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November 15, 2023

European Business Travel Spending is Forecast to Reach $450 Billion USD by 2027

After a slower rebound over the last few years, business travel spending in Europe is expected to surpass its pre-pandemic spending level of $391.9 billion USD in 2025, when spending is forecast to reach $414.9 billion. This is later than the forecast for global business travel recovery, which is expected to reach $1.5 trillion in 2024 − and grow to nearly $1.8 trillion by 2027.

These are the takeaways for Europe from the 2023 GBTA Business Travel Index™ Outlook (BTI) report published by the Global Business Travel Association in collaboration with Visa. Released today in conjunction with the GBTA + VDR Europe Conference in Hamburg, these latest regional forecasts take a deep dive into business travel spending and trends in Europe for 2023 to 2027. Highlights include:

  • Overall, business travel spend in Europe has recovered to 69% of pre-COVID (2019) levels and is forecast to recover to 90% of travel spend by year end (2023).
  • Western Europe was the fastest growing region globally in 2022, surging 109% to $236 billion. Emerging Europe continues to lag in its recovery, challenged by the war in Ukraine.
  • Business travel spending recovery differs by market with some of the largest business travel markets in this region falling below the Europe-wide recovery rate; namely Germany reaching 65%, UK 57% and Italy 68% in 2022. Conversely, France at 75%, Spain at 86%, Netherlands at 87% and the Nordic region (Denmark, Finland, Norway and Sweden) at 74% also showed stronger rebounds.
  • In GBTA’s BTI survey of 1,176 business travellers across Europe, 82% reported that business travel was very or moderately worthwhile in achieving their business objectives. And two-thirds of European business travelers believe they will travel the same or more frequently in 2023 versus 2019.
  • Purposeful travel is a priority in Europe, with business travelers from this region taking, on average, 3.51 days per business trip. And multi-modal travel is more prominent in this region; 32% used rail on their last business trip, 36% used air travel, and 29% used a personal car.
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Read today’s announcement here, and more about the 2023 GBTA Business Travel Index Outlook report here. GBTA members can exclusively access the full BTI report on the GBTA Hub.


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