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Global business travel sector to hit historic high of USD1.5T in 2024
(MENAFN) The global business travel sector is experiencing a remarkable resurgence, with spending forecasted to exceed pre-pandemic levels by 6.2 percent, reaching USD1.5 trillion in 2024, according to the World Travel & Tourism Council (WTTC). This growth highlights the renewed importance of in-person interactions in global commerce after years of virtual meetings due to the pandemic.
The WTTC's 2024 Economic Impact Trends Report underscores that business travel, after struggling for years, is now recovering faster than previously anticipated. The world’s largest markets, the US and China, are leading the recovery. US business travel spending is expected to surge to USD472 billion in 2024, 13.4 percent higher than 2019 levels, while China is projected to see a 13.1 percent increase, reaching USD211 billion.
Europe is also seeing significant growth, with Germany, the UK, and France expected to hit record business travel expenditures. Germany’s business travel spending is forecasted to reach USD87.5 billion, while the UK and France are set to hit USD84.1 billion and USD42.1 billion, respectively.
The report reflects how face-to-face interactions remain essential for business success, despite the crucial role virtual meetings played during the pandemic. Julia Simpson, WTTC president, emphasized the importance of international business travel and its faster-than-expected recovery, with several major markets poised to set new records.
The WTTC's 2024 Economic Impact Trends Report underscores that business travel, after struggling for years, is now recovering faster than previously anticipated. The world’s largest markets, the US and China, are leading the recovery. US business travel spending is expected to surge to USD472 billion in 2024, 13.4 percent higher than 2019 levels, while China is projected to see a 13.1 percent increase, reaching USD211 billion.
Europe is also seeing significant growth, with Germany, the UK, and France expected to hit record business travel expenditures. Germany’s business travel spending is forecasted to reach USD87.5 billion, while the UK and France are set to hit USD84.1 billion and USD42.1 billion, respectively.
The report reflects how face-to-face interactions remain essential for business success, despite the crucial role virtual meetings played during the pandemic. Julia Simpson, WTTC president, emphasized the importance of international business travel and its faster-than-expected recovery, with several major markets poised to set new records.
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