A recent report from the World Travel & Tourism Council (WTTC) predicts that business travel will exceed pre-pandemic levels this year, reaching a record $1.5 trillion in 2024—an increase of 6.2% compared to 2019.
In contrast, business travel in 2023 remained 5.4% below pre-pandemic levels, lagging behind leisure travel, which was down only 2.9%. The United States is expected to lead in business travel spending, projected to reach $472 billion in 2024, a 13.4% increase from pre-pandemic figures. China is anticipated to be the second-largest market, with spending expected to hit $211 billion, up 13.1% from 2019.
Germany, while forecasted to generate $87.5 billion, is still 1% below its 2019 levels. The UK and France are expected to follow, with business travel expenditures of $84.1 billion and $42.1 billion, respectively. The WTTC noted that as global economies rebound, businesses are reallocating more funds towards corporate travel.
The report highlights the growth of blended travel and a significant recovery in the meetings, incentives, conferences, and exhibitions (MICE) sector, indicating that global travel is nearing record levels once again.
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