WTTC's "Travel & Tourism Economic Impact 2024: Global Trends" report analyses the economic impact and recovery of the Travel & Tourism sector globally and regionally in 2023 and provides projections for 2024 and beyond. It also contains discussions of some emerging themes in the sector. Lastly, the report provides league tables that rank economies based on various Travel & Tourism indicators.
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GLOThe World Travel & Tourism Council projects total global business travel spending this year will reach $1.5 trillion, surpassing pre-pandemic levels by 6.2 percent, according to the organization’s 2024 Economic Impact Trends Report.
The total marks a turnaround from business travel’s lagging recovery in previous years, which the organization attributed to virtual platforms replacing face-to-face meetings, according to the report. Last year, business travel spending was 5.4 percent below the 2019 peak, while leisure travel had recovered to 2.9 percent below its 2019 peak, the WTTC 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,” WTTC president and CEO Julia Simpson said in a statement. “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.”
Simpson also noted that several major business travel markets “are expected to reach record numbers this year.” The report projects U.S. business travel spending this year will reach $472 billion, 13.4 percent above the previous record in 2019, and spending in China will increase 13.1 percent above record 2019 levels to $211 billion. Germany is projected to surpass its 2019 record by a more modest 1 percent to a total of $87.5 billion, with business travel in the U.K. and France also reaching record levels, totaling $84.1 billion and $42.1 billion respectively.
The Global Business Travel Association’s annual Business Travel Index published in July projected a similar level of global business travel spending for 2024 as the WTTC’s report, also noting it would be the first year total spending surpassed pre-pandemic levels.
Source: WTTC
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