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Accelerated rebound expected for business travel

Adam GavineBy Adam GavineAugust 23, 20235 Mins Read
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Image: Air France

The latest GBTA Business Travel Index (BTI) outlook reports that 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 US$1.4 trillion in 2024 − and to grow to nearly US$1.8 trillion by 2027. The outlook is an annual forecast of business travel spending and growth, covering 72 countries and 44 industries.

GBTA (the Global Business Travel Association) has found that, in 2022, global business travel spending rose 47%, to US$1.03 trillion, with strong gains continuing and 32% growth expected in 2023. The association says these robust gains were fuelled by pent-up demand after the Covid-19 pandemic, more favourable global economic conditions in 2022 and 2023, and recession risks that have yet to happen.

“The headwinds that were anticipated to impact the rebound of global business travel over the past year didn’t materialise, and that is good news. This latest forecast now indicates an accelerated return to pre-pandemic spending levels sooner than anticipated, as well as growth ahead in the coming years. Business travel spending is a key indicator, but how travel volumes will continue to rebound is yet to be seen,” said Suzanne Neufang, CEO of GBTA. “The BTI data also reflects the remarkable efforts of the industry to adapt, innovate and thrive despite the challenges, along with the ongoing role and value of business travel to economies, companies and professionals worldwide.”

Headline findings from the latest BTI Outlook (figures in US dollars):

In 2022, global business travel spending rose 47% to $1.03 trillion. These strong gains have continued into 2023, with 32% growth in global expenditures expected this year. The estimated breakdown of the $1.03 trillion in business travel expenditures includes $183 billion in air spend, $395 billion in lodging spend, $191 billion in food and beverage spend, $138 billion in ground transportation spend and $121 billion in other travel expenses.

Global spending is expected to recover to pre-pandemic levels by the end of 2024 – faster than the previously projected mid-2026 forecast in last year’s BTI Outlook. Contributing to the accelerated rebound has been the significant stability in the global economy − many advanced economies were projected to weaken or fall into recession in 2023, but this has yet to happen.

Over the past 18 months, the most important factor driving the pace of global business travel’s recovery is the progress made fighting the Covid-19 pandemic.

The two biggest drivers in the industry’s stabilisation over the last six months have been the return of in-person meetings and events and the recovery of some international business travel capacity and volumes.

Recovery in business travel continues to vary by region. Western Europe was the fastest-growing region globally in 2022. North America and Latin America saw spending growth accelerate significantly in 2022. Emerging Europe continues to lag in its recovery, challenged by the war in the Ukraine.
Regionally, Asia Pacific was the big laggard last year, given the delayed reopening of the Chinese economy. Chinese business travel spending fell 4.6% last year, dropping China down to the #2 business travel market in the world for the first time since 2014. However, China is expected to recover back to being the #1 business travel market in the world by the end of 2023.

Business travel spending recovery also continues to differ based on industry, with construction, education, and professional, scientific and technical activities showing the most resiliency.

Western Europe was the fastest-growing region for business travel in 2022. European airlines such as Lufthansa are investing in their business-class seating

The resilience of the global economy was a key factor in the current rebound. However, looking forward, numerous challenges remain, including the war in Ukraine, persistent inflation in certain areas, much tighter global financial conditions, and deterioration in the manufacturing sector.

While a promising rebound is expected, there are several factors that could influence the industry’s longer-term forecast. An increased focus on sustainability initiatives, widespread adoption of meeting technologies, growth in the remote workforce and the rise of blended travel are potential game changers in the future of business travel. (Currently, there is not enough data to solidly forecast potential impact on business travel spending and volume).

In GBTA’s survey of 4,700 business travellers across 22 countries and four regions (North America, Europe, Asia Pacific, and Latin America), 82% reported that business travel was very (48%) or moderately (34%) worthwhile in achieving their business objectives.

Business travellers globally currently estimate their own business travel spending, on average, amounts to $1,018 per person per trip. On average, lodging accounts for $391 and food and beverage is $189. Air averages $182 while ground transportation ($136) and miscellaneous expenses ($120) rounds out the total.

Business travellers say they are more frequently (62%) blending business and personal travel (i.e. ‘bleisure’ travel) than they did in 2019, with 42% adding additional leisure days to their business trips and 79% of these travellers staying at the same accommodation for business and vacation portions of their trip.

When it comes to payment methods for business travel, 66% of business travellers say their company provides them with a corporate credit card. Of that percentage, about one-third (37%) say their company mandates its use for booking business travel.

For business travellers who are provided with a corporate card, 64% have uploaded their card to a mobile wallet. Almost 87% use their mobile wallet for at least 10% of their business transactions, with 33% using them for at least 20%.

“As travel continues to rebound, we expect digital payments to continue to grow because they make it easier and more secure to do things like purchase plane tickets for business travel or split a check at dinner,” said Gloria Colgan, SVP and global head of products, Visa Commercial Solutions.

Visit GBTA.org to download the Executive Summary from the 2023 Business Travel Index Outlook report.

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Adam Gavine
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Adam loves air travel, and since taking on the Aircraft Interiors International brand he has really enjoyed the opportunity to be involved with the latest aircraft and airline products before they are even launched. Adam co-ordinates the growth of the brand platform, and sits on various panels, including the Crystal Cabin Awards

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