (GBTA) predicts that business travel spending will reach $1.48 trillion by the end of 2024. This will surpass the previous record of $1.43 trillion set in 2019.
Growth is predicted to continue annually, with business travel spend expected to exceed $2 trillion by 2028. The report is based on data from 72 countries and 44 industry sectors and includes a survey of 4,100 business travelers across 28 global markets, providing insights into travel frequency, preferences, corporate card usage and more.
“The sector is seeing an expected recovery, reflecting the resilience and adaptability of businesses and the value of global business travel,” GBTA CEO Suzanne Neufant said, adding that the data was not adjusted for inflation.
The association said the projected continued growth over the next few years indicates the business travel industry will move forward strongly as a result of “relative stability” across the global economy, remaining pent-up demand and a return to pre-pandemic travel habits.
However, Newfang warned that “changing economic conditions, technological advances and sustainability developments will also shape the industry in the future, so we must remain vigilant and adapt to potential headwinds during this period of stability.”
GBTA’s regional analysis shows that Asia Pacific will lead the way in business travel spending this year, accounting for more than 41% of global spending in 2024. North America will come in second with 26.7% of global spending, while Europe is a close third with 26.4%. Latin America will account for 3.6% and the Middle East will account for 2%.
“The accelerated digitalization of everything has created an opportunity for technology to anticipate new customer expectations and enable seamless, secure and flexible business travel experiences. From digital ticketing to virtual cards designed for business travel, everything has been reimagined to meet customer needs in a digital-first world,” Veronica Fernandez, senior vice president and head of North America, Visa Commercial Solutions, said in Atlanta.
Based on traveler survey findings, the report found that more than half of business travelers have their corporate credit card loaded onto their mobile wallets, although adoption rates vary by region, with the highest rate in Asia Pacific, where 69% of respondents said they use their corporate card in a digital wallet.
“This is the direction of the future and I think we’ll be seeing more of it,” Fernandez added.
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