Business Travel Spending Has Breached Pre-Pandemic Levels, Says World Travel and Tourism Council

While the COVID-19 pandemic grounded most travelers and stakeholders in 2019, the industry saw growth as soon as borders reopened. The World Travel and Tourism Council (WTTC), in fact, said that business travel is set to surpass pre-pandemic levels this 2024, even faster than the projections. They're looking at an unprecedented U.S. $1.5 trillion in business travel spending this year, which is set to exceed 2019 numbers by about 6.2 percent.

This is a big jump, considering that business travel was behind by 5.4 percent in 2023 compared to 2019, while leisure travel was quickly catching up at 2.9 percent. This is attributed to the return-to-office policies, forcing employees to cut down on leisure travel, which was on the rise amid remote working trends post-pandemic.

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Business Travel in the Global Market

The United States, which accounted for 30 percent (U.S. $472 billion) of the total global business travel spending in 2019, is expected to exceed its record by 13.4 percent this year. 

China, the second largest market for business travel, is forecast to grow 13.1 percent (U.S. $211 billion) more than pre-pandemic numbers.

Germany, the third in the running, is just under one percent above its 2019 records, reaching U.S.$87.5 billion. However, business travel in the United Kingdom and France is expected to get record-breaking numbers of U.S. $84.1 billion and U.S. $42.1 billion, respectively.

"After a challenging few years, business travel is not only back on track, but it is recovering much faster than expected, highlighting the importance of international travel for businesses around the world. Many business powerhouses, such as the U.S., China, and Germany, are expected to reach record numbers this year. While virtual meetings played a crucial role during the pandemic, keeping people and businesses connected, today’s report shows that business is better face to face," Julia Simpson, WTTC President and CEO, said during the 24th Global Summit held in Perth, Western Australia, from October 8 to 10.

"Companies around the world value travel and in-person connections more than ever, since people movement was restricted during the pandemic. We always said travel was a force for good, driving economic and societal progress. But when travel stopped, GDP plummeted, unemployment soared, mental health issues escalated, and the world became a less tolerant place. The benefits of travel are now no longer in doubt. Companies around the world – many for the first time – are investing in managed business travel to grow their businesses and create winning cultures," added Paul Abbott, American Express Global Business CEO.

Corporate travel also became more appealing as travelers combined business trips with personal holidays. Businesses are also able to reallocate more funds toward business travel as they have rebounded from the pandemic. The meetings, incentives, conferences, and exhibitions (MICE) industry also saw a comeback this 2024.