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. In 2022, global business travel spending rose 47% to $1.03 trillion, with strong gains continuing and 32% growth expected in 2023. 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.

Travelers Increase Travel Budgets Despite Cost of Living Pressures

Most travelers are increasing their summer travel budgets in 2023, despite ongoing cost of living pressure and stubbornly high inflation. Respondents in seven of nine countries surveyed by Allianz Partners for its Summer Vacation Confidence Index plan higher travel spending this season, with those in Switzerland and the United Kingdom reporting the largest annual increases of €653 (up 31%) and €467 (up 26%) respectively. Travelers in France, Germany, Italy, Spain, and the Netherlands also report higher spending intentions, with Austria the only country reporting a reduction in budgets. 

Top Travel Concerns For Business Travellers In 2023

Kate Fitzpatrick, Regional Security Director, EMEA, at World Travel Protection

UK business travellers reveal their top 10 travel concerns in 2023 with travel disruption and delays (76%) topping the list, followed by catching Covid and having to isolate (69%). According to the new Opinium survey*, commissioned by World Travel Protection, a leading global travel risk management organisation, the 500 business travellers surveyed in February 2023 reveal their top travel concerns.

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