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.

Industry Spotlight

GBTA + VDR Europe Conference 2023 – Hamburg – 14-16 November
Shaping The Future of Business Travel in Hamburg Education Preview

Join us in Hamburg where the future of business travel awaits! View an exclusive sneak peek into our groundbreaking education sessions, where we'll be shaping the landscape of tomorrow's corporate journeys. Get ready to unlock insights, harness technology, and empower your organisation to soar to new heights. Here's a glimpse of the education sessions that you can look forward to:

How to DEI your Travel Programme:
The discussion will be thought provoking and the audience will leave with ideas to amend their travel program to account for DE&I.

Europe’s Multimodal Movement - Fact or Fiction?
We will analyse the macro trends driving demand, the opportunities and roadblocks, and how their respective industry sectors are gearing up to capitalise on this shift in the business travel landscape.

Register 28 September to save on registration. If you’ve already registered, we’ll see you in Hamburg! For any assistance, please email at [email protected].

GBTA WINiT Awards Nomination
Time Is Running Out to Submit Nominations for GBTA WINiT Awards

Nominations Close on August 25

The GBTA WINiT Awards celebrate individuals and companies driving positive change for the career mobility of women in travel-related industries. Nominate individuals or companies for the GBTA WINiT Awards to acknowledge their remarkable work in helping women advance in their careers. You honor their accomplishments and contributions to the workplace and our industry.

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