The World Travel & Tourism Council (WTTC) report highlights a remarkable shift in business travel, projecting that it will exceed pre-pandemic levels this year with a global spending of USD 1.5 trillion.

In a press statement, WTTC says that business travel this year is set to exceed 2019 levels by 6.2 pc, reaching a USD 1.5 trillion record, driven by the value of face-to-face meetings.

It adds that the pandemic-driven rise in remote work hit corporate travel harder than leisure, with virtual meetings replacing in-person ones. Last year, leisure travel was only 2.9 pc below 2019 levels, while business travel lagged by 5.4 pc.

Julia Simpson

According to WTTC, business travel spending in the United States, which made up 30 pc of the global total in 2019, is expected to hit USD 472 billion this year, 13.4 pc above the 2019 record.

It adds that in China, business travel market, spending is projected to grow 13.1 pc above 2019 levels, reaching nearly USD 211 billion while as Germany’s business travel spend is set to hit USD 87.5 billion, slightly above the 2019 peak, while the UK and France expect record highs of USD 84.1 billion and USD 42.1 billion, respectively.

WTTC says that business travel’s resurgence is driven by global economic recovery, allowing more funds for corporate travel, and the rise of blended travel, combining business with leisure. The MICE industry has also rebounded, with in-person events resuming after long cancellations.

“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,” says Julia Simpson, President & CEO, WTTC.

Paul Abbott

“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. However, 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,”  Paul Abbott, CEO, American Express Global Business.