Global Business Travel Spending Expected to Reach Record High in 2024
Global business travel spending is on track to reach a record high in 2024, surpassing the pre-pandemic peak set in 2019. The Global Business Travel Association (GBTA) predicts a significant 11.1% increase in global business travel spending, totaling $1.48 trillion by the end of the year, exceeding the previous record of $1.43 trillion.
The GBTA attributes this growth to the stability of the global economy, pent-up demand, and recovery momentum. CEO Suzanne Neufang expressed optimism about the future of business travel, highlighting the resilience and adaptability of businesses worldwide.
However, Neufang also cautioned about potential challenges such as changing economic conditions, technological advancements, and sustainability developments. Despite the projected increase in spending, business travel volumes are still below pre-pandemic levels when adjusted for inflation.
The GBTA’s findings also revealed that a majority of business travelers have maintained or increased their travel compared to 2019, with most trips being deemed worthwhile in achieving business objectives. The most common purpose of business travel was attending seminars or training.
In terms of payment methods, corporate credit cards remain popular among global business travelers, with a significant number also using mobile wallets for expenses. Veronica Fernandez, head of commercial solutions for Visa, emphasized the role of digital payments in revolutionizing the travel experience.
Delta Air Lines reported a surge in business travel, exceeding expectations with “mid-teens” growth. Delta President Glen Hauenstein expects this trend to continue, with 90% of companies surveyed expressing intentions to maintain or increase travel volumes in the latter half of the year.
Overall, the outlook for business travel is promising, with digital payments playing a key role in enhancing the travel experience and managing expenses efficiently.
