The business travel industry has proven itself resilient as it moves into a new era of post-pandemic stabilisation. The 2024 forecast predicts global business travel spending will reach $1.48 trillion USD by the end of the year. Boosted by economic stability, pent-up demand and recovery momentum, spending is projected to surpass $2 trillion by 2028, highlighting a robust path ahead for the business travel sector in terms of spending.

These are among the top findings from the 2024 GBTA Business Travel Index Outlook – Annual Global Report and Forecast published by GBTA and made possible by Visa, which was unveiled yesterday at the GBTA Convention 2024 in Atlanta and its audience of over 5,100 attendees. In its 16th edition, the GBTA BTI is an annual exhaustive forecast of business travel spending and growth covering 72 countries and 44 industries and includes survey results from 4,100 global business travellers.

“The future of business travel looks promising,” said Suzanne Neufang, CEO of GBTA. “However, we must remain vigilant and adaptive to potential headwinds in this period of stabilisation, as factors such as changing economic conditions, technological advancements, and sustainability developments will also shape the sector ahead.”

Among the key findings from the 2024 GBTA BTI
  • Recovery in business travel continues to vary by region and across industries.  
  • The outlook for growth presents a balance of both potential upside and downside risks.   
  • 64 per cent of business travellers surveyed report increased spending compared to 2023.   
  • Based on their last business trip, business travellers‘’’ spending averaged $834 per person.  
  • Most (81 per cent) report that business travel is worthwhile in achieving their objectives. 

“As business travel spending continues to expand, digital payments will continue to revolutionise the travel experience, making it effortless and secure to book and manage expenses,” said Veronica Fernandez, head of Commercial Solutions for Visa.

Read the full announcement and download the Executive Summary for the 2024 GBTA BTI report. GBTA members have exclusive access to the complete report on the GBTA Hub. Find more information on GBTA Research.