Business Travel Rebounds, Set to Hit Record US$1.5 Trillion in 2024

Business travel is projected to surpass pre-pandemic levels in 2024, reaching a record US$1.5 trillion, according to a new report by the World Travel & Tourism Council (WTTC). This rapid recovery comes sooner than expected, driven by the renewed emphasis on in-person meetings despite the rise of remote work during the pandemic.

While leisure travel nearly matched its 2019 peak last year, business travel lagged behind, 5.4% below pre-pandemic figures. However, as corporate leaders recognize the value of face-to-face interactions, business travel has surged, now set to exceed 2019 levels by 6.2%.

The United States and China, the world’s largest business travel markets, are leading this recovery. In the U.S., business travel spending is expected to hit US$472 billion, 13.4% higher than in 2019. China’s business travel spending is forecast to grow 13.1% to nearly US$211 billion. Germany, the UK, and France are also on track for record-breaking business travel spending.

WTTC President & CEO Julia Simpson highlighted the significance of this recovery at the WTTC’s Global Summit in Perth. She emphasized that despite the role virtual meetings played during the pandemic, face-to-face interactions remain crucial for businesses worldwide.

Paul Abbott, CEO of American Express Global Business, echoed this sentiment, noting that businesses increasingly prioritize travel for growth and building strong cultures. He added that the pandemic underscored the economic and social benefits of travel, which companies are now fully embracing.

Other factors fueling the resurgence include the recovery of global economies and the rise of blended travel, where business trips are combined with personal vacations. The revival of the MICE (Meetings, Incentives, Conferences, and Exhibitions) industry has further strengthened business travel, as in-person events return following years of postponements.