GBTA predicts record business travel spending in 2024, to surpass $2 trillion by 2028

29-07-24

Business travel spending is set to reach new heights in 2024, with the Global Business Travel Association (GBTA) forecasting a record $1.48 trillion by year-end, surpassing the previous high of $1.43 trillion in 2019.

The GBTA’s 2024 Business Travel Index Outlook, unveiled at their Atlanta convention, projects this upward trend to continue, exceeding $2 trillion by 2028.

"We are witnessing the expected rebound in the sector, reflecting the resilience and adaptability of businesses and the value of business travel worldwide," said Suzanne Neufang, CEO of GBTA. Despite this optimistic outlook, Neufang emphasized the importance of staying vigilant to potential challenges such as economic fluctuations, technological advancements, and sustainability developments.

The GBTA attributes the projected growth to several factors, including the relative stability of the global economy, lingering pent-up demand, and a return to pre-pandemic travel habits. This optimistic forecast contrasts with previous, more cautious predictions post-COVID-19, highlighting the industry's resilience and adaptability.

The GBTA's regional analysis indicates that Asia Pacific will lead business travel spending in 2024, accounting for over 41% of global expenditure, followed by North America and Europe. Additionally, digital innovations are reshaping the business travel landscape. More than half of business travelers now use mobile wallets for corporate cards, with the highest adoption rates in Asia Pacific.

Additional insights from Travelport’s "2024 State of Modern Retailing" survey revealed that many travelers feel overwhelmed by the plethora of booking options available, underscoring a growing need for travel agencies to assist in navigating these choices confidently.