Tourexpi
The
rise of remote working during the pandemic had a disproportionate effect on
corporate travel, compared to leisure travel, with virtual platforms replacing
face-to-face meetings.
Last
year, leisure travel was just 2.9% behind the 2019 peak, whilst business travel
continued to struggle, remaining 5.4% behind.
But
as business leaders re-emphasised the importance of face-to-face interaction,
business travel is now back and is set to exceed 2019 levels by an impressive
6.2% to reach the new US$1.5TN record.
U.S.
and China Back in Business
According
to WTTC’s “2024 Economic Impact Trends Report”, business travel spending in the
U.S., which accounted for 30% of the global total in 2019, is expected to reach
US$472BN this year - 13.4% above the country’s 2019 record.
In
China, the world’s second largest market for business travel, spending is
forecast to grow 13.1% above 2019 to reach almost US$211BN.
Business
travel spend in Germany, the third largest, is set to reach US$87.5BN, just
under 1% above the 2019 peak, while business travel in the UK and France is
expected to inject a record-breaking US$84.1BN and US$42.1BN into their
respective economies.
At
the global tourism body’s 24th Global Summit in Perth, Western Australia,
today, Julia Simpson, WTTC President & CEO said: “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.”
Paul
Abbott, American Express Global Business CEO, a leading software and services
company for business travel and expense said: "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.”
According
to the report, other factors have also contributed to the resurgence of
business travel.
As
economies around the world have rebounded since the pandemic, with Travel &
Tourism’s global GDP contribution reaching record levels, businesses have been
able to reallocate more funds towards corporate travel once again.
The
growth of blended travel, whereby travellers combine business trips with
personal holidays, has also enhanced the appeal of corporate travel.
The
meetings, incentives, conferences, and exhibitions (MICE) industry has also
made a strong comeback, resuming in-person events after a long period of
cancellations and postponements.
To
learn more, please visit the WTTC
Research Hub here
Image
Credit: © AA
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