Global business travel industry forecast is for accelerated rebound

Expected business travel spending accelerates according to the latest GBTA Business Travel Index Outlook report

Expected business travel spending accelerates due to pent-up demand, return of travel and meetings, improved COVID landscape, stable economic conditions and inflationary factors, according to the latest GBTA Business Travel Index™ Outlook report.

Key takeaways

• Global business travel spending is expected to recover to its pre-pandemic total of $1.4 trillion in 2024 and grow to nearly $1.8 trillion by 2027, fueled by more favorable economic conditions than expected in 2022 and 2023;
• Global spending is expected to recover to pre-pandemic levels by the end of 2024 - faster than the previously projected mid-2026 forecast in last year’s BTI Outlook;
• The two biggest drivers in the industry’s stabilization over the last six months have been the return of in-person meetings and events and the recovery of some international business travel capacity and volumes;
• Recovery in business travel continues to vary by region. Western Europe was the fastest growing region globally in 2022. North America and Latin America saw spending growth accelerate significantly in 2022.

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