Global business travel spending is expected to surpass pre-pandemic levels to hit a new record high this 2024, according to the GBTA Business Travel Index Report.

This report forecasts an estimated $1.48 trillion in global business travel spending to exceed the $1.43 trillion in 2019. 

This is an 11.1% increase in global business travel spending from a year ago, according to the report, a slightly slower growth from the 30% in 2023 and 47.4% in 2022.

"We are witnessing the expected rebound in the sector, reflecting the resilience and adaptability of businesses and the value of business travel worldwide," said Suzanne Neufang, CEO of GBTA, in a statement.

According to the forecast, global business travel spending is also expected to continue increasing to surpass $2 trillion by 2028.

"With projected spending expected to continue to increase through 2028, the future of business travel looks promising," said Neufang.

"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."

The 16th edition of the GBTA BTI covers 72 countries and 44 industries and includes survey data and analysis from 4,100 business travelers across five global regions. 

Full Story: Global business travel spending to hit record $1.48 trillion in 2024 | HRD Canada (hcamag.com)