Tag Archives: over 2019

According to a new report from the World Travel & Tourism Council (WTTC) it was revealed that business travel is set to surpass pre-pandemic levels this year, faster than previously predicted, to reach a record US$1.5TN. The rise of remote working during the pandemic had a disproportionate effect on corporate travel, compared to leisure travel, with virtual platforms replacing face-to-face meetings. Last year, leisure travel was just 2.9% behind the 2019 peak, whilst business travel continued to struggle, remaining 5.4% behind. But as business leaders re-emphasised the importance of face-to-face interaction, business travel is now back and is set to exceed 2019 levels by an impressive 6.2% to reach the new US$1.5TN record. According to WTTC’s “2024 Economic Impact Trends Report”, business travel spending in the U.S., which accounted for 30% of the global total in 2019, is expected to reach US$472BN this year – 13.4% above the country’s 2019 record. In China, the world’s second largest market for business travel, spending is forecast to grow 13.1% above 2019 to reach almost US$211BN. Business travel spend in Germany, the third largest, is set to reach US$87.5BN, just under 1% above the 2019 peak, while business travel in the UK and France is expected to inject a record-breaking US$84.1BN and US$42.1BN into their respective economies. Julia Simpson, WTTC President & CEO 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. “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 …

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