Global Business Travel Industry Forecast is for Accelerated Rebound, Spending to Reach $1.8 Trillion by 2027

The global business travel industry has rebounded at a more accelerated rate than expected just a year ago and is now expected to surpass its pre-pandemic spending level of $1.4 trillion in 2024 − and grow to nearly $1.8 trillion by 2027. These robust gains were fueled by pent-up demand after the COVID-19 pandemic, more favorable global economic conditions in 2022 and 2023 and recession risks that have yet to happen.

These are the central findings from the 2023 GBTA Business Travel Index™ Outlook – Annual Global Report and Forecast published by GBTA, in collaboration with Visa, and unveiled yesterday at the 2023 GBTA Convention in Dallas.

The GBTA BTI report outlines the top-level forecast for global business travel spending and other trends for 2023 to 2027. New this year, the BTI also presents insights from GBTA’s survey of 4,700 business travelers around the world.

Highlights from the latest BTI Outlook (figures in US dollars):

• 2023: strong gains continue, 32% growth in global business travel spending expected
• 2024: to pre-pandemic level of $1.4 trillion, faster than previously projected
• 2027: spending forecast to grow to nearly $1.8 trillion
• Business travel across global regions and industry sectors continues to rebound at varying rates
• Accelerating the rebound: pent-up demand, return of travel and meetings, improved COVID landscape, stable economic conditions and inflationary factors
• Recent drivers of stabilization: return of in-person meetings and events and recovery of some international business travel capacity and volumes
• 82% of business travelers surveyed say business travel is worthwhile in helping them achieve their business objectives
• 62% of business travelers are more frequently blending business and personal travel (i.e. bleisure travel) versus 2019, with 42% adding leisure days to their business trips

Click here to read yesterday’s announcement and here to download the Executive Summary from the 2023 Business Travel Index Outlook report. GBTA members can exclusively download the full BTI report on the GBTA Hub.